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Rates of Return to R&D Investment in the Philippines

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  • Cororaton, Caesar B.

Abstract

This paper estimates the rate of return in investment in three major sectors: primary sectors which include manufacturing, construction and utilities, industry sectors which include construction and utilities and service sectors which include transportation, trade and finance. The estimates are made utilizing the production function approach. The rate of return (ROR) to Research & Development (R&D) computed for these sectors are compared to the ROR to other investment such as physical capital including machineries, building and equipment. Results show that ROR of R&D for both primary and service sectors are higher than the ROR for other investments. However, when the inter-industry linkages are accounted for, the spillover effects are not significant. These cannot be generalized in the industry sector as spillover effects are practically zero.

Suggested Citation

  • Cororaton, Caesar B., 1999. "Rates of Return to R&D Investment in the Philippines," Discussion Papers DP 1999-24, Philippine Institute for Development Studies.
    • Handle: RePEc:phd:dpaper:dp_1999-24
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    References listed on IDEAS

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    1. Zvi Griliches, 1998. "The Search for R&D Spillovers," NBER Chapters, in: R&D and Productivity: The Econometric Evidence, pages 251-268, National Bureau of Economic Research, Inc.
    2. Goto, Akira & Suzuki, Kazuyuki, 1989. "R&D Capital, Rate of Return on R&D Investment and Spillover of R&D in Japanese Manufacturing Industries," The Review of Economics and Statistics, MIT Press, vol. 71(4), pages 555-564, November.
    3. Evenson, Robert E. & Westphal, Larry E., 1995. "Technological change and technology strategy," Handbook of Development Economics, in: Hollis Chenery & T.N. Srinivasan (ed.), Handbook of Development Economics, edition 1, volume 3, chapter 37, pages 2209-2299, Elsevier.
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    Cited by:

    1. Israel, Danilo C., 2000. "The Milkfish Broodstock-Hatchery Research and Development Program and Industry: A Policy Study," Discussion Papers DP 2000-05, Philippine Institute for Development Studies.
    2. Cororaton, Caesar B., 2003. "Technological Innovations in Japan and S&T Experiences in the Philippines: Drawing Policy Lessons for the Philippines," Research Paper Series RPS 2002-04, Philippine Institute for Development Studies.

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