A Compendium of Policy Instruments to Enhance Financial Stability and Debt Management in Emerging Market Economies

Drawing on available theory and evidence, this paper attempts to identify some key factors contributing to international financial instability to develop ataxonomy of policy instruments to enhance financial stability and debt management in emerging market economies. The purpose is to relate each instrument to particular aspects of the broader policy challenge,thus clarifying differences and/or similarities among instruments and proposals. The analysissuggests instruments that could help increase the efficiency of risk management strategies(such as growth- or GDP-indexed bonds) and enhance the effectiveness of debt management,growth and development policies (such as a stability and social investment facility).debt sustainability, debt trap, emerging markets, financial stability

Snapshot of Non-Inclusive Growth: Evidence from Philippine Employment Trends in 2001-2009

This article briefly examines the Philippines’ pattern of job creation during the period 2001-2009 in order to help explain why growth during this period failed to translate into poverty reduction. An analysis of disaggregated employment and sectoral output data provides a much more nuanced picture of the types and sectors of jobs created during the last decade. The empirical evidence suggests that employment creation was inadequate, and skewed in favor of high skilled workers even across industries. Based on these findings, promoting inclusive growth in the Philippines requires a robust job creation strategy in order to meet the growing labor force, along with mechanisms to ensure skill upgrading and better skills matching (notably for the young) as well as efforts to bring even lower skilled workers into the formal sector

Can SMEs survive climate change? Eva Marie Arts and Crafts versus Typhoon Yolanda

On 8 November 2013, Typhoon Yolanda — the strongest storm ever to make landfall in recorded history — hit the Philippines. As part of its repercussions, a storm surge of anywhere from 3 to 5 meters (10-17 feet) in height hit the islands of Leyte and Samar. Typhoon Yolanda devastated many micro, small and medium sized enterprises (SMEs), not merely in terms of their infrastructure, but also by harming workers, disrupting supply chains, and crippling public services. Many are concerned that the recovery from the aftermath of typhoon Yolanda will be much slower if the enterprises forming the backbone of the domestic economy are unable to resuscitate investments and job creation in the area. And if storms like Yolanda increase in frequency and intensity due to climate change, then there is also the concern that only larger firms will be able to adapt with strong disaster risk management strategies. On the other hand, SMEs could systematically lose out, reducing their competitiveness and marginalizing them in disaster-prone economies. To help identify and illustrate the important factors that might influence the abovementioned outcomes, this case focuses on the production chain of Eva Marie Arts and Crafts, Inc., a handicraft producer in Basey, Samar. The case describes how this particular enterprise (a small-scaled firm) fared when Typhoon Yolanda struck. It illustrates the important linkages across the resilience of this firm with the resilience of the entire production chain to which it belongs

Political dynasties, business, and poverty in the Philippines

Despite studies finding a link between political dynasty prevalence and poverty, empirical evidence in the Philippines shows that the relationship between dynastic concentration and underdevelopment is not the same across regions. We argue that an independent economic elite and high levels of economic activity, typically foundin Luzon, affect the poverty and development impact of political dynasties. Local socioeconomic contexts shape the opportunities for predatory behavior among politicians and their relationships with economic elites. Using novel survey data on business-government linkages as well as an extensive dataset on local government leadership in the Philippines spanning 2004 to 2016, we find that political dynasties exacerbate poverty in the resource-rich non-Luzon provinces but not in Luzon where there is a competitive business environment. <br/

Political Dynasties, Business, and Poverty in the Philippines

Despite studies finding a link between political dynasty prevalence and poverty; empirical evidence in the Philippines shows that the relationship between dynastic concentration and underdevelopment is not the same across regions. We argue that an independent economic elite and high levels of economic activity; typically found in Luzon; affect the poverty and development impact of political dynasties. Local socioeconomic contexts shape the opportunities for predatory behavior among politicians and their relationships with economic elites. Using novel survey data on business-government linkages as well as an extensive dataset on local government leadership in the Philippines spanning 2004 to 2016; we find that political dynasties exacerbate poverty in the resource-rich non-Luzon provinces but not in Luzon where there is a competitive business environment

Public Trust and the COVID-19 Vaccination Campaign: Lessons from the Philippines as it Emerges from the Dengvaxia Controversy

While the entire world prepares and begins to roll out COVID-19 vaccines, the Philippines is still reeling from the consequences of the Dengvaxia controversy in 2016. Those highly political events led to the erosion of public trust in leaders and a significant damage to vaccine confidence in the country, now potentially impacting the uptake of COVID-19 vaccines. We discuss how public trust and confidence can be rehabilitated through accountability, transparency, and proper communication from the most trusted sources of the population. We also highlight key lessons for policymakers and leaders on allowing science to take the front seat, and politics behind, for the safety and well-being of the people during this public health crisis

Counterterrorism in the Philippines: Review of Key Issues

Terrorism has taken root in almost all corners of the world with terrorist organizations thriving in both rich and poor countries. In the Philippines, the Human Security Act of 2007 came into force to address the threat of terrorism to the national security of the country. However, the law has never been fully utilized. To provide law enforcers with a stronger legal measure to address acts of terrorism in the country, President Duterte certified a new Anti-Terrorism Bill as urgent, with Congress adopting the Senate version and approving it in the shortest time possible. Despite opposition from various sectors and growing concerns over some of its provisions, President Duterte signed this into law, officially becoming Republic Act No. 11479 or the Anti-Terrorism Act of 2020. This article briefly reviews some key issues of counterterrorism measures in the Philippines

Public policy (not the coronavirus) should shape what endemic means

Endemicity is not only a biological and health event but has several inter-dependencies cross-cutting with the management of the economy, including governance and policies. Within the context of the discourse on inequity, what does endemicity mean for poor and low-income families, where policies on social inclusion and social welfare need to be re-calibrated

Valuing and Managing the Philippines’ Marine Resources toward a Prosperous Ocean-Based Blue Economy

The ocean-based “blue economy” is a significant part of the Philippine economy that has largely been taken for granted despite its enormous potential. It is of critical importance to a substantial segment of our population dependent on the seas and coastal resources for their livelihood and sustenance, appreciably enlarge the country’s wealth, and significantly contribute to its gross domestic product. This paper attempts to review the major issues concerning marine ecosystems in relation to the country’s pursuit of the blue economy. It discusses the economic and social activities in relation to the seas and coastal areas, and provides updated estimates of the real value of the country’s marine ecosystems’ goods and services. Based on primary and available secondary data, the marine ecosystems (excluding the continental shelf) can contribute a conservative monetary value of US$ 966.6 billion to the economy. In light of the risks and threats to the blue economy, the paper further discusses the country’s current national initiatives and involvement in regional collaborations toward ensuring its health and sustainable development. Given the Philippines’ vast largely untapped potential, a recommendation for the creation of a Department of Marine Resources, separate from the Department of Agriculture, seems in order