Studies in Governance and Regulation: The Philippines
ASEDP
No.50
Edited by Dante B. Canlas, Shigeaki Fujisaki
Published in 1999
CONTENTS
Contents (331KB)
Preface / Dante B. Canlas, Shigeaki Fujisaki
Chapter 1.
The Soft State, The Market and Governance / Raul V. Fabella
Introduction
The Genesis of the Soft State
Marketization and Philippine soft State
re-Engineering the State
Disengagement from the Market
Type of disengagement
Efficiency Goals
The way ahead
Summary
References
The Genesis of the Soft State
Marketization and Philippine soft State
re-Engineering the State
Disengagement from the Market
Type of disengagement
Efficiency Goals
The way ahead
Summary
References
Chapter 2.
The Judiciary and Economic Policy-Making / Ma. Lourdes A. Sereno, Raphael Perpetuo M. Lotilla
Nature of judical function
Chapter 3.
Interest-Group Competition, Legislative Obstruction, and Executive Power / Emmanuel S. de Dios
Introduction
Particularism
Instances of "Legislative Obstruction"
Overlapping Mandates
Congressional Weakness Relative to the Executive
The Supply of Accomodation
Relations between Executive and Legislature: Model games
Conclusion
Appendix
Mixed Strategy Equilibrium
References
Particularism
Instances of "Legislative Obstruction"
Overlapping Mandates
Congressional Weakness Relative to the Executive
The Supply of Accomodation
Relations between Executive and Legislature: Model games
Conclusion
Appendix
Mixed Strategy Equilibrium
References
Chapter 4.
Channeling Resources to Local Development Concerns: Issues and Options / Ruperto P. Alonzo
Introduction
The problem defined
Unsettled questions
The study's objectives and scope of work
Devolution and the 1991 Local Government Code
Benefits from devolution
Administrative and regulatory functions
General public services
Public infrastructure spending
Examples of excellence: The Galing Pook Award
Health and nutrition
Social services
The environment
Local public infrastructure
Intergovernmental Fiscal Relations: Theory and Practice
Models of expenditure and tax assignment
Intergovernmental transfers
Lessons from country experiences
Options for Channeling Resources to LGUs
Overview
Recurring themes and principles
The role of community participation in Project development cannot be taken for granted
LGUs are, in principle, better implementors of local projects than NGAs, because, coming from the area, they have a closer feel of people's needs
Community equity contributions to project cost should be encouraged
Cost recovery through user charges is desirable
Private sector production should be favored where feasible
As much as possible, private financial intermediaries should be tapped for the onlending of credit b the national government to LGUs, and LGUs' relending to, or collecting charges from, communities and households
Policy options
NGAs' realignment of their expenditure programs
An expanded and modified Municipal Development Fund
Expanded GFI credit Programs
Direct ODA loans to LGUs
An expanded and enhanced Local Government Empowerment Fund
Suggested features common to all options
The loan-grant-equity mix
Rationing procedures for excess demand
Project development Guidelines
A note on the IRA formula
The policy options and policy actions
References
The problem defined
Unsettled questions
The study's objectives and scope of work
Devolution and the 1991 Local Government Code
Benefits from devolution
Administrative and regulatory functions
General public services
Public infrastructure spending
Examples of excellence: The Galing Pook Award
Health and nutrition
Social services
The environment
Local public infrastructure
Intergovernmental Fiscal Relations: Theory and Practice
Models of expenditure and tax assignment
Intergovernmental transfers
Lessons from country experiences
Options for Channeling Resources to LGUs
Overview
Recurring themes and principles
The role of community participation in Project development cannot be taken for granted
LGUs are, in principle, better implementors of local projects than NGAs, because, coming from the area, they have a closer feel of people's needs
Community equity contributions to project cost should be encouraged
Cost recovery through user charges is desirable
Private sector production should be favored where feasible
As much as possible, private financial intermediaries should be tapped for the onlending of credit b the national government to LGUs, and LGUs' relending to, or collecting charges from, communities and households
Policy options
NGAs' realignment of their expenditure programs
An expanded and modified Municipal Development Fund
Expanded GFI credit Programs
Direct ODA loans to LGUs
An expanded and enhanced Local Government Empowerment Fund
Suggested features common to all options
The loan-grant-equity mix
Rationing procedures for excess demand
Project development Guidelines
A note on the IRA formula
The policy options and policy actions
References
Chapter 5.
Banking Risks, Financial Crises, and Bank Regulation in the Philippines / Dante B. Canlas
Introduction
Banks and Financially Intermediated Markets: A Framework
Bank runs
Bank risk taking and financial innovations
Central Banking and Balance of Payments crises
Bank Failures and Financial Crises in the Philippines
Bank Regulation
Central banking
General Banking
Commercial banks
Thrift banks
Government-owned banks
Regulatory Reforms and New directions
Regulatory reforms
Raising bank capital
Redefinition of past-due loans and other adjustments
Higher minimum reserve requirements
New directions
References
Banks and Financially Intermediated Markets: A Framework
Bank runs
Bank risk taking and financial innovations
Central Banking and Balance of Payments crises
Bank Failures and Financial Crises in the Philippines
Bank Regulation
Central banking
General Banking
Commercial banks
Thrift banks
Government-owned banks
Regulatory Reforms and New directions
Regulatory reforms
Raising bank capital
Redefinition of past-due loans and other adjustments
Higher minimum reserve requirements
New directions
References
Chapter 6.
Options For Philippine Bond Market Reform / Renato E. Reside, Jr.
Introduction
The Philippine Bond Market
The money market and capital market in the Philippines
Public money market and capital market securities
Private money market and capital market instruments
The primary and secondary market for private securities
Regulatory structure of the fixed income securities market
Securities and Exchange Commission (SEC)
Bureau of the Treasury (BTr)
Bangko Sentral ng Pilipinas (BSP)
Credit rating agency
Clearing and settlement
Underwriter and dealers / brokers
Recent developments in securities markets
Options for Future Reforms to the Philippine Bond Market
Prior to strengthening regulations governing financial markets and establishing competitive market mechanisms for bond market development, there is a more fundamental need to strengthen corporate governance
The bond market is shallow and lacks liquidity (i.e., there are very few investors, and very few classes and types of securities)
The market is dominated by government securities and there is a lack of variety in private bond issues
The absence of additional financial sector infrastructure that encourages bond market development
Absence of a formal trading venue for bonds and other fixed-income securities
Absence of proper benchmark reference mechanism for pricing credit
Need for enhanced credit rating capacity
Lack of facilities for financing inventories of securities
Complicated system of taxation of financial transactions and intermediaries
Conclusion and Recommendations for Going Forward
The Philippine Bond Market
The money market and capital market in the Philippines
Public money market and capital market securities
Private money market and capital market instruments
The primary and secondary market for private securities
Regulatory structure of the fixed income securities market
Securities and Exchange Commission (SEC)
Bureau of the Treasury (BTr)
Bangko Sentral ng Pilipinas (BSP)
Credit rating agency
Clearing and settlement
Underwriter and dealers / brokers
Recent developments in securities markets
Options for Future Reforms to the Philippine Bond Market
Prior to strengthening regulations governing financial markets and establishing competitive market mechanisms for bond market development, there is a more fundamental need to strengthen corporate governance
The bond market is shallow and lacks liquidity (i.e., there are very few investors, and very few classes and types of securities)
The market is dominated by government securities and there is a lack of variety in private bond issues
The absence of additional financial sector infrastructure that encourages bond market development
Absence of a formal trading venue for bonds and other fixed-income securities
Absence of proper benchmark reference mechanism for pricing credit
Need for enhanced credit rating capacity
Lack of facilities for financing inventories of securities
Complicated system of taxation of financial transactions and intermediaries
Conclusion and Recommendations for Going Forward
Chapter 7.
The Role of Institutions in the Services Sector / Marina Fe B. Durano
Introduction
Institutions and the division of Labor
Information Asymmetry and Contraction in the Services Sector
Trade in services: International Conflicts
Trade in Services: Internal Conflicts
Conclusions
References
Institutions and the division of Labor
Information Asymmetry and Contraction in the Services Sector
Trade in services: International Conflicts
Trade in Services: Internal Conflicts
Conclusions
References
Chapter 8.
Opportunities and Risks in the Privatization-Regulation of the Metropolitan Water and Sewerage System / Orville Solon, Steven John Pamintuan
Background
Bidding-out Water Concessions
Picking the Winners
Dive Bidders and the Regulatory Infrastructure
Incentives governing the concessionaires
Preserving the Gains from Privatization
Preserving the spirit of the bidding process - the 1998 EPA
A Strategy for Introducing Regulatory Reforms
References
Bidding-out Water Concessions
Picking the Winners
Dive Bidders and the Regulatory Infrastructure
Incentives governing the concessionaires
Preserving the Gains from Privatization
Preserving the spirit of the bidding process - the 1998 EPA
A Strategy for Introducing Regulatory Reforms
References
Chapter 9.
Technological Convergence and Competition: The Telecommunications Industry / Ma. Joy V. Abrenica
Introduction
Managing the Transition
Regulatory Challenges
The State of Philippine Telecommunications Sector
Breaking Grounds for Technological Convergence
Regulatory Signposts
References
Managing the Transition
Regulatory Challenges
The State of Philippine Telecommunications Sector
Breaking Grounds for Technological Convergence
Regulatory Signposts
References
Chapter 10.
Study on Governance and Regulation: A Summary (360KB) / Shigeaki Fujisaki
The Role of the State
A summary of the Discussions
References
A summary of the Discussions
References