Template-Type: ReDIF-Article 1.0 Author-Name: Yumiko Ikamoto Title: Multinationals, Employment Creation and Spillover Effects : The Case of the Philippines Abstract: This paper analyzes the role of FDI in industrial development of the Philippines using the three-digit industrial classification data type of ownership. Unlike other ASEAN countries, FDI did not become an engine of growth in the Philippines until the recent years. This seems to arise from differences in the quality, as well as the level, of FDI. The entry of foreign firms did not enhance industrial development with substantial labor absorption in the Philippines. Besides, the spillover gains of productivity tended to be weak. The benefits from FDI, however, depend on the policies of host countries, as well as the behaviors of the multinational firms. The case study of the Philippines seems to show that opening FDI regime without complementary trade and other liberalization policy may detract from long-run economic growth. The benefits of comprehensive economic reforms in the early 1990s, however, have started to be realized in the Philippines since 1994. The virtuous circle of export, investment and growth seems to be setting in. Further, trade, as well as investment, liberalization will enhance the role of FDI in economic development of the Philippines. Journal: Philippine Review of Economics and Business Pages: 177 - 204 Volume: 36 Issue: 2 Year: 1999 Month: December File-URL: http://pre.econ.upd.edu.ph/index.php/pre/article/view/71/513 File-Format: Application/pdf Handle: RePEc:phs:prejrn:v:36:y:1999:i:2:p:177-204 Template-Type: ReDIF-Article 1.0 Author-Name: Gwendolyn R. Tecson Author-Workplace-Name: University of the Philippines School of Economics Title: The Hard Disk Drive Industry in the Philippines and Japanese Direct Investments Abstract: The study explores in depth the phenomenon of the overseas spread of Japanese computer industry, by focusing on the FDI behavior of a segment of the industry, namely that of the hard disk drive (HDD) sector. It studies the various motivations for the choice of the Philippines both by Japanese HDD assemblers and by their suppliers, based on a firm-level survey conducted in 1997-98 in the Philippines and in Japan. It examines why the Japanese HDD assemblers have strategically chosen to locate mainly in the Philippines, in contrast with American HDD firms geographic spread, which took mainly the Asian mainland route, from Singapore to China, passing through Malaysia and Thailand. The study likewise attempts to evaluate the validity of other possible motivations, namely: the imitative or ‘bandwagon’ behavior of Japanese investors, the dispersion motive, the depending motive, as well as motivations based on possibilities for agglomeration among them. Finally, the study examines the strengths and weaknesses of the country’s policy regime in attracting Japanese direct investments into the industry. Journal: Philippine Review of Economics and Business Pages: 205-256 Volume: 36 Issue: 2 Year: 1999 Month: December File-URL: http://pre.econ.upd.edu.ph/index.php/pre/article/view/72/517 File-Format: Application/pdf Handle: RePEc:phs:prejrn:v:36:y:1999:i:2:p:205-256 Template-Type: ReDIF-Article 1.0 Author-Name: Casimiro V. Miranda, Jr. Author-Workplace-Name: University of the Philippines School of Economics Title: Globalization and Inefficiency in Less Developed Countries Abstract: This paper explains theoretically that the present economic problems of less developed countries, particularly in Southeast Asia, are the direct offspring of the inefficiency of their industries, disabling them to effectively compete in the world market. Globalization simply exposed this inefficiency. The sharp depreciation of these countries’ currencies is merely a consequence of such inefficiency. Thus, these countries’ problems are not financial in nature but a real sector phenomenon. Journal: Philippine Review of Economics and Business Pages: 257-278 Volume: 36 Issue: 2 Year: 1999 Month: December File-URL: http://pre.econ.upd.edu.ph/index.php/pre/article/view/73/514 File-Format: Application/pdf Handle: RePEc:phs:prejrn:v:36:y:1999:i:2:p:257-278 Template-Type: ReDIF-Article 1.0 Author-Name: Muzafar Shah Habibullah Author-Workplace-Name: Department of Economics, Faculty of Economics and Management, Universiti Putra Malaysia, Selangor, Malaysia Title: Changing Financial Systems and the Relationship Between Money and Income in Ten Asian Countries Abstract: The objective of this paper is to investigate the long-run relationship between monetary aggregates and income in the era of financial innovations and deregulation in ten Asian developing economies using the cointegration approach. The results of this study suggest that money matters for monetary policy purposes in these countries. Moreover, there is potential role for Divisia monetary aggregates to be used as additional financial indicators for policy actions. Journal: Philippine Review of Economics and Business Pages: 279-310 Volume: 36 Issue: 2 Year: 1999 Month: December File-URL: http://pre.econ.upd.edu.ph/index.php/pre/article/view/74/516 File-Format: Application/pdf Handle: RePEc:phs:prejrn:v:36:y:1999:i:2:p:279-310 Template-Type: ReDIF-Article 1.0 Author-Name: Mahar Mangahas Author-Workplace-Name: Social Weather Stations, Quezon City Title: Monitoring Philippine Poverty by Operational Social Indicators Journal: Philippine Review of Economics and Business Pages: 311 - 334 Volume: 36 Issue: 2 Year: 1999 Month: December File-URL: http://pre.econ.upd.edu.ph/index.php/pre/article/view/75/515 File-Format: Application/pdf Handle: RePEc:phs:prejrn:v:36:y:1999:i:2:p:311 - 334 Template-Type: ReDIF-Article 1.0 Author-Name: Orville Solon Author-Name: Alejandro N. Herrin Author-Name: Maritess G. Manalo Author-Workplace-Name: University of the Philippines School of Economics Author-Name:  Rachel H. Racelis Author-Workplace-Name: University of the Philippines School of Urban and Regional Planning Author-Name: Virginia N. Gañac  Author-Name:  Glenita V. Amoranto Author-Workplace-Name: National Statistical Coordination Board Title: Health Care Expenditure Patterns in the Philippines : Analysis of National Health Accounts, 1991-1997 Journal: Philippine Review of Economics and Business Pages: 335-364 Volume: 36 Issue: 2 Year: 1999 Month: December File-URL: http://pre.econ.upd.edu.ph/index.php/pre/article/view/76/518 File-Format: Application/pdf Handle: RePEc:phs:prejrn:v:36:y:1999:i:2:p:335-364 Template-Type: ReDIF-Article 1.0 Author-Name: Jose A. Magpantay Author-Workplace-Name: College of Science, University of the Philippines Diliman, Quezon City Title: S&T in the Philippines : Directions in the 21st Century Journal: Philippine Review of Economics and Business Pages: 365-393 Volume: 36 Issue: 2 Year: 1999 Month: December File-URL: http://pre.econ.upd.edu.ph/index.php/pre/article/view/77/520 File-Format: Application/pdf Handle: RePEc:phs:prejrn:v:36:y:1999:i:2:p:365-393