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[email protected] Website: www.EastWestCenter.org EAST-WEST CENTER WORKING PAPERS Economics Series No. 77, May 2005 Relative Economic Decline and Unrealized Demographic Opportunity in the Philippines Christopher Edmonds and Manabu Fujimura Christopher Edmonds is a Fellow in the Economics Study Area of the Research Program at the East-West Center. He is also an affiliate graduate faculty member with the Economics Department at the University of Hawaii at Manoa. He joined the Center in 2003. Before coming to Honolulu, he was an economist at the Asian Development Bank (ADB) in Manila, Philippines, and an affiliate scientist at the International Rice Institute (IRRI) in Los Baños, Philippines (1998 to 2003). He received his Ph.D. in agricultural and resource economics from the University of California, Berkeley, in 1998. Manabu Fujimura is a Professor in the Economics Depart- ment of Aoyama Gakuin University in Tokyo, Japan. He was previously an economist at the Asian Development Bank (ADB) in Manila, Philippines, where he worked from 1998 to 2003.