Few studies have analyzed the Philippine economic experience during the Japanese occupation. Although such studies are in the nature of history and commentaries, they have not focused on the economic analysis of the war experience. The present study hopes to close this gap if only partially by...

Optimal contracts are derived from a simple model where government guarantees two types of private investors participationg in infrastructure projects. With asymmetric information, investors are offered a pair of incentive-compatible contracts covering production, tariff, and guarantee coverage....

Economic growth in the Philippines is studied using Robert Solow’s neoclassical growth model, which predicts savings and population growth to have positive and negative effects, respectively, on growth of per capita output. The empirical results tend to support the predictions of the model,...

The paper is part of a larger study on normative financing, an alternative scheme to the ad hoc and highly politicised budget allocation process for state universities and colleges (SUC) currently in use. Normative financing requires, among other data, per student cost benchmarks or norms for...

The prohibition of the sale or usufruct of land under the Comprehensive Agrarian Reform Law has, in effect, destroyed the legal land market and, in its wake, the legal rural credit market. These markets have gone underground resulting in very high transaction cost and bankruptcy to farmers....

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On the 20th anniversary of “Ninoy” Aquino’s death, we revisit the alignment of forces and beliefs at EDSA ’86 and argue how the powerless state became the historic compromise struck among mutually distrusting and loathing partners. The 1987 Constitution, bearing the brunt of these...

Not seeing that the power of taxation of the state is the true expression of national patrimony in economic matters, the framers of the 1935 Constitution introduced provisions on the use and disposition of land and natural resources vesting exclusive rights of exploitation to citizens. This also...

The electric power industry reform act in the Philippines has for its main objective the introduction of competition and effective regulation to reduce costs of electric power at retail. Background of high electricity costs is linked to the politics of energy and the structural problems that...

The Notes are an extended set of observations based on a review of Philippine public infrastructure. Philippine infrastructure development dating back to 1966 reviews various accomplishments in infrastructure investment. The record of infrastructure investment from 1966 to 1983 is very...