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Closer Trade and Financial Cooperation in ASEAN: Issues at the Regional and National Level with Focus on the Philippines

Author

Listed:
  • Yap, Josef T.
  • Medalla, Erlinda M.
  • Balboa, Jenny D.

Abstract

Trade and financial policies in ASEAN-member countries have contributed to the goal of economic integration. One important feature of this process is the need to narrow the development gap in the region in order to make economic integration more effective and meaningful. This paper examines the Philippine experience with economic reform, particularly in its attempt to integrate with ASEAN. The Philippines simplified its tariff structure and reduced tariffs in accordance with the CEPT Scheme. Monetary and financial reform—particularly adopting the inflation targeting framework—and fiscal consolidation were undertaken to strengthen the financial system and address the fiscal deficit. These efforts also facilitate regional monetary cooperation and integration. However, the Philippines continues to lag behind the larger ASEAN economies particularly with respect to reducing poverty incidence. The Philippine experience has shown the importance of having economic reform supported by strategies to enhance good governance and strengthen institutions.

Suggested Citation

  • Yap, Josef T. & Medalla, Erlinda M. & Balboa, Jenny D., 2007. "Closer Trade and Financial Cooperation in ASEAN: Issues at the Regional and National Level with Focus on the Philippines," Discussion Papers DP 2007-03, Philippine Institute for Development Studies.
    • Handle: RePEc:phd:dpaper:dp_2007-03
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    References listed on IDEAS

    as
    1. Josef T. Yap, 2005. "Economic Integration and Regional Cooperation in East Asia - A Pragmatic View," Trade Working Papers 22003, East Asian Bureau of Economic Research.
    2. Rodrik, Dani, 2004. "Industrial Policy for the Twenty-First Century," CEPR Discussion Papers 4767, C.E.P.R. Discussion Papers.
    3. Yap, Josef T., 2005. "Economic Integration and Regional Cooperation in East Asia: A Pragmatic View," Discussion Papers DP 2005-32, Philippine Institute for Development Studies.
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    1. repec:phd:pjdevt:pjd_2009_vol__xxxvi_no__2-c is not listed on IDEAS
    2. Yap, Josef T. & del Prado, Fatima & Balboa, Jenny D., 2010. "Achieving the ASEAN Economic Community 2015: Challenges for the Philippines," Discussion Papers DP 2010-20, Philippine Institute for Development Studies.
    3. Jenny D. Balboa & Fatima Lourdes E. Del Prado & Josef T. Yap, 2010. "Achieving the ASEAN Economic Community 2015 : Challenges for the Philippines," Governance Working Papers 23089, East Asian Bureau of Economic Research.
    4. Wignaraja, Ganeshan & Lazaro, Dorothea & DeGuzman, Genevieve, 2010. "FTAs and Philippine Business: Evidence from Transport, Food, and Electronics Firms," ADBI Working Papers 185, Asian Development Bank Institute.

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    More about this item

    Keywords

    regional economic integration; development gap; trade and investment reforms; financial cooperation; governance and institutions;
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