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    Cointegration among economic sectors: an analysis of sectoral growth interdependencies in the Philippines
    (2014-04) Buenaventura, Jean C.; Rodillas, Ariane Mae E.; Reside, Renato Jr. E.
    This study analyzes the inter-sectoral linkages among agriculture, industry, and services in the case of the Philippine economy using the Johansen co-integration analysis. We found one cointegrating vector from 1982-2010, which indicates that there is a stable long-run relationship between the three economic sectors. After estimating a vector error correction model, we found that in the long-run, the agriculture sector has a negative relationship with industry, but it has a positive relationship with service. The short run results indicate that the signs of the relationship are consistent with the stable long-run equation.
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    Sectoral components of growth and poverty reduction in the cordillera administrative region
    (2007-04-18) Diaz, Rachel Kate B.; Carlos, Fedelina
    This study examines the relationship between economic growth and poverty reduction at the regional level, with the focus on the Cordillera Administrative Region, by differentiating growth into their sectoral components. The region's economic growth rate declined as a result of decline in all the economic sector's growth rates. The agriculture sector has not been performing very well in terms of employment and productivity. On the other hand, the industry sector, especially the manufacturing industry, is faring better. Although, the region continues to grow, growth has not been pro-poor especially in the earlier years of its creation. The service sector is the most sensitive to poverty reduction because it is employment-intensive but its labour productivity is gravely declining. The slow progress in poverty reduction may be due to the low output employment elasticity of economic growth and the high inequality between the provinces. Data show that growth is concentrated in Baguio City and in urban areas of Benguet. Mountain Province remains the poorest region because it is mostly rural areas. where agriculture is the main source of livelihood for a big percentage of the population.
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    An inquiry into remittances, real exchange rate behavior, and sectoral growth in the Philippines: the Dutch disease diagnosis
    (2008-03) Ablaza, Christine Marie J.; Bulatao, Pia Rosal D.P.; Quimbo, Stella
    The windfall of resources coming into the Philippines has caused speculations that the country has contracted the symptoms of the so-called Dutch disease, a condition where a resource boom harms the economy by making its industries less competitive. This paper attempts to diagnose whether the Philippines is suffering from the said phenomenon. Using the three-stage least squares estimation method, we assess the behavior of the real exchange rate in relation to increases in capital flows and determine its subsequent effects on the different sectors of the economy. The econometric results of the paper confirm the theories that inflows such as remittances and ODA cause real appreciation. Results also confirm the relationship between the exchange rate and the growth in the non-tradable sector. However, we found that with a real appreciation, the tradable sector experienced growth instead of a decline. We thus end with the conclusion that the Philippines is not suffering from the Dutch disease, although several symptoms are already present. Nonetheless, measures should be taken by the government to prevent the Dutch disease from fully taking effect.