President’s Report
Year 2008
2008 was a busy year for the Society as it was engaged in various activities organized directly or indirectly with major partners and sponsors. The following were the major accomplishments and activities of the Society:
1. Quarterly Fora
Every year, the Society organizes quarterly fora on key economic and development issues. The Committee Chairperson Peter Lee U of the University of Asia and the Pacific has reported the following events:
A Symposium on Philippine Postwar Political Economy: A three part lecture series organized by Amb. Jose Romero, former President of the Philippine Economic Society and faculty member of the University of Asia and the Pacific. Prominent speakers include Amb. Benjamin Domingo, former Prime Minister Cesar E. A. Virata, and former NEDA Director General Gerardo Sicat.
2008 EFN Asia International Conference 18th - 19th September 2008 at the Li Seng Giap Auditorium, University of Asia and the Pacific. Since 1998, the EFN Asia Conferences have provided a forum for discussion and collaboration between scholars, policy makers, practitioners and think tanks of the region and beyond. Hosted by Economic Freedom Network Asia, Center for Research and Communication, Foundation for Economic Freedom, and Philippine Economic Society, this year’s theme was Private Property Rights: The Economic Foundation of a Free Society. Topics discussed include “The Meaning of Property Rights: Legal and Economic Perspectives”, “Property Rights in Asia: Forms, Changes and Challenges”, “Property Rights' Indices” and “Property Rights and Individual Liberty”.
2. Visits of Nobel Prize Winners, Robert Mundell, Finn Kydland and Douglass North
Last November 15, 2007 PES members and Assembly participants trooped to the De La Salle University hosted talk of Robert Mundell on Globalization. On February 7, 2008 it was Ateneo de Manila University’s turn to host the talk of 2004 Nobel Laureate for Economics Finn Erling Kydland titled “Peace and Economic Development in the Age of Globalization”. PES President, Fernando Aldaba introduced Professor Kydland in the forum.
On March 15, 2008, Dr. Douglass C. North, 1993 Nobel Prize in Economics winner, delivered the sixth of the University of the Philippines (UP) Centennial Lecture Series at the UP School of Economics on March 15, 2008 entitled “Why Institutions Matter.”
North visited the country on March 12-16, 2008. Aside from the Centennial Lecture, he also spoke at UP Los Baños on March 13, and at the Manila Peninsula in Makati on March 14. PLDT-Smart Foundation, Center for National and Policy Strategy (CNaPS), Philippine Economic Society, Friedrich Naumann Foundation and the Ronald Coase Institute co-sponsored the Manila trip of Professor North..
3. Ronald Coase Institute Workshop
The Society in tandem with the Ronald Coase Institute, the Friedrich Naumann Foundation and SEARCA , organized a Workshop on Institutional Economics from March 9-14, 2008 at the SEARCA Guest House in Los Banos, Laguna. The main aim of the workshop was to enhance the capacity of participants to undertake institutional economic analysis. There were 26 young scholars, 15 from the Philippines and 11 from China, Croatia, South Africa, Czechoslovakia, India, U.S. and Brazil.
There were thirteen faculty members, ten from the Ronald Coase Institute led by Professor Douglass North, Mary Shirley and John Nye. Filipino speakers included Raul Fabella and Emmanuel de Dios from the UPSE and Michael Alba from DLSU.
4. The 46th Annual Assembly
The Chairperson of the organizing committee Winfred Villamil of DLSU is proud to report the successful holding of a Pre-Assembly Forum on 22 September 2008, at the CBC Penthouse, China Bank Bldg, Makati where Cielito Habito, former PES President spoke on the Philippine Economy amidst the Crisis" The audience consisted of representatives of the Annual Meeting sponsors like the Asia Foundation, Friedrich Naumann Foundation, Meralco, Chinabank, Manila North Tollways, UNDP-NEDA and the Peace and Equity Foundation.
The Assembly proper theme is “Competitiveness, Growth, and Equity in a Globalizing Economy” to be held on 14 November 2008 at the Bangko Sentral ng Pilipinas. The objective of the conference is to shed light on the country’s competitiveness vis-à-vis today’s globalization by providing a venue for the economists from various sectors to share current research and analysis on this issue.
The current state of the country’s competitiveness will be ably discussed by our keynote speaker, Ambassador Cesar Bautista, Co Chair of the National Competitiveness Council.As in past meetings, the plenary session on the Prospects for the Philippine Economy in the coming year will be the highlight especially because of the uncertainties in the current global economic turmoil. NEDA Dir. Gen. Ralph Recto is expected to present the government’s outlook while former Budget Secretary Benjamin Diokno will give the view from academe and Peter Wallace of the Wallace Business Forum will share the private sector perspective. ADBM led by Maribelle Alba and Mika Fernandez David is again the event organizer of the Society.
5. Linkages with International Networks: Federation of ASEAN Economists and East Asia Economic Association
The Society is an active member of the Federation of ASEAN Economic Association (FAEA). Last December 7-8, 2007, Michael Alba, former President and Fernando Aldaba, former Vice-president atteneded the 32nd Annual Conference of the Federation of ASEAN Economic Associations (FAEA) at the Montien Riverside Hotel, Bangkok. The Economic Society of Thailand hosted this 32nd Conference whose theme was “Politics and Economic Development of ASEAN”. Alba and Aldaba also presented papers during the conference.
This year a four-person Philippine delegation will attend the 33rd FAEA annual conference entitled "ASEAN’s Co-operation and Agricultural and Rural Development in the Globalisation Era", to be organized by the Vietnam Economic Association and held at the Tay-Ho Hotel, Hanoi, Vietnam on Nov. 27-28. Fernando Aldaba and Winfred Villamil will represent the Society while Alvin Ang of the University of Sto. Tomas and Lorelei Mendoza of University of the Philippines Baguio will present papers in the conference.
The Society together with the Philippine Institute for Development Studies (PIDS) will also host the 11th International Convention of the East Asian Economic Association (EAEA) entitled “Regional Risk Management in East Asia” on 15-16 November 2008 at the Diamond Hotel, Manila. The Program Committee has accepted 144 papers on a wide range of economic issues as they affect East Asia. The Keynote Speaker will be Dr. Barry Bosworth of the Brookings Institution. A welcome dinner on November 14 will be hosted by Central Bank of the Philippines Governor Amando Tetangco Jr. at the BSP grounds. On November 15, the Asian Development Bank led by its President Harushiko Kuroda will host dinner for the participants. Other major partners include the Asia Foundation and the Economic Research Institute for ASEAN and East Asia (ERIA).
6. Active Membership in Philippine Social Science Council
The Society is also a member in good standing in the Philippine Social Science Council based on the following criteria – payment of annual dues, attendance to the general assembly, updated journal, submission of annual report and conduct of regular elections. Fernando Aldaba represents the Society in the board of the Council while Winfred Villamil sits in the Membership committee.
It also actively participated and organized a panel in the Sixth National Social Science Congress whose theme was “Philippine Education and Education Reform: Social Science Perspectives” and held at Philippine Social Science Center last 7-9 May 2008. According to Dr. Virginia Miralao, this was the first time PES organized a panel after many years of not doing so in the Congress. Presentors in the PES panel included Aniceto Orbeta of PIDS, Leonardo Lanzona of ADMU and Alvin Ang of UST. Michael Alba of DLSU was the discussant while Winfred Villamil, Vice President of PES acted as the moderator.
7. Philippine Review of Economics
The Philippine Review of Economics (PRE) is published twice a year (June and December) by the UP School of Economics and the Society (UPSE). The PRE is devoted to the publication of theoretical and empirical work in economic development. Emmanuel Esguerra of UPSE is currently the editor in chief of the journal. Michael Alba, Fernando Aldaba, and Winfred Villamil of the Society held various meetings with UPSE Dean Emmanuel de Dios, former Dean Raul Fabella and Editor Emmanuel Esguerra to devise ways in order to fast track delayed issues. The PRE updating has been finally achieved this year. The June 2008 will be released in the coming Assembly and the December 2008 shortly after. Financial contributions were also discussed especially in facilitating the editorial processes through outsourcing. The structure of the editorial board was also reviewed. Emmanuel Esguerra also reports that there is also an increasing number of contributors from other Asian countries.
8. Membership Committee
The PES membership registered a 10.68% growth to 736 members as of October 31, 2008 from 665 members in 2007. Of the 71 new PES members, 41 are females while 30 are males. Half (36) of the new members came from the academe, followed by those from the private sector (20) and those from the government agencies (12). Two of the new members are from the multilateral agencies. There is one new member from the civil society group. An expansion strategy to include various universities in Manila was implemented like the University of Sto. Tomas and Polytecnic University of the Philippines and those outside the National Capital Region – Palawan State University, Ateneo de Davao University, Xavier University, University of San Carlos, Siliman University, Mindanao State University to name a few. Discussions on the possibility of creating chapters in the Visayas and Mindanao were also done. Melly Paraiso of the Polytechnic University of the Philippines currently chairs the Membership Committee. Sharon Fangonon of the Asia Pacific Policy Center acts as the focal person of the Society’s secretariat.
9. Other PES Committees
The Finance Committee led by Leonardo Lanzona of ADMU has managed the Society’s finance well. Up to this year, the Society is in the black with savings of at least 800,000 pesos. The Society has accounts in the Bank of Philippine Islands, Chinabank and Banco De Oro. The financial statements of the Society is subject to a regular external audit. During this year’s assembly, the Society expects to raise more than a million pesos from major partners like the Friedrich Naumann Foundation, Asia Foundation, United Nations development Programme- National Economic Development Authority, Ausaid, and Globe Telecoms. The Bangko Sentral has been a major partner. This year, it will again host the 46th Assembly and will hold a welcome dinner of the EAEA conference.
The Society also has an Awards Committee which continues to plan for the eventual presentation of a Jose Encarnacion Award for an accomplished Filipino economist. The committee chaired by Arturo Corpuz of Ayala Land is still reviewing the criteria and mechanics of the award which will soon be given in a future Annual Assembly.
An Elections Committee chaired by Alvin Ang of the University of Sto. Tomas will manage the nominations for six PES board member slots and the election itself during the Assembly.
Fernando T. Aldaba
Ateneo de Manila University
PES President 2008