About Per SE

Commentary and research on current events and public policy by economists from the University of the Philippines
Posts tagged "fiscal & monetary policy"

Welcome remarks: Center for Financial and Monetary Economics

Our vision for the center is therefore to eventually become an internationally recognized center for research and education in financial and monetary economics that can stand proudly beside similar institutions in the Asian region,

Macroeconomic directions: Duterte vs. Aquino

What can we expect to be the macroeconomic path of the Duterte administration? Useful hints can be pieced together from recent developments.

Underspending: a bad habit that’s hard to break

The recently released budget numbers showed an administration that’s having a hard time breaking a bad habit: underspending. Not surprisingly, the release of the 2015 fiscal numbers was delayed.

Fiscal space in the season of generosity

The fiscal space has inspired a feeding frenzy. The vultures are circling to chomp on the precious green shoots before they blossom into harvest. They want their share Now, Now!

US Fed interest rate move and the Philippine economy

An external policy development that has the capacity to jar the trajectory of the Philippine economy comes from the US Federal Reserve Bank, the central bank of the largest economy in the world.

Old habits die hard

The outgoing Aquino III administration has the bad habit of underspending what Congress has authorized it to spend. ... From the looks of it, the fiscal year will close with much more serious underspending.

What the next administration can do to reduce chronic poverty

One should be unhappy with the government’s fiscal performance. During the last five years, from 2010 to 2014, actual government spending has been below planned spending. Yet, Finance Secretary Cesar Purisima is elated that actual budget deficit is much smaller than planned deficit.

Philippine monetary history viewed from the Greek euro crisis perspective

The current Greek economic crisis within the euro zone can be instructive for us in understanding our own monetary history since American colonial times. This is now what I will attempt to do.

Greek debt default and crisis: painful morning after

The Greek electorate went to the polls in a referendum on how to deal with their debt crisis. The referendum required a “yes/no” vote on the terms of the program offered to them by creditors. A resounding “No” vote was the result, following the recommendation of the Greek government.

With serious unemployment and poverty, the government underspends half-trillion pesos

Now, it can be told: President Aquino III has squandered opportunities to address unemployment, poverty, and hunger. The government’s most direct intervention to address these interlinked problems is by spending for public infrastructure, investment in human capital, and social protection.

Is the Philippine economy slowing?

This early, there are signs that the Philippine government will not meet its economic goal of 7% to 8% GDP growth in 2015.

Will the next President inherit a weak or strong tax system?

The harsh reality is that the next administration will be faced with more formidable spending challenges. The K+12 educational reform is a good program but it is seriously underfunded.