Browsing by Author "Monsod, Toby Melissa C."
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Item Restricted An empirical analysis of government provision of private goods versus public goods in the Philippine agriculture sector(2015-01) Palis, Tamara Jean C.; Monsod, Toby Melissa C.Despite its importance in the economy, the agriculture sector and its stakeholders are beset with problems pertaining to slow growth and persistent poverty. This situation is said to be reflective, in large part, of the strategies and interventions of the government related to its pursuit of rice self-sufficiency, which has entailed an allocation of public resources for agriculture to the provision of goods and services that are mostly private in nature. This study analyzes the effect of increasing the share of private goods versus public goods in the government's agriculture budget on the incomes of agriculture-dependent households and provides evidence supporting that view. Utilizing data from the Family Income and Expenditure Survey (PIES), Labor Force Survey (LFS), National Income Accounts (NIA), and government budget documents, the study reveals that, on average, increasing the share of resources to the provision of private goods and services in the agriculture sector budget has a negative effect on the per capita income of agriculture households. However, it also finds that the type of irrigation support that government provides matters for the impact of the private-public goods mix in the overall agriculture budget. In particular, government support for irrigation with pure public good rather than private good attributes allows for complementation, such that increasing the share of private goods in the government agriculture budget can lead to an increase in per capita incomes of agriculture-dependent households. The findings of the study support the need for policy shifts with regards the composition of government support to the agriculture sector, and, more fundamentally, its objectives. Instead of aiming for increasing rice production and attaining rice self-sufficiency, the government should focus on increasing farm incomes and attaining cost-efficient food security. This is consistent with the pursuit of a robust, sustainable and resilient agriculture sector and, ultimately, sustainable development and inclusive growth in the overall.Item Restricted Cost efficiency analysis of socialized housing development in the Philippines(2012-03) Santos, Maria Evette T.; Ventanilla, Marie Allaiza P.; Monsod, Toby Melissa C.In response to the growing problem of housing in the Philippines, the government encourages private housing developers to engage in socialized housing production through the Republic Act 7279. Likewise, it is also involved in the production of socialized housing units through the National Housing Authority (NHA). In this study, we look at the relative cost efficiency of NHA compared with a sample private housing developer. In order to do this, we have used a non-parametric linear programming method called Data Envelopment Analysis, a parametric method called Stochastic Frontier Analysis which relies on econometric and statistical concepts in measuring cost efficiency, and a direct method of determining the portion of socialized housing units produced per unit cost of each input for the two entities. According to theory, public institutions like NHA are usually less efficient because of the lack of market discipline that by contrast applies to private firms. However, the results of our study do not provide support for this theory. In the time frame that this research covers from 2004 to 2009, NHA appears to be relatively just as efficient as its private housing developer counterpart except in 2007. Limitations of this study, however, exist and, hence, caution must be taken in the interpretation of the results.Item Restricted Does governance structure matter to the returns on investment of an SWF: a preliminary analysis(2023-07) Candolada, Jamil Ian S.; Mercado, Jacob Crisabelo M.; Monsod, Toby Melissa C.Sovereign wealth funds (SWFs) have emerged as significant players in the global financial landscape managing vast amounts of capital, which are invested into different assets following different objectives. With this, the recent approval by Congress of the nation-based SWF in Maharlika Investment Fund (MIF) has been met with numerous criticisms. Questions about its composition and integrity, particularly its independence to operate freely from partisan influences has been called to question and continues to be a hot debate for citizens and economic exports alike. This study's primary focus is to examine the returns on investment (ROI) of selected Sovereign Wealth Funds (SWFs) from 2010 to 2021 and how it is affected by the governance structure of the fund. Our variable of interest is a modified operational independence index due to Fleiner (2022), and we control for important factors from the literature such as source of funding, alignment with strategic objectives, portfolio diversification, and governance practices, utilizing a random effects panel regression to estimate the effects of the said factors on the annual log ROI for a small sample of SWFs. We find that when SWFs are more dependent on the government in countries with effective governance, that is characterized by quality public service and high degree of commitment to policies, this enhances the annual ROI of an SWF. While our sample is small owing to the lack of publicly disclosed ROI data, this analysis sheds some light on the role of governance in the performance of SWFs.Item Restricted Make a move: what would convince informal settler families (ISFs) who live along Metro Manila's waterway to relocate?(2014-12) Foronda, Franzine Flores; Montesa, Adolfo Aguilar; Monsod, Toby Melissa C.Using survey data from a socio-economic profiling of University of the Philippines Planning and Development Research Foundation, Inc. (UP PLANADES), conducted in 2013, this thesis aims to quantify the factors that may influence the decision of the Informal Settler Families (ISFs), who live along the eight major waterways in Metro Manila, to relocate. The study focuses on non-pecuniary or opportunity cost factors that may be significant in the relocation decision and employs three models in succession: hedonic rent estimation, logistical regression and multinomial logit regression. It finds that perceived risk from floods has the greatest potential in influencing a move, while the value of available housing services has the greatest potential in deterring it.Item Restricted Measuring fiscal policy sustainability in developing Asia: what does the Markov switching augmented Dickey-Fuller test tell us?(2023-07-04) Vidar, Ezra Rebecca; Premacio, Dannah Ysabel M.; Monsod, Toby Melissa C.This paper measures fiscal sustainability in 22 developing Asian countries for the period 1998 – 2017. Previous literature generates conflicting results: one paper, which employs a fiscal reaction function, finds that fiscal policy is unsustainable on average in the region. Another paper applies the usual stationarity and cointegration tests and finds that fiscal policy is sustainable but in weak form. However, the usual stationarity tests have been found to be unreliable in the presence of non- linearities. Thus, this paper uses an expanded version of the Markov Switching Augmented Dickey-Fuller test (MS-ADF) which allows for nonlinearities and structural breaks; MS-ADF has never been applied to this set of countries. Results show that the majority of the countries have “uncertain” debt trajectories, not definitively sustainable or unsustainable but somewhere in- between. This is a more nuanced picture of the debt trajectories in the region relative to what obtains when using the standard ADF or fiscal reaction function methods. A more nuanced assessment could lead to more suitable policy corrections.Item Restricted Nests and houses: essays on housing choice and public policy(2008-04) Monsod, Toby Melissa C.; de Dios, Emmanuel S.Item Restricted Self-reported versus 'expected' income taxes paid in the FIES 2009: why the gap?(2015) Saroca, Maegan S.; Sollegue, Shanica Sen V.; Monsod, Toby Melissa C.Various studies have found socioeconomic and demographic factors to have an impact on truth-telling in surveys. Additionally, existing literature have emphasized the importance of tax morale in answering questions relating to income tax. In this light, the study aims to determine whether, how, and why self-reported income taxes by households in the FIES 2009 vary from 'expected' income taxes of those same households. Its goal is to find factors - specifically socioeconomic and demographic factors - which may possibly explain the nature of the variations. In doing so, three steps were done: 1.) 'expected' income taxes per household were computed using the Bureau of Internal Revenue Income Tax guidelines, 2.) 'expected' income taxes were compared with self-reported income taxes, and any difference or gap 1 was established. The size of the gap, if any, is considered a proxy for the degree of truth-telling by each respondent, and 3.) the gap was regressed against demographic and socioeconomic factors which have been identified in the literature as being relevant to truth-telling by respondents in surveys. The study found that out of the 38, 400 households interviewed, 7, 467 or 19.44% had 'expected' income taxes differing with their self-reported income taxes. It also found that income docile, sex, major source of income, education of household heads, age, and specific regions were statistically and practically significant. Smaller gaps were found for the first nine income deciles relative to the tenth docile, and for households with entrepreneurial activities and other source of income as major source of income relative to wages/salaries households. Larger gaps, on the other hand, were seen for college graduate household heads relative to household heads with no grade be used as an estimate for the degree of truth-telling of the respondents in the said survey. Completed, male household heads relative to female household heads, older household heads, and various regions.Item Restricted Settling settlements: a study on informal settler's willingness to avail of a government housing program(2015-01-05) Bautista, Khim Carla; Teh, Tenylle Rozanne; Monsod, Toby Melissa C.This paper looks at the factors affecting the willingness of informal settler families residing in flood prone and other high-risk areas to avail a housing program. The possible factors taken into account are family characteristics, household head attributes and situational considerations such as past relocation experience and environmental risk since the study focuses on informal settlers living in high-risk areas. The study found significance on tenure status, work location, number of household members, expenditure, experience of being relocated, house structure, and plans to transfer as factors that affect willingness to avail the housing program. Seeing the impact of these factors on the decision to avail a housing program may help authorities create more desirable and accommodating houses for informal settlers, therefore improve the effectiveness of the relocation program. Using logit regression in the model, the marginal effects of each variable will be analyzed.Item Restricted The “highway effect” on school enrollment: the case of SCTEX and TPLEX(2023-07) Realeza, Collette P.; Santos, Elijah C.; Monsod, Toby Melissa C.In this study, we examine the effect of highway investments, specifically that of the Subic-Clark-Tarlac Expressway and the Tarlac-Pangasinan-La Union Expressway, on the enrollment rates of the municipalities within the provinces of Bataan, Pampanga, Tarlac, Nueva Ecija, and Pangasinan. On the one hand, highways expose people to greater employment opportunities in other regions and may lead to an increase in the opportunity costs of education. On the other hand, highways can lower transport costs, directly lowering the costs of studying, which may lead to increased attendance. After employing a modified two-way fixed effects model with multiple time periods and treatment groups, we find that these specific highway investments did not affect the enrollment rates of younger students. unexpectedly, we also find that the enrollment rates of older students were not affected. This may be explained by the trend of enrollment rates of older students post-K-12 implementation.Item Restricted Tropical cyclones and their impact on stock market returns and volatility(2023-07-03) De Guzman, Christian Louis G.; Fabula, Jewel Kyle M.; Monsod, Toby Melissa C.The Philippines is one of the world’s most disaster-prone countries. These disasters have an impact on the economy, which may influence the stock market returns and volatility. We used an ARMAX-EGARCH model to analyze the impact of tropical cyclones on the Philippine Stock Exchange Index (PSEi) and some sectoral indices (Financial, Industrial, Property, Mining and Oil). As an extended analysis, we also control for the disaster location in 1-day, 5-day, 10-day, and 15-day event windows. The results show that tropical cyclones that affected Visayas have significant same-day negative impacts on the average market returns. In contrast, tropical cyclones that affected Mindanao have significant same-day positive impacts on the average market returns. Meanwhile, the effect of tropical cyclones on sectoral market returns and volatility can be positive, negative, or no effect, depending on affected regions of the disaster, market sector considered, or event window being analyzed. Overall, our results indicate that location and time are salient factors in assessing the impact of tropical cyclones on the stock market as well as the sector in which the analysis is performed.