Presentation of FEF President Calixto Chikiamco during the #PHVote: The Leader I Want Forum Series: Aquino’s Last Mile: Ramping Up and Sustaining Daang Matuwid, held on August 3, 2015 at the
SGV Hall 3/F AIM Conference Center, Makati City
These are slides from an economics revision webinar on aspects of the Indian economy.
Population: 1.3 billion; Urbanization: 33%
Life expectancy: 68 years (average)
HDI ranking 131st/188
Per capita GNI (PPP) $5,663
% living on less than $1.90 a day (PPP) 21%
% of population under-nourished: 15%
Remittance inflow (net) +3.3% of GDP
Gini coefficient: 0.35
Palma Ratio: 1.5
Successful diversification into manufacturing
Globally competitive in many service industries
Economic Growth and Development in Ethiopiatutor2u
This is a revision presentation on aspects of growth and development in the fast-growing country of Ethiopia. There are many ways in which the Ethiopian economy can be applied to different areas of the A level economics course.
Wealth creation the invisible hand supported by the hand of trustDVSResearchFoundatio
OBJECTIVE
National Economic Survey (NES) is the flagship annual document of the Ministry of Finance of the Government of India. It reviews the developments in the Indian economy over the past financial year, summarizes the performance on major development programs, and highlights initiatives of the government and the prospects of the economy in the short to medium term.
These are slides from an economics revision webinar on aspects of the Indian economy.
Population: 1.3 billion; Urbanization: 33%
Life expectancy: 68 years (average)
HDI ranking 131st/188
Per capita GNI (PPP) $5,663
% living on less than $1.90 a day (PPP) 21%
% of population under-nourished: 15%
Remittance inflow (net) +3.3% of GDP
Gini coefficient: 0.35
Palma Ratio: 1.5
Successful diversification into manufacturing
Globally competitive in many service industries
Economic Growth and Development in Ethiopiatutor2u
This is a revision presentation on aspects of growth and development in the fast-growing country of Ethiopia. There are many ways in which the Ethiopian economy can be applied to different areas of the A level economics course.
Wealth creation the invisible hand supported by the hand of trustDVSResearchFoundatio
OBJECTIVE
National Economic Survey (NES) is the flagship annual document of the Ministry of Finance of the Government of India. It reviews the developments in the Indian economy over the past financial year, summarizes the performance on major development programs, and highlights initiatives of the government and the prospects of the economy in the short to medium term.
National Economic Survey 2019-20 Series Volume 1 Chapter 2 - Entrepreneurship...DVSResearchFoundatio
OBJECTIVE
National Economic Survey (NES) is the flagship annual document of the Ministry of Finance of the Government of India. It reviews the developments in the Indian economy over the past financial year, summarizes the performance on major development programs, and highlights initiatives of the government and the prospects of the economy in the short to medium term.
National economic survey 2019 20 series volume 1 chapter 3 - pro-business ver...DVSResearchFoundatio
OBJECTIVE
National Economic Survey (NES) is the flagship annual document of the Ministry of Finance of the Government of India. It reviews the developments in the Indian economy over the past financial year, summarizes the performance on major development programs, and highlights initiatives of the government and the prospects of the economy in the short to medium term.
Impact of election 2014 on indian stock marketsnehastocktips
Today Report is Specially about Of stock market. Take a look dont miss the special chance in this election session. Our flexible and affordable packages are specially designed for our traders, so that they can choose services as per their requirement. We specially provide STOCK, NCDEX ,MCX trading TIPs via SMS service. Join Us Today.
Impact of Goods and Services Tax on Indian Economyijtsrd
The Goods and Services Tax, also known as GST Goods and Service Tax , came into force in India on 01 July 2017. Now there is a free flow of goods in the country and the concern of tax rates of businessmen have ended. The Goods and Services Tax rate in India is the highest at 28 percent, which frustrates businessmen. GST replaced very complex and many indirect taxes such as production duty, sales tax, entry tax, VAT etc. The objective of the Government of India to implement this was to encourage development by adopting the system of “one nation, one tax, one market†by exempting the country from the different tax rates of different states. Goods and services have become expensive with GST. But it will have to wait for its positive and negative results, and see which side is to turn. Finally, how does the Goods and Services Tax affect consumers Dr. Sumit Trivedi "Impact of Goods and Services Tax on Indian Economy" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-5 | Issue-4 , June 2021, URL: https://www.ijtsrd.compapers/ijtsrd41316.pdf Paper URL: https://www.ijtsrd.commanagement/accounting-and-finance/41316/impact-of-goods-and-services-tax-on-indian-economy/dr-sumit-trivedi
In the publication "India 2020 Economy Outlook", D&B attempts to evaluate and analyse the prospects of the Indian economy over the next six years. This publication provides a forecast of key macroeconomic variables over the next few years. The publication also covers analysis of various Indian states with respect to their potential to contribute to India’s growth. It also analyses various enablers and major policy initiatives that would drive and facilitate India’s economic journey. It also presents various challenges to growth in the next few years.
We, the Foundation for Economic Freedom, support moves in the House and the Senate to lower personal individual tax rates, to adjust tax brackets, and to slowly align corporate tax rates with the rest of ASEAN.
Inflation has pushed up the majority of fixed income earners to the highest tax brackets. The country has the highest individual tax and corporate tax rates in the region, thus, in the interest of fairness, equity, and competitiveness, new tax rates need to be legislated.
FEF also supports moves for government to look into compensatory revenue-raising measures that are progressive and simple to administer.
National Economic Survey 2019-20 Series Volume 1 Chapter 2 - Entrepreneurship...DVSResearchFoundatio
OBJECTIVE
National Economic Survey (NES) is the flagship annual document of the Ministry of Finance of the Government of India. It reviews the developments in the Indian economy over the past financial year, summarizes the performance on major development programs, and highlights initiatives of the government and the prospects of the economy in the short to medium term.
National economic survey 2019 20 series volume 1 chapter 3 - pro-business ver...DVSResearchFoundatio
OBJECTIVE
National Economic Survey (NES) is the flagship annual document of the Ministry of Finance of the Government of India. It reviews the developments in the Indian economy over the past financial year, summarizes the performance on major development programs, and highlights initiatives of the government and the prospects of the economy in the short to medium term.
Impact of election 2014 on indian stock marketsnehastocktips
Today Report is Specially about Of stock market. Take a look dont miss the special chance in this election session. Our flexible and affordable packages are specially designed for our traders, so that they can choose services as per their requirement. We specially provide STOCK, NCDEX ,MCX trading TIPs via SMS service. Join Us Today.
Impact of Goods and Services Tax on Indian Economyijtsrd
The Goods and Services Tax, also known as GST Goods and Service Tax , came into force in India on 01 July 2017. Now there is a free flow of goods in the country and the concern of tax rates of businessmen have ended. The Goods and Services Tax rate in India is the highest at 28 percent, which frustrates businessmen. GST replaced very complex and many indirect taxes such as production duty, sales tax, entry tax, VAT etc. The objective of the Government of India to implement this was to encourage development by adopting the system of “one nation, one tax, one market†by exempting the country from the different tax rates of different states. Goods and services have become expensive with GST. But it will have to wait for its positive and negative results, and see which side is to turn. Finally, how does the Goods and Services Tax affect consumers Dr. Sumit Trivedi "Impact of Goods and Services Tax on Indian Economy" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-5 | Issue-4 , June 2021, URL: https://www.ijtsrd.compapers/ijtsrd41316.pdf Paper URL: https://www.ijtsrd.commanagement/accounting-and-finance/41316/impact-of-goods-and-services-tax-on-indian-economy/dr-sumit-trivedi
In the publication "India 2020 Economy Outlook", D&B attempts to evaluate and analyse the prospects of the Indian economy over the next six years. This publication provides a forecast of key macroeconomic variables over the next few years. The publication also covers analysis of various Indian states with respect to their potential to contribute to India’s growth. It also analyses various enablers and major policy initiatives that would drive and facilitate India’s economic journey. It also presents various challenges to growth in the next few years.
We, the Foundation for Economic Freedom, support moves in the House and the Senate to lower personal individual tax rates, to adjust tax brackets, and to slowly align corporate tax rates with the rest of ASEAN.
Inflation has pushed up the majority of fixed income earners to the highest tax brackets. The country has the highest individual tax and corporate tax rates in the region, thus, in the interest of fairness, equity, and competitiveness, new tax rates need to be legislated.
FEF also supports moves for government to look into compensatory revenue-raising measures that are progressive and simple to administer.
We, the Foundation for Economic Freedom, an organization dedicated to market-friendly reforms, good governance, and economic and political liberty, call on the incoming Duterte administration to break from the present policy of protecting the rice importation monopoly of the National Food Authority (NFA). We urge instead to liberalize rice importation to realize the new administration’s promise of affordable food for the poor.
This is regarding India ,s economy growth condition .India is growing without adding Job .This phenomenon is called Jobless Growth .Government policies to mitigate the same
Presentation by Robert Shackleton, an analyst in CBO’s Macroeconomic Analysis Division, at the NABE Foundation 17th Annual Economic Measurement Seminar.
NEPC Topic Talks: Understanding a K-Shaped EconomyNEPC, LLC
As we begin to recover from the COVID-19 pandemic, you may hear about the possibility of a "K-shaped recovery." NEPC's Jennifer Appel, CFA explores what this means in today's NEPC Topic Talks.
CBO regularly publishes economic projections that are consistent with current law—providing a basis for its estimates of federal revenues, outlays, deficits, and debt. A key element in CBO’s projections is its forecast of potential (maximum sustainable) output, which is based mainly on estimates of the potential labor force, the flow of services from the capital stock, and potential total factor productivity in the nonfarm business sector.
This presentation describes CBO’s most recent 10-year potential output projections. It also discusses possible underlying causes for the slowdown of growth in total factor productivity.
Presentation by Robert Shackleton, an analyst in CBO’s Macroeconomic Analysis Division, at the NABE Foundation’s 15th Annual Economic Measurement Seminar.
Fef hails cabinet's decision not to extend quantitative restrictions on rice ...FEF Philippines
FEF hails the Cabinet’s decision not to seek an extension of the quantitative restrictions on rice, as announced by Socio-Economic Planning Secretary Ernesto Pernia.
FEF Statement on the Extension of the Comprehensive Agrarian Reform ProgramFEF Philippines
We, the Foundation for Economic Freedom, are opposed to the extension of the Comprehensive Agrarian Reform Program (CARP).
We fully agree with the scientific findings of Dr. Raul Fabella, National Scientist for Economic Science, that CARP has only created a class of landed poor and has failed to increase agricultural productivity. We believe that extending CARP will only increase uncertainty over property rights over agricultural land and deter investments in agriculture.
STATEMENT OF THE FOUNDATION FOR ECONOMIC FREEDOM (FEF) ON THE MRT-LRT FARE IN...FEF Philippines
The Foundation for Economic Freedom (FEF), a non-stock, non-profit organization composed of incumbent and former officials of government, as well as members of the business sector and the academe, takes the position that Government should cut and minimize its subsidy to the metropolitan rail system, and allow market forces to dictate the cost of riding the MRT and LRT
Press Release: FEF Statement of Support for the Passage of the Bangsamoro Bas...FEF Philippines
To ensure peace, stability and provide fertile ground for economic development in the region, we urge
Congress to pass the Bangsamoro Basic Law consistent with the aspirations of our Bangsamoro brothers
and sisters.
FEF Statement of Support for Charter Change on Lifting Economic RestrictionsFEF Philippines
We, the Foundation for Economic Freedom, support the ongoing deliberation at the Lower House on the Resolution of Both Houses No. 1 (RBH1) or the Belmonte Resolution, which seeks to amend the restrictive economic provisions of the Constitution.
FEF Opposes the Increase in Solar Installation Capacity Under the FIT SubsidyFEF Philippines
We, the Foundation for Economic Freedom, firmly oppose the plan of the Department of Energy (DOE) to increase the installation target for solar energy from 50 Megawatts to 500 Megawatts (MW) under the Feed-in-Tariff Subsidy of PHP 9.80 per KWh on the pretext that the country has to build energy reserves in the summer months of 2015 and 2016.
Presented during the FEF Fellows Monthly Meeting for April by Dr. Ron Mendoza. The results are as follows: poverty entrenches political dynasties; education appears to have no bearing on political dynasties; and the media affect only the largest political dynasties. There is less evidence that political dynasties bring about poverty.
Labor Policy Analysis for Jobs Expansion and DevelopmentFEF Philippines
Study conducted and presented by FEF Fellow Vicente Paqueo, Aniceto Orbeta, Leonardo Lanzona and Dean Dulay for the PIDS Economic Policy Monitor Seminar, April 3, 2014. The study concludes that minimum wages and labor security have negative effects for poverty alleviation and income growth.
The secret way to sell pi coins effortlessly.DOT TECH
Well as we all know pi isn't launched yet. But you can still sell your pi coins effortlessly because some whales in China are interested in holding massive pi coins. And they are willing to pay good money for it. If you are interested in selling I will leave a contact for you. Just telegram this number below. I sold about 3000 pi coins to him and he paid me immediately.
Telegram: @Pi_vendor_247
what is the best method to sell pi coins in 2024DOT TECH
The best way to sell your pi coins safely is trading with an exchange..but since pi is not launched in any exchange, and second option is through a VERIFIED pi merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and pioneers and resell them to Investors looking forward to hold massive amounts before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade pi coins with.
@Pi_vendor_247
how to sell pi coins in South Korea profitably.DOT TECH
Yes. You can sell your pi network coins in South Korea or any other country, by finding a verified pi merchant
What is a verified pi merchant?
Since pi network is not launched yet on any exchange, the only way you can sell pi coins is by selling to a verified pi merchant, and this is because pi network is not launched yet on any exchange and no pre-sale or ico offerings Is done on pi.
Since there is no pre-sale, the only way exchanges can get pi is by buying from miners. So a pi merchant facilitates these transactions by acting as a bridge for both transactions.
How can i find a pi vendor/merchant?
Well for those who haven't traded with a pi merchant or who don't already have one. I will leave the telegram id of my personal pi merchant who i trade pi with.
Tele gram: @Pi_vendor_247
#pi #sell #nigeria #pinetwork #picoins #sellpi #Nigerian #tradepi #pinetworkcoins #sellmypi
US Economic Outlook - Being Decided - M Capital Group August 2021.pdfpchutichetpong
The U.S. economy is continuing its impressive recovery from the COVID-19 pandemic and not slowing down despite re-occurring bumps. The U.S. savings rate reached its highest ever recorded level at 34% in April 2020 and Americans seem ready to spend. The sectors that had been hurt the most by the pandemic specifically reduced consumer spending, like retail, leisure, hospitality, and travel, are now experiencing massive growth in revenue and job openings.
Could this growth lead to a “Roaring Twenties”? As quickly as the U.S. economy contracted, experiencing a 9.1% drop in economic output relative to the business cycle in Q2 2020, the largest in recorded history, it has rebounded beyond expectations. This surprising growth seems to be fueled by the U.S. government’s aggressive fiscal and monetary policies, and an increase in consumer spending as mobility restrictions are lifted. Unemployment rates between June 2020 and June 2021 decreased by 5.2%, while the demand for labor is increasing, coupled with increasing wages to incentivize Americans to rejoin the labor force. Schools and businesses are expected to fully reopen soon. In parallel, vaccination rates across the country and the world continue to rise, with full vaccination rates of 50% and 14.8% respectively.
However, it is not completely smooth sailing from here. According to M Capital Group, the main risks that threaten the continued growth of the U.S. economy are inflation, unsettled trade relations, and another wave of Covid-19 mutations that could shut down the world again. Have we learned from the past year of COVID-19 and adapted our economy accordingly?
“In order for the U.S. economy to continue growing, whether there is another wave or not, the U.S. needs to focus on diversifying supply chains, supporting business investment, and maintaining consumer spending,” says Grace Feeley, a research analyst at M Capital Group.
While the economic indicators are positive, the risks are coming closer to manifesting and threatening such growth. The new variants spreading throughout the world, Delta, Lambda, and Gamma, are vaccine-resistant and muddy the predictions made about the economy and health of the country. These variants bring back the feeling of uncertainty that has wreaked havoc not only on the stock market but the mindset of people around the world. MCG provides unique insight on how to mitigate these risks to possibly ensure a bright economic future.
when will pi network coin be available on crypto exchange.DOT TECH
There is no set date for when Pi coins will enter the market.
However, the developers are working hard to get them released as soon as possible.
Once they are available, users will be able to exchange other cryptocurrencies for Pi coins on designated exchanges.
But for now the only way to sell your pi coins is through verified pi vendor.
Here is the telegram contact of my personal pi vendor
@Pi_vendor_247
USDA Loans in California: A Comprehensive Overview.pptxmarketing367770
USDA Loans in California: A Comprehensive Overview
If you're dreaming of owning a home in California's rural or suburban areas, a USDA loan might be the perfect solution. The U.S. Department of Agriculture (USDA) offers these loans to help low-to-moderate-income individuals and families achieve homeownership.
Key Features of USDA Loans:
Zero Down Payment: USDA loans require no down payment, making homeownership more accessible.
Competitive Interest Rates: These loans often come with lower interest rates compared to conventional loans.
Flexible Credit Requirements: USDA loans have more lenient credit score requirements, helping those with less-than-perfect credit.
Guaranteed Loan Program: The USDA guarantees a portion of the loan, reducing risk for lenders and expanding borrowing options.
Eligibility Criteria:
Location: The property must be located in a USDA-designated rural or suburban area. Many areas in California qualify.
Income Limits: Applicants must meet income guidelines, which vary by region and household size.
Primary Residence: The home must be used as the borrower's primary residence.
Application Process:
Find a USDA-Approved Lender: Not all lenders offer USDA loans, so it's essential to choose one approved by the USDA.
Pre-Qualification: Determine your eligibility and the amount you can borrow.
Property Search: Look for properties in eligible rural or suburban areas.
Loan Application: Submit your application, including financial and personal information.
Processing and Approval: The lender and USDA will review your application. If approved, you can proceed to closing.
USDA loans are an excellent option for those looking to buy a home in California's rural and suburban areas. With no down payment and flexible requirements, these loans make homeownership more attainable for many families. Explore your eligibility today and take the first step toward owning your dream home.
The Evolution of Non-Banking Financial Companies (NBFCs) in India: Challenges...beulahfernandes8
Role in Financial System
NBFCs are critical in bridging the financial inclusion gap.
They provide specialized financial services that cater to segments often neglected by traditional banks.
Economic Impact
NBFCs contribute significantly to India's GDP.
They support sectors like micro, small, and medium enterprises (MSMEs), housing finance, and personal loans.
how to swap pi coins to foreign currency withdrawable.DOT TECH
As of my last update, Pi is still in the testing phase and is not tradable on any exchanges.
However, Pi Network has announced plans to launch its Testnet and Mainnet in the future, which may include listing Pi on exchanges.
The current method for selling pi coins involves exchanging them with a pi vendor who purchases pi coins for investment reasons.
If you want to sell your pi coins, reach out to a pi vendor and sell them to anyone looking to sell pi coins from any country around the globe.
Below is the contact information for my personal pi vendor.
Telegram: @Pi_vendor_247
how to sell pi coins on Bitmart crypto exchangeDOT TECH
Yes. Pi network coins can be exchanged but not on bitmart exchange. Because pi network is still in the enclosed mainnet. The only way pioneers are able to trade pi coins is by reselling the pi coins to pi verified merchants.
A verified merchant is someone who buys pi network coins and resell it to exchanges looking forward to hold till mainnet launch.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
The European Unemployment Puzzle: implications from population agingGRAPE
We study the link between the evolving age structure of the working population and unemployment. We build a large new Keynesian OLG model with a realistic age structure, labor market frictions, sticky prices, and aggregate shocks. Once calibrated to the European economy, we quantify the extent to which demographic changes over the last three decades have contributed to the decline of the unemployment rate. Our findings yield important implications for the future evolution of unemployment given the anticipated further aging of the working population in Europe. We also quantify the implications for optimal monetary policy: lowering inflation volatility becomes less costly in terms of GDP and unemployment volatility, which hints that optimal monetary policy may be more hawkish in an aging society. Finally, our results also propose a partial reversal of the European-US unemployment puzzle due to the fact that the share of young workers is expected to remain robust in the US.
Abhay Bhutada Leads Poonawalla Fincorp To Record Low NPA And Unprecedented Gr...Vighnesh Shashtri
Under the leadership of Abhay Bhutada, Poonawalla Fincorp has achieved record-low Non-Performing Assets (NPA) and witnessed unprecedented growth. Bhutada's strategic vision and effective management have significantly enhanced the company's financial health, showcasing a robust performance in the financial sector. This achievement underscores the company's resilience and ability to thrive in a competitive market, setting a new benchmark for operational excellence in the industry.
Lecture slide titled Fraud Risk Mitigation, Webinar Lecture Delivered at the Society for West African Internal Audit Practitioners (SWAIAP) on Wednesday, November 8, 2023.
how to sell pi coins effectively (from 50 - 100k pi)DOT TECH
Anywhere in the world, including Africa, America, and Europe, you can sell Pi Network Coins online and receive cash through online payment options.
Pi has not yet been launched on any exchange because we are currently using the confined Mainnet. The planned launch date for Pi is June 28, 2026.
Reselling to investors who want to hold until the mainnet launch in 2026 is currently the sole way to sell.
Consequently, right now. All you need to do is select the right pi network provider.
Who is a pi merchant?
An individual who buys coins from miners on the pi network and resells them to investors hoping to hang onto them until the mainnet is launched is known as a pi merchant.
debuts.
I'll provide you the Telegram username
@Pi_vendor_247
how to sell pi coins effectively (from 50 - 100k pi)
Five arrows for inclusive growth
1. FIVE ARROWS FOR INCLUSIVE GROWTH
Calixto V. Chikiamco
President
Foundation for Economic Freedom
#PHVote: The Leader I Want Forum Series: Aquino’s Last Mile: Ramping Up
and Sustaining Daang Matuwid
August 3, 2015
SGV Hall 3/F AIM Conference Center, Makati City
2. Economic Growth has been robust for
the past five years
4.4
2.9
3.6
5.0
6.7
4.8
5.2
6.6
4.2
1.1
7.6
3.7
6.8
7.2
6.1
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
GDP annual growth
Source: World Bank
Average=6.3%
3. Philippine GDP growth relative to
other countries
0.0
2.0
4.0
6.0
8.0
10.0
12.0
14.0
16.0
18.0
2010 2011 2012 2013 2014
Philippines
Vietnam
Singapore
Malaysia
China
4. But growth has not been inclusive
UNEMPLOYMENT and UNDEREMPLOYMENT RATE
Source: Philippine Statistics Authority
17.8%
6.4%
0
5
10
15
20
25
30
Underemployment rate
Unemployment rate
5. But growth has not been inclusive
• Unemployment is still high
6. But growth has not been inclusive
• Poverty levels remain the same
26.5
26.3
25.2
25.8
2006 2009 2012 2014S1
POVERTY INCIDENCE (%)
Source: Philippine Statistics Authority
7. But growth has not been inclusive
DEGREE OF HUNGER IN HOUSEHOLDS, PH: Jul 1998-Jun 2015
Source: Social Weather Station
9. Growth has been consumption-driven,
rather than investment-driven
GDP by Expenditure Shares at constant 2000 prices
Source: Philippine Statistics Authority
-20%
0%
20%
40%
60%
80%
100%
2008 2009 2010 2011 2012 2013 2014
Statistical Discrepancy
Net Exports
Capital Formation (FC + CI)
Government Final Consumption
Expenditures
Household Final Consumption
Expenditure
10. Growth has been consumption-driven,
rather than investment-driven
Gross Capital Formation (% of GDP)
Source: World Bank
0.0
5.0
10.0
15.0
20.0
25.0
30.0
35.0
40.0
45.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Philippines
Vietnam
Malaysia
Singapore
Thailand
13. Share of Manufacturing has shrunk
25.70
20.52
0.00
5.00
10.00
15.00
20.00
25.00
30.00
Manufacturing, value added (% of GDP)
Source: World Bank
14. Growth mainly in the services sector,
but apart from BPO sector which
benefit mainly the college-educated,
productivity in the service sector is
lower than that of industry
15. Labor Productivity at constant 2000 prices
Source: Philippine Statistics Agency, Labor Force Survey
0
50000
100000
150000
200000
250000
300000
350000
400000
2010 2011 2012 2013
AHFF
Industry
Services
16. Therefore, to achieve inclusive
growth, reduce poverty, generate
jobs, and lower hunger, we have to:
make economic growth investment-driven,
rather than consumption-driven
tackle the problem of low agricultural
productivity
increase the share of manufacturing (to
generate good jobs)
make our industries competitive
21. FIRST ARROW:
Openness to foreign investment
Remove the Constitutional restrictions on foreign
ownership in the 1987 Constitution
– Why?
• current restrictions in the Constitution protects monopolies
in capital intensive strategic industries, such as ports,
airports, telecoms, shipping, e.g. duopoly in telecom sector
• WB’s Bocchi: Monopolies in strategic industries crimp
forward-linking and backward linking industries.
Liberalize as much as possible all other restrictions on
foreign investment, including the foreign investment
negative list, the retail trade law, the practice of
professions, and even immigration rules.
22. FIRST ARROW:
Openness to foreign investment
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Philippines
Vietnam
Malaysia
Singapore
Thailand
Foreign direct investment, net
inflows (BoP, current US$)
Source: World Bank
23. Gross Savings and Gross Capital
Formation (% of GDP)
Source:World Bank
43
20
0
10
20
30
40
50
60
70
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Gross savings
Gross capital formation
24. FIRST ARROW:
Openness to foreign investment
0.00
20.00
40.00
60.00
80.00
100.00
120.00
140.00
160.00
180.00
0.000 0.050 0.100 0.150 0.200 0.250 0.300 0.350 0.400 0.450
2012InwardFDIStocks(%ofGDP)
2013 FDI RR Index (Closed = 1; Open = 0)
MoreFDI
More Open
2013 FDI Restrictiveness Index
Sources: OECD Statistics and IMF estimates
26. SECOND ARROW:
Modernize the labor code
The existing labor code suffers from two
major defects:
1. setting up high minimum wages unrelated to
productivity
2. labor permanency after six months
27. Minimum wages: job killer
• Paqueo,et al. (2014)
– generally, Minimum wage is not always helpful to
the common man and the disadvantaged
– Minimum wage reduces the demand for workers
in small firms.
– Minimum wage decreases the chance of the
young, female, low educated and inexperienced
workers being hired
– The rise in minimum wage results in lower
household income (20 percent reduction based
on our computation).
28. Minimum wages: job killer
• Dr. John Nye: Minimum wages hampers
industrialization or the movement of surplus
labor in the countryside to industry.
– Manufacturing share to GDP has shrunk from
26% in the 1980s to 21% in 2014.
– Migrant labor going to low-paid, low-level service
jobs – e.g. gasoline boy, selling DVDs or banana
cue, etc.
29. Minimum wages – job killer
• Dr. Gerry Sicat: Labor rigidities dampen
demand for labor and make country
unattractive to labor-intensive industries.
30. SECOND ARROW:
Modernize the labor code
Result?
- Industry cannot create jobs
- Workers can’t learn; contractualization
- Shift from agriculture to industry impeded
Who benefits?
– the monopolists use high minimum wages to deter
competition
– Relatively small proportion of labor force at expense
of unemployed
31. SECOND ARROW:
Modernize the labor code
SUGGESTED POLITICALLY FEASIBLE SOLUTIONS
Gerry Sicat’s proposed special economic zones where
LMW and labor security suspended in labor surplus
areas
Liberalize the apprenticeship law
Length of time for training Pay at 75% of LMW
Open to other industries
Pass HB 5468 or the JobStart Act by Rep. Nograles
18-24 yrs. old high school graduates with less than one year
working experience
Three months technical skills training with allowance of P200
Training graduates to be hired at a pay rate of 75% of LMW
33. THIRD ARROW:
Improve Agricultural Productivity
Why Low Agricultural productivity?
1. Uncertainty of property rights due to CARP
• never-ending extension of CARP, collective CLOAs,
non-bankability of CLOAs
2. CARP Prohibition of ownership beyond five has.
• efficient farmers cannot buy out inefficient ones
3. NFA monopoly of rice importation; 70% of
agriculture budget going to low-value
commodity, rice.
4. Restrictions on the rural land market: agri
patent law.
34. Domestic and world price of rice (peso/kg),
1990-2010
Source: IRRI
Lifted from PIDS Policy Notes No. 2011-11
35. THIRD ARROW:
Improve Agricultural Productivity
End CARP (to end uncertainty over
property rights) and Amend CARP
Fabella: allow CARP beneficiaries to lease their
land
Allow CARP beneficiaries to sell their usufruct
rights to land
Repurpose DAR to do land consolidation
36. Dismantle NFA monopoly on rice
importation, tariffy rice imports, direct aid to
rice farmers, rely on trade for food security,
and focus R & D on high value-added crops.
THIRD ARROW:
Improve Agricultural Productivity
37. THIRD ARROW:
Improve Agricultural Productivity
Amend the Agricultural Patent Law:
Remove restrictions on conveyance of
agricultural patents
Five years restriction on sale
Restriction by right to repurchase: non-
bankability of free patent agri lands (about 2
million titles)
39. FOURTH ARROW:
Competitive Exchange Rate
NOT capital controls, NOT managed
exchange rate BUT GOVERNMENT
POLICY TO MAKE THE PESO
COMPETITIVE.
40. FOURTH ARROW:
Competitive Exchange Rate
How?
Coordinated government response (BSP+executive)
Massive infrastructure spending to drive the demand for
capital imports and dollars and lower the cost of doing
business in the Philippines.
Rice import liberalization to increase demand for dollars,
lower food prices, and dampen wage adjustment rate
pressures
BSP aggressive purchasing of dollars
Fabella and Abola: Money creation through purchases of dollars
not inflationary due to liberalized trade regime.
World is facing structural deflation. Fabella: BSP fighting the last
war.
41. FOURTH ARROW:
Competitive Exchange Rate
Other structural reforms to reduce the cost of
doing business in the Philippines:
ChaCha to improve competition and lower prices
in strategic industries
42. Benefits of a competitive exchange rate
• Increased purchasing power of OFWs – boost
retail, real estate, and education sectors
• Make BPOs and other exports more competitive
• Protect local industry; deter smuggling with high
import prices
• Protect domestic high-value added sectors like
agriculture.
• Shield domestic industry from AFTA while
working on issues like port congestion, poor
infrastructure, etc.
44. FIFTH ARROW: Institutional Reform
Why?
Weak state capacity is a big binding constraint
to growth.
Cases in point
Government under spending, DOTC failures in
airports, MRT, LTO etc., NTC allowing mergers in
telecoms, creating duopolies (regulatory capture),
ERC favouring the oligarchy.
45. FIFTH ARROW: Institutional Reform
How?
Strengthen the political party system
Law against turncoatism; public financing of political parties,
public financing of electoral campaigns.
Solve the collective action problem of the political class.
Strengthens political accountability.
(Parties behind development miracles – PAP in Singapore,
UMNO in Malaysia, CCP in China, Koumintang in Taiwan, Golkar
in Indonesia, LDP in Japan.
Dismantle private armies; reduce political dynasties
Professionalize the bureaucracy (limit political
appointments)
Strengthen separation of powers
46. Chinese formula for hypergrowth
1. Openness to foreign investment
2. Flexible wage rates
3. Property rights reform in agriculture
4. Competitive exchange rate
+ for Philippines: 5. institutional reform
47. Summary
FIVE ARROWS
Openness to foreign investment
Modernize the labor code
Improve agricultural productivity
Competitive exchange rate
Institutional Reform
48. End of Presentation
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