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Towards a More Open Philippines : Monetary and Exchange Rate Policy

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  • Florian A. Alburo

    (School of Economics, University of the Philippines Diliman)

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    Abstract

    The Philippines has never had a structural experience in export development. Instead of fully departing from protection and import-substitution, export policies were placed on top of existing biases and the country ended up achieving neither export-orientation nor efficient import-substitution. The paper explores two major forces to export promotion. One is exhange rate. It is argued that it is a policy tool available in active export promotion. The experiences of other countries (to which the Philippines has been historically comparable) show how important exchange rate has been. The other is monetary policy. Access to domestic and foreign credits, cost of money and financing availability for exporters are discussed. It is argued that exports should be allowed access to financing from global financial markets. There is something to be said for an Exim-bank for the Philippines whose special effort is putting to bear its resources-financial, technical - into export development. Some policy actions are suggested.

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    Bibliographic Info

    Paper provided by University of the Philippines School of Economics in its series UP School of Economics Discussion Papers with number 199106.

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    Date of creation: May 1991
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    Publication status: Published as UPSE Discussion Paper No. 1991-06, May 1991
    Handle: RePEc:phs:dpaper:199106

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    Postal: Diliman, Quezon City 1101
    Phone: 927-9686
    Web page: http://www.econ.upd.edu.ph/
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