DOCSLIB.ORG

First Quarter 2020

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
First Quarter 2020 Report on Economic and Financial Developments First Quarter 2020 BANGKO SENTRAL NG PILIPINAS Report on Economic and Financial Developments – First Quarter 2020 Table of Contents Executive Summary ................................................................................................................... 2 Introduction .............................................................................................................................. 4 Real Sector ................................................................................................................................ 5 Aggregate Supply and Demand ................................................................................................... 5 Labor and Employment ............................................................................................................... 8 Fiscal Sector .............................................................................................................................. 9 National Government Cash Operations ...................................................................................... 9 Monetary Sector ..................................................................................................................... 10 Prices ......................................................................................................................................... 10 Domestic Liquidity ..................................................................................................................... 11 Monetary Policy Developments ................................................................................................ 12 Monetary Operations ................................................................................................................ 13 Domestic Interest Rates ............................................................................................................ 14 Financial Sector ....................................................................................................................... 15 Banking System ......................................................................................................................... 15 Banking Policies ......................................................................................................................... 19 Capital Market Reforms ............................................................................................................ 20 Stock Market ............................................................................................................................. 20 Bond Market .............................................................................................................................. 21 Credit Risk Assessment .............................................................................................................. 23 Payments and Settlements System ........................................................................................... 24 External Sector ........................................................................................................................ 24 Balance of Payments ................................................................................................................. 24 International Reserves .............................................................................................................. 28 Exchange Rate ........................................................................................................................... 29 External Debt ............................................................................................................................. 30 Foreign Interest Rates ............................................................................................................... 32 Global Economic Developments ............................................................................................... 33 Financial Condition of the BSP ................................................................................................. 36 Balance Sheet ............................................................................................................................ 36 Income Statement ..................................................................................................................... 37 Conclusion, Challenges and Policy Directions ........................................................................... 37 Annexes .................................................................................................................................. 40 List of Acronyms, Abbreviations, and Symbols ......................................................................... 45 Statistical Tables ..................................................................................................................... 47 First Quarter 2020 Report on Economic and Financial Developments | i Domestic liquidity ample. Money supply or M3 Executive Summary grew by 13.3 percent y-o-y as of end-March 2020 to about P13.1 trillion The expansion was driven by the 9.1-percent y-o-y growth in net foreign assets The Philippine economy contracts in Q1 2020. The and the 11.9-percent growth in domestic claims in country’s real gross domestic product (GDP) February 2020. Credit extended to the private declined by 0.2 percent year-on-year (y-o-y) in the sector rose by 11.2 percent, supported by the first quarter of 2020, a significant drop from the sustained increase in bank lending. 6.7-percent growth achieved in Q4 2019 due to the Taal volcano eruption and coronavirus disease The Bangko Sentral ng Pilipinas (BSP) reduces the (COVID-19) outbreak. Household consumption policy rate cumulatively by 75 basis points (bps) in slowed down significantly while a sharp decline in Q1 2020. At its monetary policy meeting on capital formation was recorded due to the 6 February, the BSP decided to cut its key policy implementation of enhanced community interest rate (overnight reverse repurchase or RRP quarantine (ECQ) in Luzon and other parts of the facility) by 25 bps to 3.75 percent as a pre-emptive country by the National Government (NG). move to support market confidence amid the potential spillovers associated with increased Labor market conditions weaken. The number of external headwinds and the possible adverse employed persons decreased to 42.7 million in impact of the COVID-19 pandemic on economic January 2020 from 43.1 million in October 2019. activity and market sentiment. In its 19-March Meanwhile, the unemployment rate in January policy meeting, the BSP reduced the key policy rate 2020 was estimated at 5.3 percent, 0.8 percentage anew by 50 bps to 3.25 percent for the overnight point (ppt) higher than the rate in October 2019. RRP facility as a follow-on monetary policy Underemployment rate also rose to 14.8 percent response to address the adverse spillovers from 13.0 percent. Meanwhile, labor force associated with the ongoing pandemic. For both participation rose to 61.7 percent during the same policy interest rate cuts, the corresponding interest period. rates on the overnight lending and deposit facilities were also reduced accordingly. NG operations record a narrower deficit. The cash operations of the NG yielded a deficit of Domestic interest rates rise. Amid concerns and P74.0 billion (1.7 percent of GDP) in Q1 2020, uncertainty over the impact of the Taal volcano 18.0 percent lower than the year-ago deficit level of eruption and the COVID-19 outbreak, Treasury bill P90.2 billion (2.0 percent of GDP). Total revenues (T-bill) rates in the primary market as well as as a share of GDP was recorded at 17.3 percent in government securities (GS) yields in the secondary Q1 2020, higher than the Q1 2019 share of market increased in end-March 2020 when 15.5 percent due to higher tax collections and non- compared to those in the previous quarter. tax revenues. Total NG disbursements was recorded at 19.0 percent of GDP in Q1 2020, an increase from Banking system remains sound and stable. The the previous year’s ratio of 17.6 percent. banking system's total resources reached ₱18.8 trillion as of end-March 2020, equivalent to Inflation is higher in Q1 2020. Headline inflation 96.0 percent of GDP. Asset quality remained stable, averaged at 2.7 percent y-o-y in Q1 2020 from with net non-performing loan (NNPL) ratio at 1.6 percent in the previous quarter as both food 1.2 percent and gross NPL ratio at 2.2 percent, as of and non-food inflation increased. Meanwhile, core end-March 2020. Capital adequacy ratios, both on inflation also went up to 3.2 percent y-o-y in solo and consolidated basis, remained well above Q1 2020 from 2.7 percent in the previous quarter. the BSP’s regulatory threshold of 10.0 percent and The Q1 2020 inflation was within the Government’s the international standard of 8.0 percent. inflation target range of 3.0 percent ± 1.0 ppt for the year. Stock market declines. The Philippine Stock Exchange index (PSEi) dropped sharply in Q1 2020 due largely to the outbreak of the COVID-19 2 | First Quarter 2020 Report on Economic and Financial Developments pandemic and investor concerns over its impact on impact of the COVID-19 on the economy also the Philippine economy. The PSEi averaged supported the peso. 6,876.72 index points during the period-in-review, about 12.4 percent lower than its level in the Global economic activity slows down due to the previous quarter. Year-to-date, the
Load more

Recommended publications
  • GGGI the Philippines Country Planning Framework 2021 -2025
    GGGI The Philippines Country Planning Framework 2021 -2025 GGGI Country Planning Framework (2021 - 2025) - THE PHILIPPINES Copyright © February 2021 The Global Green Growth Institute 19F Jeongdong Building, 21-15, Jeongdong-gil Jung-gu, Seoul, Korea 100-784 The Global Green Growth Institute does not make any warranty, either express or implied, or assumes any legal liability or responsibility for the accuracy, completeness, or any third party’s use or the results of such use of any information, apparatus, product, or process disclosed of the information contained herein or represents that its use would not infringe privately owned rights. i GGGI Country Planning Framework (2021 - 2025) - THE PHILIPPINES Acknowledgements GGGI Authors: Juhern Kim (Country Director), Rhoel Bernardo, and Jaepyo Chun (KMCO) GGGI Reviewers and special thanks to: Hyoeun Jenny Kim (Deputy Director-General), Gerard O'Donoghue (Assistant Director-General), Jin Young Kim (Director, Asia), Maria Cecile, Warin Nitipaisalkul, Lilibeth Acosta-Michlik, Jisu Min, Feelguen Song, Pepe Nebril, Gilda Garibay, Gulshan Vashistha, Christina Cheong, Stella Seungyeon Lee, Bertha Wakisa Chiudza, Cris Agravante, Samyeol Choi, Chiden Balmes, Dave Kim, Nayoung Moon, Hyon Sang Ahn, Adam Ward, Oyuchimeg Amartuvshin, Muharrem Askin, Andrew Lee, Lasse Ringius, Mahamadou Tounkara, Edith Batac, Ingvild Solvang, Maricor Muzones, Mohammad Ali Shaikh, Rainelda Ampil, Sivabalan Muthusamy, Hangja Kim, Carrie Ho, Koeun Lim, Yoonkyung Lee, Jungah Lee, Hyunjung Park, Yoonsuk Choi, Kyu Hwa Park, Sangchul Han, Alexander Chabanyuk, Kyeonga Jeong, Soojoo Choi, Jarupat Butnuch, Junhee Kim, Mihwa Wi, Hakku Bang, Marina Brenden, Nishant Bhardwaj, HyoYoul Kim, and Hee Kyung Son Government Coordination: Reby Orbista Special thanks to the Philippines Government and Congress: Former Secretary Ernesto Pernia, Assistant Secretary Jonathan L.
    [Show full text]
  • Malacañang Says China Missiles Deployed in Disputed Seas Do Not
    Warriors move on to face Rockets in West WEEKLY ISSUE 70 CITIES IN 11 STATES ONLINE SPORTS NEWS | A5 Vol. IX Issue 474 1028 Mission Street, 2/F, San Francisco, CA 94103 Email: [email protected] Tel. (415) 593-5955 or (650) 278-0692 May 10 - 16, 2018 White House, some PH solons oppose China installing missiles Malacañang says China missiles deployed in Spratly By Macon Araneta in disputed seas do not target PH FilAm Star Correspondent By Daniel Llanto | FilAm Star Correspondent Malacañang’s reaction to the expressions of concern over the recent Chinese deploy- ment of missiles in the Spratly islands is one of nonchalance supposedly because Beijing said it would not use these against the Philippines and that China is a better source of assistance than America. Presidential spokesperson Harry Roque said the improving ties between the Philippines and U.S. Press Sec. Sarah Sanders China is assurance enough that China will not use (Photo: www.newsx.com) its missiles against the Philippines. This echoed President Duterte’s earlier remarks when security The White House warned that China would experts warned that China’s installation of mis- face “consequences” for their leaders militarizing siles in the Spratly islands threatens the Philip- the illegally-reclaimed islands in the West Philip- pines’ international access in the disputed South pine Sea (WPS). China Sea. The installation of Chinese missiles were Duterte said China has not asked for any- reported on Fiery Reef, Subi Reef and Mischief thing in return for its assistance to the Philip- Reef in the Spratly archipelago that Manila claims pines as he allayed concerns of some groups over as its territory.
    [Show full text]
  • Advisory No. 2021 – 04 : Temporary Suspension on the Processing Of
    ADVISORY NO. 2021 - 04 SUBJECT : TEMPORARY SUSPENSION ON THE PROCESSING OF REQUESTS OF FOREIGN NATIONALS FOR ENDORSEMENT TO THE DEPARTMENT OF FOREIGN AFFAIRS FOR TRAVEL BAN EXEMPTIONS TO THE PHILIPPINES This is with regard to the requests of Foreign Nationals (FNs) for endorsement to the Department of Foreign Affairs (DFA) for Travel Ban Exemptions (TBE) to the Philippines. The Department of Information and Communications Technology (DICT) refers to the following: (i) The Inter-Agency Task Force for the Management of Emerging Infectious Diseases (IATF- MEID) Resolution No. 103 dated 18 March 2021, wherein the entry of FNs into the country will be temporarily suspended from 22 March 2021 to 21 April 2021; (ii) The IATF-MEID National Task Force Against COVID-19 (NTF COVID-19) Memorandum Circular No. 6 dated 18 March 2021 on the Temporary Suspension of Travel into the Philippines, wherein the temporary suspension of entry of FNs into the country from 22 March 2021 to 21 April 2021 was also provided; and (iii) The Letter dated 19 March 2021 from DFA Undersecretary for Civilian Security and Consular Affairs Brigido J. Dulay on the Suspension of Processing of Entry Exemption Requests from 22 March 2021 to 21 April 2021, wherein National Government Agencies (NGAs) were advised not to send any endorsements during the said period as they will be disregarded. In line with the abovementioned, please be advised that the DICT will also be suspending the processing of requests of FNs for endorsements to the DFA for TBE to the Philippines from 22 March 2021 until 21 April 2021.
    [Show full text]
  • Building Resilience Against COVID-19 and Other Risks SEPTEMBER 2020 CONFERENCE PROCEEDINGS CONFERENCE
    INNOVATING GOVERNANCE: 6th Building Resilience against COVID-19 and Other Risks SEPTEMBER 2020 CONFERENCE PROCEEDINGS CONFERENCE Philippine Institute for Development Studies Surian sa mga Pag-aaral Pangkaunlaran ng Pilipinas Innovating Governance: Building Resilience against COVID-19 and Other Risks Proceedings of the Sixth Annual Public Policy Conference 2020 Innovating Governance: Building Resilience against COVID-19 and Other Risks Proceedings of the Sixth Annual Public Policy Conference 2020 Philippine Institute for Development Studies Surian sa mga Pag-aaral Pangkaunlaran ng Pilipinas Copyright 2021 Published by Philippine Institute for Development Studies Printed in the Philippines. Some rights reserved. The views expressed in these proceedings are those of the authors and do not necessarily reflect the views of any individual or organization. Please address all inquiries to: Philippine Institute for Development Studies 18th Floor, Three Cyberpod Centris - North Tower EDSA corner Quezon Avenue, 1100 Quezon City Telephone: (63-2) 88774000 Fax: (63-2) 88774099 E-mail: [email protected] Website: https://www.pids.gov.ph This volume is published annually and is under the Creative Commons Attribution Noncommercial License. It shall not be used for commercial purposes. Anyone can use, reuse, distribute, and build upon this material as long as proper attribution is made. ISSN 2546-1761 RP 04-21-600 Editorial and production team: Sheila Siar (editor), Gizelle Manuel (assistant copyeditor), Maryam Tubio (layout artist), and Jocelyn
    [Show full text]
  • Philippine Economic Update Pursuing Inclusive Growth Through Sustainable Reconstruction and Job Creation
    Report No. 83315-PH Public Disclosure Authorized PHILIPPINE ECONOMIC UPDATE PURSUING INCLUSIVE GROWTH THROUGH SUSTAINABLE RECONSTRUCTION AND JOB CREATION Public Disclosure Authorized March 2014 Poverty Reduction and Economic Management Unit Philippine Country Office East Asia and Pacific Region Public Disclosure Authorized Public Disclosure Authorized Document of the World Bank 1 PREFACE The Philippine Economic Update provides an update on key economic and social developments, and policies over the past six months. It also presents findings from recent World Bank studies on the Philippines. It places them in a longer term and global context, and assesses the implications of these developments and policies on the outlook for the Philippines. Its coverage ranges from the macro-economy and financial markets to indicators of human welfare and development. It is intended for a wide audience, including policymakers, business leaders, financial market participants, and the community of analysts and professionals engaged in the Philippines. The Philippine Economic Update is a report of the World Bank’s Philippine Poverty Reduction and Economic Management (PREM) team. It was prepared by Karl Kendrick Chua (Senior Country Economist and Task Team Leader), Paul Mariano (Research Analyst and Co-Task Team Leader), Kai Kaiser (Senior Economist), Amelia Johnston (Economist), Joseph Louie Limkin (Research Analyst), Kevin Cruz (Research Assistant), and Anthony Sabarillo (Junior Research Assistant) under the guidance of Rogier van den Brink (Lead Economist). Secretarial and publication support by Maria Consuelo Sy (Program Assistant) and Ayleen Ang (Team Assistant) are gratefully acknowledged. The sections on Typhoon Yolanda were contributed by a diverse group of individuals from the Philippine Country Management Unit, the East Asia Poverty Reduction and Economic Management Unit, Human Development Unit, and the Sustainable Development Unit.
    [Show full text]
  • Megawide Plans to Begin Redevelopment in Early 2021
    CEBU“Radiating positivity, creating connectivity” BUSINESS Room 310-A, 3rd floor WDC Bldg. Osmeña Blvd., Cebu City WEEK You may visit Cebu Business Week Facebook page. October 26 - November 1, 2020 Volume 2, Series 58 www.cebubusinessweek.com 12 PAGES P15.00 CARBON PROJECT TO REVIVE CEBU Megawide plans to begin redevelopment in early 2021 MEGAWIDE Construc- on March 9, 2020. By: ELIAS O. BAQUERO as a joint venture between City Check-in. tion Corporation will start “The Carbon Market and the Local Government Unit He said the proposed de- the redevelopment of the its adjoining districts are opment will certainly open (LGU) and Megawide, the velopment will also feature a Carbon Market area by the some of the most econom- more jobs and facilitate ease proposal seeks to redevelop waterfront plaza, a 24/7 mar- first quarter of 2021 once theically and culturally signif- of business for our vendors Carbon Market into a shop- ket, and the Sto. Niño Chapel Cebu City Government will icant locations in all Cebu. and suppliers,” Ferrer said. ping and cultural district that and Park. sign the Joint Venture Agree- With our proposal, we hope On the other hand, Tor- uplifts the quality of experi - Ferrer said that in phase ment (JVA). The project is to help jumpstart the recov- res said that this project will ence for all stakeholders like 1, they aim to deliver the new seen to help revive Cebu’s ery of Cebu’s economy after promote its vision of a First- vendors, business owners, and improved public market once vibrant economy.
    [Show full text]
  • KARL KENDRICK T. CHUA Secretary National Economic and Development Authority
    KARL KENDRICK T. CHUA Secretary National Economic and Development Authority Karl Kendrick T. Chua started his career as a system analyst with Accenture (Andersen Consulting) from 2000 to 2002. In 2004, he began teaching mathematics and economics at his alma mater, Ateneo de Manila, a year after completing his Master of Economics at the University of the Philippines. He was then hired as a research analyst for the World Bank Group in 2005 and resigned from his teaching job when he was promoted as its country economist for the Philippines in 2008. As an economist for World Bank, Chua spent a year and half in different places in Mindanao, including Marawi and Tawi-Tawi, where he led a team of researchers conducting a comprehensive jobs report on the impoverished island region. He served as a World Bank Senior Economist from 2012 until his resignation to join government service in September 2016. Chua was sworn in as Undersecretary for the Strategy, Economics and Results Group of the Department of Finance on September 29, 2016. As Finance undersecretary, he served as strategic adviser to Secretary Carlos Dominguez III and President Duterte's cabinet economic development cluster. In 2017, Chua was frequently seen participating in congressional deliberations on the administration's comprehensive tax reform bill which aimed to decrease personal income taxes and introduce higher consumption taxes to support the government's Build! Build! Build program. He was described as the "poster boy of tax reform" by several media outlets and was instrumental in the passage of the Tax Reform for Acceleration and Inclusion Act (TRAIN) in December 2017.
    [Show full text]
  • The Future” Column in the INQUIRER
    Volume 7 Issue No. 09 map.org.ph March 2, 2021 “MAPping the Future” Column in the INQUIRER The SGV - MAP NextGen CEO Transformative Leadership Program March 1, 2021 Mr. AURELIO “Gigi” R. MONTINOLA III On behalf of the Management Association of the Philippines (MAP), I would like to thank SGV (SyCip Gorres Velayo & Company) for being our Knowledge Partner for the very first MAP NextGen Conference last November 20, 2020 and our forthcoming second MAP NextGen Conference on November 12, 2021. As the Knowledge Partner, SGV has agreed to conduct the “SGV - MAP NextGen CEO Transformative Leadership Program.” In this regard, we are all virtually gathered together for an opening Kick-Off ceremony for a pioneering 12-month interactive leadership program. Fifteen (15) MAP NextGen members have been carefully selected to join this program to improve their leadership skills and help them reframe the future of their companies. Allow me a few words to welcome our 15 Participants and our Knowledge Partner SGV. Dear NextGen Participants and Future Thought Leaders of the Country: I returned at age 29 to Manila in 1980 after 5 years of international Graduate School and overseas work experience with an international bank to start a career in the Philippines. Little did I know that the Philippines would be going rapidly economically downhill during the next 5 years of Martial Law, that I would join a local bank (BPI), that Ninoy Aquino would be assassinated, and that I would have my first taste of a severe economic crisis where the country would plead for an international debt moratorium, inflation and Interest rates would hit 50-60% per annum, and foreign exchange of even $10,000 had to be rationed out.
    [Show full text]
  • Economic Team Urges No More Lockdowns About:Reader?Url=
    Economic team urges no more lockdowns about:reader?url=https://business.inquirer.net/309432/economic-team-... business.inquirer.net Economic team urges no more lockdowns Ben O. de Vera 3-4 minutes The Philippines cannot revert to stringent COVID-19 lockdown if it wants to save jobs and lift more people out of poverty post- pandemic, economic managers said, adding that the two weeks of stricter quarantine in Metro Manila and four neighboring provinces last month weighed on infrastructure spending and foreign trade. Finance Secretary Carlos Dominguez III on Monday said the economic team had repeatedly warned about the impact of lockdowns—which also resulted in millions of job losses —on poverty incidence. Acting Socioeconomic Planning Secretary Karl Kendrick Chua earlier flagged a temporary increase in urban poverty amid the pandemic. On Monday, the Department of Budget and Management (DBM) reported that public infrastructure spending fell 25.4 percent year-on-year to P44.3 billion in August mainly due to “unintended delays in construction activities as a result of the rainy season and the implementation of the two-week modified enhanced community quarantine in the National Capital Region and nearby regions” after COVID-19 cases surged. 1 of 3 10/28/2020, 3:40 pm Economic team urges no more lockdowns about:reader?url=https://business.inquirer.net/309432/economic-team-... From January to August, expenditures on infrastructure and other capital outlays declined 11.5 percent to P394.5 billion from P445.9 billion a year ago, no thanks to “the moderated implementation of construction activities as a result of the lockdowns and restrictions brought about by the pandemic,” the DBM said.
    [Show full text]
  • BAIPHIL Market Watch – 13 July 2021 Page 1 of 4
    kGo To Homepage BAIPHIL 13 July MARKET WATCH 2021 Legend BAIPHIL@80: Improvement / Up Deterioration / Down Building Resilience Through Strong Governance No Movement FINANCIAL MARKETS AT A GLANCE Currency Exchange 1 Current Previous Domestic Stock Index 3 Current Previous USD/PHP 50. 1200 50.0800 PSEi 6, 913.87 6,834.92 USD/JPY 110. 2900 110.1400 Trade Value (Php B) 4.836 8.419 USD/CNY 6. 4755 6.4790 EUR/USD 1.1868 1.1876 Stock Index 4 Curre nt Previous GBP/USD 1.3892 1.3901 NIKKEI 225 28,569.02 27,940.42 FTSE 100 7,125.42 , 7,121.88 PHP BVAL DOW JONES 34,996.18 34,870.16 2 Current Previous Reference Rates S&P 500 4,384.63 4,369.55 30 -Day 0. 9786 0.9792 NASDAQ 14,733.24 14,701.92 91 -Day 1. 1782 1.1775 Various 5/6 Curren t Previous 180 -Day 1. 4071 1.4123 Brent Crude (USD/bbl) 75.40 75.55 1-Year 1. 6089 1.6022 3-M US Treasury Yield 0. 05 % 0.06% 3-Year 2. 3442 2.3357 5-Y US Treasury Yield 0. 81 % 0.79% 5-Year 2. 9635 2.9501 10 -Y US Treasury Yield 1. 38 % 1.37% 10 -Year 3. 8725 3.8513 PHILIPPINES Stocks bounce from last week’s losses. The local stock market bounced off last week’s losses on bargain-hunting spurred by upbeat US bourses. The main index rose 78.95 points or 1.15 percent to close at 6,913.87 as the Services and Mining and Oil counters led the advance across the board.
    [Show full text]
  • Balikatan Reinforces Philippine Dependence on US Amid China Aggression by CONSUELO MARQUEZ, GMA News
    Today’s News 14 April 2021 (Wednesday) A. NAVY NEWS/COVID NEWS/PHOTOS Title Writer Newspaper Page PH expects 20M doses from Russia`s K Calayag M Times A2 1 Gamaleya Pagtaaas pa ng COVID-19 cases asahan sa M Escudero B Ngay 2 Hunyo o Hulyo Marina no control on vax, No contract R Ayeng D tribune D24 3 “No ’ policy B. NATIONAL HEADLINES Title Writer Newspaper Page J Clapano P Star 1 4 Gov’t to public: Brace for midyear COVID surge PH in a bind, experts warn; Chinese envoy J Andrade PDI A1 5 summoned C. NATIONAL SECURITY Title Writer Newspaper Page 6 DFA summons Chinese envoy over lingering P Brago P Star 2 boats 7 DFA summons Chinese envoy over WPS S Locus D Tribune A3 8 PH summons Chinese envoy over vessels in A Hachero Malaya A10 disputed waters 9 China envoy summoned E Santos P Journal 2 10 DFA summons Chinese envoy P Tonight 6 11 DFA ipinatawag ang Chinese envoy sa isyu G Garcia Ngayon 2 ng vessels sa West Phl Sea 12 Chinese envoy, pagpapaliwanagin ng DFA G Garcia PM 2 sa presensya ng Chinese sa Julian Felipe Reef 13 PH boosts patrols in disputed sea Bloomberg M Bulletin 1 D. INDO-PACIFIC Title Writer Newspaper Page China`s exports rise at robust pace, imports Reuters B Malaya A2 14 growth highest in 4 years E. AFP RELATED Title Writer Newspaper Page Duterte: Military would have ousted me if I L Salaverria PDI A2 15 were inutile 16 Rody talks to Putin; Sputnik V coming C Mendez P Star 1 Du30, Putin talk vaccines; PH orders 20M L Salaverria PDI A3 17 Sputnik V shots 18 Cash aid pay-out slow at 8% V Reyes Malaya A12 19 Sibugay towns under close watch N Lacson D Tribune B16 20 Soldier, civilian hurt in Basilan IED blast Z Capistrano Tempo 3 F.
    [Show full text]
  • The Political Economy of Public Administration Reforms in Southeast Asia
    Political Science The Political Economy of Public Administration Reforms in Southeast Asia: A Comparative Analysis of the Tax Administration in Indonesia and the Philippines Dissertation for the degree of Doctor of Philosophy granted by the Department of Social Sciences Faculty of Economics and Social Sciences University of Hamburg submitted by Nina Korte Hamburg 2013 First Examiner: PD Dr. Andreas Ufen Second Examiner: Prof. Dr. Joachim Betz Place and Date of Defence: Hamburg, January 28 th , 2014 i Abstract Within the last decade, scholars and practitioners have increasingly discussed domestic resource mobilization as a development financing tool. Revenues from domestic sources are regarded as more stable than resources derived from world capital markets. Moreover, taxes are ascribed a positive impact on state building and good governance. In most developing and transition countries, so far, the tax ratio has been lower than the internationally advocated twenty percent of their gross domestic product. Within this context, research on taxation in developing countries has grown, and efforts to improve tax systems have proliferated globally. Strong interest and rhetoric on enhancing domestic resource mobilization however does not necessarily translate into more effective and efficient, equitable and impartial tax systems as previous experience has shown. The reasons accounting for low tax efforts and for the relative success and failure of tax reforms in many countries have remained under-researched. This has been particularly true for countries in Asia, Central Asia and the Middle East. This study contributes to this research gap by a comparative political economy analysis of the Indonesian and Philippine cases. The study focuses on the tax administration reforms of the years 2002 to 2010.
    [Show full text]