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The Philippine Review of Economics Of THE PHILIPPINE REVIEW OF ECONOMICS THE PHILIPPINE REVIEW OF ECONOMICS Volume LIV No. 2 December 2017 Volume LIV No. 2 December 2017 VolumeVolumeVolumeVolume LVILIVLIVVolume LIV Nos.VolumeNo.No. LIV VolumeNo. 2 2 1LIV Volume No. and2 LIV VolumeNo. 2 LIV2 VolumeNo. 2 LIV VolumeNo. 2 LIV VolumeNo. 2 LIV No. 2 LIV No. 2 LIV No. 2 No. 2 2 ISSNISSNISSN 1655-15161655-1516ISSN 1655-1516ISSN 1655-1516ISSN 1655-1516ISSN 1655-1516ISSN 1655-1516ISSN 1655-1516ISSN 1655-1516ISSN 1655-1516ISSN 1655-1516 1655-1516 June and DecemberDecemberDecemberDecemberDecember 201720192017December 2017December 2017December 2017December 2017December 2017December 2017December 2017 2017 2017 2017 TheTheTheTheTheTheThe PhilippineThePhilippine ThePhilippine ThePhilippine ThePhilippine ThePhilippine Philippine Philippine Philippine Philippine Philippine Philippine ReviewReview Review Review Review Review Review Review Review Review Review Review Volume LIV No. 2 ISSN 1655-1516 ofofofof ofEconomicsEconomics ofEconomics ofEconomics ofEconomics ofEconomics ofEconomics ofEconomics ofEconomics Economics Economics EconomicsDecember 2017 The Philippine Review FESTSCHRIFT FOR RAUL V. FABELLA SPECIALSPECIALSPECIALSPECIAL ISSUEISSUESPECIAL ISSUE INSPECIALIN ISSUE HONORHONOR SPECIALIN ISSUE HONOR SPECIALIN ISSUE HONOR OFSPECIALINOF ISSUE HONOR AMADO SPECIALINAMADOOF ISSUE HONOR SPECIALINAMADOOF ISSUE HONOR SPECIALINAMADOOF A.ISSUEA. HONOR INAMADO OFCASTROCASTRO ISSUEA. HONOR INAMADO OFCASTRO ISSUEA. HONOR INAMADO OFCASTRO A. HONOR INAMADO OFCASTRO A. HONOR AMADO OFCASTRO A. AMADO OFCASTRO A. AMADO OFCASTRO A. AMADO CASTRO A. CASTRO A. CASTRO A. CASTRO Guest Co-editors Emmanuel S. de Dios IssueIssueIssue EditorsEditorsIssue EditorsIssue EditorsIssue EditorsIssue EditorsIssue EditorsIssue EditorsIssue EditorsSarahIssue EditorsIssue EditorsLynneEmmanuelEmmanuel EditorsEmmanuel S. Daway-DucanesEmmanuel EmmanuelS.S. dede EmmanuelS. Dios Diosde EmmanuelS. Diosde EmmanuelS. Diosde EmmanuelS. Diosde EmmanuelS. Diosde EmmanuelS. Diosde EmmanuelS. Diosde S. Diosde S. Diosde S. 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