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University of the Philippines School of Economics

Since its establishment in 1965, the UP School of Economics (UPSE) remains the leading institution in the Philippines that provides rigorous training in economics, policy, and development studies through its undergraduate and graduate degree programs:

Bachelor of Science in Economics
Bachelor of Science in Business Economics
Master of Arts (Economics)
Master in Development Economics
Doctor of Philosophy (Economics)

Many of the prime movers in national and local government, business, civil society, international organizations, and academia obtained their formal economics education from UPSE. In addition to excellent economics instruction which is handled by the Department of Economics, research and extension are the other two important pillars of UPSE. The Economics Research Center coordinates the research programs of the School, while the Public Affairs Office organizes various extension, training, and public service activities.

News & Announcements

SCHOLARSHIPS AND GRADUATE PROGRAMS ONLINE ORIENTATION ON JANUARY 10, 2026, 2PM

Scholarships and Graduate Programs Online Orientation on January 10, 2026 at 2PM via Zoom with Dr. Benjo Delarmente, M.D., assistant professor, UP School of Economics.

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New PRE Issue – December 2025

We are pleased to announce the release of the December 2025 issue.

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Protecting Fiscal Integrity: Fighting Corruption in Public Finance

Mark your calendars!
Join us on 6 February 2026 for the fourth run of the Ruperto P. Alonzo (RPA) Memorial Lecture as we tackle “Protecting Fiscal Integrity: Fighting Corruption in Public Finance.”
Stay tuned for more announcements.
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Macro Outlook: Global, Asia, the Philippines

Higher tariffs, weaker global economic activity – what does this mean for Asia and the Philippines?
Get fresh insights on navigating the new global trade environment in Macro Outlook: Global, Asia, the Philippines, on January 28, 2026, at 4:00 PM. This is a virtual-only talk hosted via Zoom, featuring Dr. John Beirne, Principal Economist at the Asian Development Bank (ADB), and Dr. Dave Fernandez, Senior Fellow at the Center for Financial and Monetary Economics (CFME).
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Advisories

Validation of Econ 11, Econ 101, and Econ 102 taken in other UP campuses; Crediting of courses taken in previous degree program

UPSE UG Advisory No. 2025-03 – Registration Reminders for Sem 1, AY 2025-2026

UPSE UG Advisory No. 2025-02 – Updated UPSE Rules on Scholastic Delinquency

UPSE Undergraduate Advisory No. 2025-01 – Registration Reminders for Sem 2, AY 2024-2025

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Research

Philippine Review of Economics

December 2025 (Volume 62 No. 2)

The December 2025 issue of the Philippine Review of Economics (PRE) is out now!

  1. Income inequality, weak institutions, and the emergence of reform-abortive corruption by Raul V. Fabella, Karl Robert L. Jandoc, Majah-Leah V. Ravago
  2. Nationalizing the minimum wage: Can the Philippines take the toll? by Justin Raymond S. Eloriaga, Marites M. Tiongco, Ceasar C. Cororaton
  3. Decomposing the divergent post-pandemic productivity dynamics in Philippine manufacturing by Adrian R. Mendoza
  4. Perceived comfort and subjective life evaluation in the Philippines: Evidence from a national visioning exercise by Paul Andrew F. Lucena, Karl Robert L. Jandoc, Ma. Christina F. Epetiai
  5. 2025 Nobel Memorial Prize in Economics: Joel Mokyr by Emmanuel S. de Dios
  6. A stylized version of the Aghion-Howitt growth model by Delano S. Villanueva

Book Review:

The Diane Elson Reader: Gender, Development, and Macroeconomic Policy by Marina Durano

Memorial Pieces:

Remembering Roberto S. Mariano by Celia M. Reyes

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June 2025 (Volume 62 No. 1)

The June 2025 issue of the Philippine Review of Economics (PRE) is out now!

  1. Consumer profiling, price discrimination, and consumer privacy by Renz Venielle Lamayo
  2. Forecasting currency in circulation with the central bank balance sheet by Adrian Matthew Glova, Roy Hernandez
  3. Impacts of access to electricity on employment and household income growth in Cambodia by Asami Takeda, Jonna Estudillo
  4. Do cash transfers mitigate risks and crowd out informal insurance? Evidence from a randomized experiment in the Philippines by Angelica Maddawin, Kazushi Takahashi
  5. Pulling up from the depths of poverty: Do the Pantawid Pamilya cash transfers to the poor reduce their consumption expenditure shortfalls? by Joseph Capuno
  6. A macroeconomic perspective on economic resilience and inclusive growth in the Philippines by Maria Socorro Gochoco-Bautista
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Publications

Counterfactuals in economics and allied social sciences: Methods, applications, and debates

Authors: JC Punongbayan and Alfredo Paloyo

This chapter explores how counterfactual thinking and quasi-experimental methods have transformed applied microeconomics, macroeconomics, economic history, and the broader social sciences.

Water Policy Reform’s Effect on Child Health

Authors: Karl Robert Jandoc and Michael Ralph Abrigo

This study found that water privatization in Metro Manila led to a significant drop in childhood diarrhea, highlighting the need for strong governance to sustain health gains.

Fueling the transition: The infrastructure and retrofitting hurdles to natural gas uptake

Authors: Karl Robert L. Jandoc, Raul V. Fabella, Majah-Leah V. Ravago, Brian Jason H. Ponce, Mithi Maria Peñaranda, and Renzi G. Frias

This study found that firms are more likely to adopt natural gas when they have prior knowledge and access to relevant infrastructure, but adoption is hindered by high retrofitting costs…

Debt, Dictatorship, and Decline: The Enduring Economic Impact of the Philippines’ 1980s Crisis

Authors: Jan Carlo B. Punongbayan and Emmanuel S. de Dios

This paper highlights the extent to which a severe debt crisis - caused and amplified by authoritarian economic mismanagement - can cast a long shadow over a developing country's growth…

More Than (2022)

More Than is the only coffee table book of the UP School of Economics produced by an editorial team  composed of the alumni, faculty and staff of the School.

Agricultural Development in Asia and Africa: Essays in Honor of Keijiro Otsuka (Springer Open, 2023)

This book explores the Asian agricultural and rural development and assesses the extent to which the Asian experience is replicated in contemporary Africa. - by Jonna P. Estudillo, Yoko Kijima,…

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Discussion Papers

(DP 2025-07) Spanish commercial policy and the Philippines: an integrated perspective - by Emmanuel S. de Dios

(DP 2025-06) Survival strategies and the robustness and resilience of exporters amidst wild card COVID-19 shocks - by Adrian R. Mendoza

(DP 2025-05) Early Retirement of Coal Power Plants through Voluntary Carbon Credits? The case of ACEN in the Philippines - by Christoph Scherrer

(DP No. 2025-04) Competition Considerations in Change Ownership Reforms for Electric Cooperatives - by Carlos L. Vega, Jestoni A. Olivo, Antonio Miguel S. Ventura, and Eirene Gillian M. Reyes

(DP 2025-03) Is there a grade penalty for high school track and college degree mismatches? Evidence from the University of the Philippines - by Jan Carlo B. Punongbayan, Jefferson A.…

(DP 2025-02) Promoting Competition and Regulatory Reforms in Franchising Electricity Distribution – by DB Canlas & KL Jandoc

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Calendar of Events & Deadlines

Wednesday
January 28
2026

[CFME Talk] Macro Outlook: Global, Asia, and the Philippines by Dr. John Beirne and Dr. Dave Fernandez on January 28, 2026

Saturday
January 31
2026

UPSE Graduate Programs Application Period until January 31, 2026

Monday
September 22
2026

IPA x UPSE Faculty Collaboration and Project Development Session

10:00 am to 12:00 pm
Room 303, UPSE
Monday
September 15

To

September 19 2026

2025 PSPS Exposure in Iloilo

Iloilo City
Monday
February 9
2026

Career in Public Service Talk and Fair

UPSE Auditorium
Saturday
September 27
2026

UPSE Alumni Homecoming

UPSE Auditorium
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