The Philippine Center for Economic Development, UP School of Economics, and UP Organization of Business Economics Majors present the 2nd Lecture of the PCED@50 Lecture Series: 50 Years of Economic Policy-making featuring Prof. Solita Collas-Monsod, former NEDA Director General (1986-89). Her lecture titled "The Best of Times, The Worst of Times" will be held on 15 June 2023, 3PM at the UP School of Economics Auditorium. More »


Recent Publications

Discussion Papers 

  • (DP 2022-04) The National Climate Budget and the First Nationally Determined Contribution to the Paris Agreement: To what degree are they aligned? – by TC Monsod
  • (DP 2022-03) Digital Services Taxes: Multilateral and Unilateral Efforts and an Overview of Recent Economic Models – by  RE Reside, Jr.
  • (DP 2022-02) Real Options: A Review of Select Theories and Applications – by  RE Reside, Jr.
  • (DP 2022-01) The economy fifty years since martial law: changing landscapes, unchanged views – by ES de Dios
  • (DP 2021-08) Growth During the Time of Covid19 – by RE Reside, Jr.
  • (DP 2021-07) Martial law and the Philippine economy – by ES de Dios, MS Gochoco-Bautista, & JC Punongbayan
  • (DP 2021-06) Virtues and institutions in Smith: a reconstruction – by ES de Dios
  • (DP 2021-05) Accelerating Resilience and Climate Change Adaptation: Strengthening the Philippines’ Contribution to Limit Global Warming and Cope with its Impacts – by TMC Monsod, SJ Ahmed, & GP Hilario
  • (DP 2021-04) In whom we trust more? Heterogeneous effects of government assistance on trust in local officials in the Philippines – by JJ Capuno
  • (DP 2021-03) Dominance and divergence: Ethnic groups and preferences for redistribution in Southeast Asia – by JJ Capuno
  • (DP 2021-02) Don’t let a “good” crisis go to waste: One-upmanship in local responses to the COVID-19 pandemic – by JTB Alvarez, JME Guinto, & JJ Capuno
  • (DP 2021-01) A Call to Arms to Fight Mediocre Education – by EA Tan


Published Books and Articles


Philippine Review of Economics

December 2022 issue (Special issue on Monetary Policy and Central Banking)

  • Nowcasting domestic liquidity in the Philippines using machine learning algorithms – by JR Reyes
  • Does bank competition affect bank risk-taking differently? – by V Bayangos
  • Insights on inflation expectations in the Philippines from a household survey – by FC Cacnio & J Basilio
  • Heterogenous impact of monetary policy on the Philippine rural banking system – by E Glindro, JC Armas, VB Tolentino, & L Dela Cruz-Sombe
  • How do exchange rates affect the Big One? An empirical analysis of the effect of exchange rates on RCEP exports using the gravity model – by JA Tancangco
  • The long and the short of it: revisiting the effects of microfinance-oriented banks on household welfare in the Philippines – by CW Layaoen & K Takahashi

June 2022 issue

  • The impacts of secondary education reforms on schooling and income of women and men in the Philippines – by ML Revilla & J Estudillo
  • Who benefits from Dual Training Systems? Evidence from the Philippines – by T Igarashi & P Acosta
  • The impact of Philippine monetary policy on domestic prices and output: evaluating the country’s transmission channels – by  S Parmanand
  • The BSP’s Forecasting and Policy Analysis System – by ZR Abenoja, et al.
  • Azcárraga’s critique of mercantilism: trade as an engine of growth – by E de Dios
  • Book Review of Trauma to triumph: rising from the ashes of the Asian Financial Crisis – by SL Daway-Ducanes

June  and December 2021 issue (Special Issue on the Covid-19 pandemic)

  • Pandemic Threat, Ostrom Threshold and Pre-Emptive Public Goods: why East Asia performed better in the COVID-19 crisis – by R Fabella
  • How influential are COVID-19 data points? A fresh look at an estimated small scale DSGE model for the Philippines – by L Dacuycuy
  • Targeting the highly vulnerable households during strict lockdowns – by G Ducanes, SL Daway-Ducanes, &  E Tan
  • COVID-19, job loss, and underemployment: who is affected? – by MC Epetia
  • Measuring the telework potential of jobs: evidence from the International Standard Classification of Occupations – by IN Generalao
  • Life in the times of the COVID-19 pandemic: the experiences and responses of households in Guimaras and Miagao, Iloilo – by LM Eluriaga, LM Zeller, GM Gange, & A Ferrer
  • National Health Insurance Program financing during the COVID-19 pandemic: financial viability and the burden of paying for NHIP benefits – by CA Tan Jr., N Sugay, MS Nachura, K Miradora, AM Moreno, JM Nieva, & J Encluna
  • The COVID-19 outbreak and its impact on business establishments: a study on challenges and strategic approaches – by A Hidalgo, VY Janeo, WC Padojinog, C Terosa, Peter L.U., & J Yap
  • Disruptions in global value chains due to COVID-19: stylized facts and policy lessons – by A Mendoza
  • Coping and recovery strategies of MSMEs in the Laguna one year after COVID19 – by EG Andal, A Bello, & MA Catelo
  • COVID-19 pandemic and the Philippine real estate property cycle: indications of bubble burst in the “new normal”? – by L Abueg, CM Zamora, & LN Correa
  • Transportation policy potholes: analyzing Metro Manila’s COVID-19 response – by C Magno, KD Quizon, &  D Gatmaytan

December 2020 issue (Special issue in Honor of Benito Legarda Jr.)–

  • Benito Legarda, Jr.: in his own words and an appreciation – by G Sicat
  • Dr. Benito Legarda, Jr. as economic diplomat – by C Virata
  • Economist, historian, and patriot: Benito J. Legarda 1926-2020 – by J Williamson
  • The nexus of nationalism and internationalism: the journey of a “diplomat” after the galleons – by Y Takagi
  • The Bullinger Pool in Burma, 1921 to the mid-1930s – by MS Diokno
  • The BSP’s journey towards a progressive monetary policy framework – by E Glindro & M Oliva
  • Policy responses to shocks and monetary effectiveness under inflation targeting: The Philippine case – by M Debuque-Gonzales
  • Global liquidity, global risk appetite, and the risk of credit and asset booms – by MS Gochoco-Bautista
  • Optimal saving and sustainable foreign debt – by D Villanueva & R Mariano
  • Fighting COVID-19: patterns in international data – by R Mariano & S Ozmucur