The Philippines on debt row

Beja, Edsel Jr. (2009): The Philippines on debt row.

Abstract

Heavy indebtedness and debt service payments, indicated by debt magnitudes and shares to national budgets, revenues, or outputs, mean that spending for public infrastructure and basic services is crowded out, even as they entail more borrowings in order to timely meet debt obligations. The failure to reduce indebtedness, improve national revenues, and raise incomes has contributed to the economic decrepitude of the Philippines. Debt relief is neces-sary to pull the country out of such a state of affairs.

• Item Type: MPRA Paper
• Language: English
• Keywords: Philippines, indebtedness, debt penalty, debt relief,
• Subjects: E - Macroeconomics and Monetary Economics > E6 - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook > E62 - Fiscal Policy; O - Economic Development, Innovation, Technological Change, and Growth > O2 - Development Planning and Policy > O23 - Fiscal and Monetary Policy in Development; O - Economic Development, Innovation, Technological Change, and Growth > O1 - Economic Development > O11 - Macroeconomic Analyses of Economic Development; H - Public Economics > H5 - National Government Expenditures and Related Policies > H50 - General; F - International Economics > F3 - International Finance > F34 - International Lending and Debt Problems; O - Economic Development, Innovation, Technological Change, and Growth > O5 - Economywide Country Studies > O53 - Asia including Middle East; H - Public Economics > H6 - National Budget, Deficit, and Debt > H63 - Debt ; Debt Management ; Sovereign Debt

References

Aldaba, F., Bautista, C., Bautista, G. Bayot, R. Belen, B. Chua, K., de la Cruz, L., Dom-dom, L., Dumlao, L., Francisco, J., Guiang, G., Habito, C., Lantican, S., Lanzona, L., Magadia, J., Neri, R., Pasimio, H., Paderon, M., Palanca, E., Perez, M., Pepito, N., Sia, F., Simon-King, P., Tamangan, R., Tan, R., Templo, O., Tolosa, B., Tu-ano, R., Venida, V., & Yap, R. (2005). Beneath the Fiscal Crisis: Uneven Devel-opment Weakens the Republic. Position Paper of the Department of Economics, Ateneo de Manila University. Mimeographed.

Asian Development Bank [ADB]. (2009). The Economics of Climate Change in South-east Asia: A Regional Review. Manila, Philippines: Asian Development Bank.

Balisacan, A. & Fuwa, N. (2006). Changes in Spatial Income Inequality in the Philip-pines: An Exploratory Analysis. In Kanbur, R., Venables, A., & Wan, G. (Eds.), Spatial Disparities in Human Development: Perspectives from Asia. Tokyo, Ja-pan: United Nations University Press.

Baunsgaard, T. & Keen, M. (2005). Tax Revenue and (or?) Trade Liberalization. Work-ing Paper No. 112. International Monetary Fund.

Bautista, M.S. & Canlas, D. (2003). Monetary and Exchange Policy. In Balisacan, A. & Hill, H. (Eds.), The Philippine Economy. Oxford, UK: Oxford University Press.

Beja, E. (2006). Capital Flight and the Hollowing Out of the Philippine Economy in the Neo-Liberal Regime. Kasarinlan: Philippine Journal of Third World Studies, Vol. 26 (1), 55-74.

Beja, E. (2008). Win or Lose It’s the Policy We Choose: Economic Performance of Infla-tion Targeters. Loyola Schools Review, Vol. 7, 243-263.

Beja, E. (2009). Empty Stimulus Plan. Philippine Daily Inquirer, March 29.

Bello, W. (1982). Development Debacle: the World Bank in the Philippines. San Fran-cisco, CA: Institute for Food and Development Policy.

Boyce, J.K. (1992a). The Philippines: The Political Economy of Growth and Impover-ishment in the Marcos Era. Quezon City, Philippines: Ateneo de Manila Univer-sity Press.

Boyce, J.K. (1992b). The Revolving Door? External Debt and Capital Flight: Philippine Case Study. World Development, 20 (3), 335-349.

Boyce, J.K. & Ndikumana, L. (2002). Africa’s Debt: Who Owes Whom? Working Paper No. 48. Political Economy Research Institute.

Broad, R. (1988). Unequal Alliance: The World Bank, the International Monetary Fund, and the Philippines. Quezon City, Philippines: Ateneo de Manila University Press.

de Dios, E. (2000). The Boom-Bust Cycle (Will it Ever End?). In Canlas, D. & Fujisaki, S. (Eds.), The Philippine Economy: Alternatives for the 21st Century. Tokyo, Ja-pan: Institute of Development Economies.

de Dios, E., Diokno, B., Esguerra, E., Fabella, R., Bautista, M.S., Medalla, F., Monsod, S., Pernia, E., Reside, R., Sicat, G., & Tan, E. (2005). The Deepening Crisis: The Real Score on Deficits and the Public Debt. Position Paper of the School of Eco-nomics, University of the Philippines Diliman. Mimeographed.

Diokno, B. (2009). Calibrated Boldness? BusinessWorld, 30 April.

Del Mundo, F. (2006). State of RP Education: Learning Test Scores Below World Aver-age. Philippine Daily Inquirer, June 5.

Dohner, R. & Intal, P. (1989). The Marcos Legacy: Economic Policy and Foreign Debt in the Philippines. In Sachs, J. (Ed.), Developing Country Debt and Economic Per-formance. Chicago, IL: University of Chicago Press.

Emran, M. & Stiglitz, J. (2004). Price Neutral Tax Reform with an Informal Economy. Paper presented at the Econometric Society North American Summer Meeting, 17-20 July. Grunberg, I. (1998). Double Jeopardy: Globalization, Liberalization, and the Fiscal Squeeze. World Development, 26 (4), 591-605.

Habito, C. (2006). Repealing the Debt Penalty. Philippine Daily Inquirer, July 17.

Habito, C. (2009a). RP Growth-Poverty Link: An Asian Anomaly. Philippine Daily In-quirer, April 6.

Habito, C. (2009b). Worsening Tax Performance. Philippine Daily Inquirer, July 20.

Habito, C. & Beja, E. (2006). Beating the Odds? The Continuing Saga of a Crisis-Prone Economy. Chapter 1 in CODE NGO (Ed.), Civil Society Monitoring of the Me-dium-Term Philippine Development Plan: Assessment of the First Two Years, 2004-2006. Quezon City, Philippines: Caucus for Development NGO Network.

Hanlon, J. (2000). How Much Debt Must be Cancelled? Journal of International Devel-opment, 12 (6), 877-901.

Hanlon, J. (2005). Defining Illegitimate Debt: When Should Creditors be Liable for Im-proper Loans? In Jochnick C. & Preston, F. (Eds.), Sovereign Debt at the Cross-roads. Oxford University Press.

Hanlon, J. (2007). Illegitimate Loans: Lenders, Not Borrowers, are Responsible. Third World Quarterly, 27 (2), 211-226.

Khattry, B. & Rao, M. (2002). Fiscal Faux Pas? An Analysis of Revenue Implications of Trade Liberalization. World Development, 30 (8), 1431-1444.

Kremer, M. & Jayachandran, S. (2006). Odious Debt. American Economic Review, 96, (1), 82 -92.

Lamberte, M. (1999). Impacts of the Southeast Asian Financial Crisis on the Philippine Manufacturing Sector. Discussion Paper No. 9. Philippine Institute for Develop-ment Studies.

Lim, J. (1996). Philippine Macroeconomic Developments: 1970-1993. Quezon City, Phil-ippines: Philippine Center for Policy Studies.

Lim, J. (2000). The Effects of the East Asian Crisis on the Employment of Women and Men: The Philippine Case. World Development, 28 (7), 1285-1306.

Lim, J. (2006). Toward Financing the Millennium Development Goals of the Philippines. Discussion Paper No. 23. Philippine Institute for Development Studies.

Lim, J. (2008). Central Banking in the Philippines: From Inflation Targeting to Financing Development. International Review of Applied Economics, Vol. 22 (2), 271-285.

Magtibay-Ramos, N., Estrada, G., & Felipe, J. (2008). An Input-Output Analysis of the Philippine BPO Industry. Asian-Pacific Economic Literature, 22 (1), 41-56.

Manasan, R. (2007). Financing the Millennium Development Goals: The Philippines. Discussion Paper No. 6. Philippine Institute for Development Studies.

Manasan, R. (2008). Are Recent Gains in BIR Tax Effort Sustainable? Policy Notes No. 7, Philippine Institute for Development Studies.

National Economic Development Authority [NEDA] (2009). Philippine Poverty: Situa-tion, Trends, and Comparison. Presentation of NEDA staff, National Economic Development Authority, April 21.

Reyes, C. & Mandap, A. (1999). The Social Impact of the Regional Financial Crisis in the Philippines. Research Paper No. 41, Microeconomic Impact of Macroeco-nomic and Adjustment Policies Project.

Reyes, C., Manasan, R., Orbeta, O., & de Guzman, G. (1999). The Social Impact of the Regional Financial Crisis in the Philippines. Discussion Paper No. 14. Philippine Institute for Development Studies.

Sicat, G. (2007). Philippine Macroeconomic Issues and Challenges. In Severino, R. & Salazar, L. (Eds.), Whither the Philippines in the 21st Century? Singapore: Insti-tute of Southeast Asian Studies.

Severino, R. & Salazar, L. (2007). Whither the Philippines in the 21st Century? Singa-pore: Institute of Southeast Asian Studies.

Vos, R. & Yap, J. (1996). The Philippine Economy: East Asia’s Stray Cat? New York, NY: St. Martins.