Liberty Patiu | De La Salle University (original) (raw)
Papers by Liberty Patiu
International Review of Management and Development Studies, 2018
Over the years, UNESCO has vigorously campaigned for the welfare of indigenous people around the ... more Over the years, UNESCO has vigorously campaigned for the welfare of indigenous people around the World. This was specifically highlighted during the 2007 UN General Assembly which created the UN Declaration on the Rights of Indigenous Peoples (UNDRIPS). Most of the literature about Indigenous people (IP) focused on health, environmental issues, socio-economic well-being, and few studies were related to education, especially in the Philippines.
The study aims to determine the parents and/or guardian’s assessment of the access by their children to education, its benefits, and the challenges they faced. Descriptive research design, using a combination of structured (closed-ended) and unstructured interview questionnaire, was utilized to achieve this goal. It draws on the responses provided by 28 respondents in the Aeta Community in Capas, Tarlac. Many respondents believe that their children are getting good access to education and have equal rights as other students. They considered the availability of resources, quality of education, and helpful teachers as beneficial to the students’ education.
Lack and loss of interest to study, poverty, inability to write, and difficulty to comprehend are among the major reasons why some children stopped studying. All respondents unanimously agreed that the education provided to their children or relatives is very beneficial in improving their lives and well-being. As some aspects of education were provided at advanced levels and not relevant to the needs of the students, special education must be given to them. The results of this study will provide baseline information on the quality and accessibility of education, which researchers and academe can utilize for future endeavors in designing and developing new direction for IP education in the Philippines.
International Review of Management and Development Studies, 2018
The study examined the nexus between FDI net inflows, GDP growth rate, degree of financial openne... more The study examined the nexus between FDI net inflows, GDP growth rate, degree of financial openness, gross fixed capital formation, inflation, industry value added, and corporate tax rates in Asia and the Pacific Region for the period 2002-2015. It also explored the determinants’ effect on FDI inflows before and after the financial crisis. For the three (3) panel
regression models (pooled OLS, fixed effects, and random effects) using aggregate data, random effects model was preferred in explaining the relationship between FDI inflows and its determinants. There is strong evidence of a positive impact of degree of openness and GFC while
a strong negative impact of corporate tax rate on FDI inflows. As the majority are low-income and middle-income countries, conducive business environment for FDI to flourish through better tax and lower inflation rates were provided. On the other hand, mixed results were generated for the
impact of Global crisis where a fixed effect was preferred over random effects model. Trade openness and corporate tax rates were found to be significant predictors of FDI net inflows before the crisis. After the crisis, consumer price index and inflation showed positive and significant effects, which are deemed to provide negative implications to most countries due to
high cost of investments. The results provides certain policy implications for the countries in the region where FDI inflows can be influenced by the type of incentives provided by host country and the attractiveness of the domestic businesses which have not been too vibrant for international business to consider capital investments.
JOURNAL OF GLOBAL BUSINESS , 2020
Asia and the Pacific Region has become one of the most popular destinations or a host of foreign ... more Asia and the Pacific Region has become one of the most popular destinations or a host of foreign direct investments among multinational firms from different economies worldwide. Researches indicate that it facilitates in providing sustainable economic growth. Large disparities in the levels of development of these economies in the region, existing business climate, and other institutional frameworks served as roadblocks for FDI to flourish.
The study aims to determine the impact of institutional quality, labor, and infrastructure on FDI Inflows in Asia and the Pacific Region for the period 2002-2015. A panel data regression model was utilized, using the aggregate dataset from the World Bank database to examine the nature and extent of the impact of institutional quality, labor, and infrastructure development on FDI inflows relationship between the dependent and independent variables before and after the Global Financial Crisis. It was found that voice & accountability and the provision of better communication infrastructure through a country’s mobile cellular subscription have negative and significant effects on the inward direct investments in the region before the global financial crisis. On the other hand, regulatory quality, and voice and accountability proved to have a significant impact on FDI inflows after the crisis. This only shows that investors view the importance of the institutional underpinnings on how they make an investment decision. This provides pertinent policy implications among economies in the promotion of greater foreign direct investments into and within the region through the provision of a conducive environment and infrastructure development to attract long-term investments.
JOURNAL OF GLOBAL BUSINESS , 2022
The COVID-19 pandemic has drastically affected people's economic and social activities due to the... more The COVID-19 pandemic has drastically affected people's economic and social activities due to the extended quarantine, which resulted in limited mobility within and across communities and borders. Businesses must reinvent their activities using online ordering systems and other means to generate business, continue, and survive. Given this information, the research aims to investigate the level of influences of information quality, performance expectancy, effort expectancy, social influence, hedonic motivation, facilitating conditions, price value, and habit toward the continuance intention and satisfaction of customers in using food delivery applications during the COVID-19 pandemic, using a regression model. It also tested the mediating effects of effort and performance expectancies on the relationship between information quality and continuance intention. The data was collected from 172 users of mobile food applications using an online survey instrument. This study used multiple and simple linear regression estimations and mediation analysis to analyze the data. The results reveal that performance expectancy, social influence, price value, and habit significantly and positively influence users' continuance usage intention of FDA.
Philippine Academy of Management E-Journal, 2020
Global financial integration and increasing trade have facilitated the free movement of capital a... more Global financial integration and increasing trade have facilitated the free movement of capital among countries, especially in financial markets. As a result, the complexities of the transactions and extremely large increase in the volume of transactions have contributed to exposure to external shock by these markets.
For this paper, we used the BEKK-GARCH model to determine the direction of volatility spillover between the USD/KRW and USD/PHP foreign exchange markets and the stock markets of South Korea and the Philippines to better understand how financial shocks between markets can affect the stability and competitiveness of their markets and help regulators and policymakers
correct these imbalances. The paper is broken down into four periods namely 2004 to 2013, 2004 to 2008, inclusive of the 2008 Global Financial Crisis, and 2009 to 2013, and 2014 to 2018 for the two silent periods after the crisis. The results showed the South Korean markets had no evidence
of shock transmissions but had bidirectional volatility transmission in the period of 2004 to 2008, and unidirectional volatility transmission from their stock market to their USD/KRW foreign exchange market for the other three time periods. This proves that there is an interdependence and market integration between the foreign exchange market and stock market, which could change from one period to another, especially during a financial crisis. This could trigger policy changes by the regulators in the aforementioned markets through adjustments that will be made either in the stock prices or foreign exchange rates to protect the competitiveness of these markets.
Furthermore, this could guide investors by providing them with early warning signs related to external shocks that can adversely affect their investments by employing portfolio asset allocation and risk management tools to protect their investments.
Review of Integrative Business and Economics Research, 2024
Over the past decade, the emergence of Islamic Finance led to the development of compliance to th... more Over the past decade, the emergence of Islamic Finance led to the development of compliance to the Shari’ah principles by financial institutions among publicly listed companies in Muslim and non-Muslim countries. The Philippines is among the few Muslim-minority economies in Asia that recently adopted these principles to promote financial inclusion and Islamic Finance in the country and the ASEAN region. The main objective of this paper is to construct an optimized portfolio using the Single Index Model for Shari’ah-compliant securities in the Philippine Stock Exchange and the PSE Composite Index for the period 2014-2018 and compare these portfolios with the Philippine Stock Exchange Index. Daily closing prices of 20 Shari’ah-compliant stocks and 30 stocks from the PSE Composite Index were utilized to determine average yearly mean returns and compare the portfolio of these securities in terms of their risk and return characteristics measured in terms of their alpha, beta, unsystematic risk, and mean returns, respectively. Results reveal that the Philippine Stock Exchange Composite Index and the Shari’ah-compliant portfolios were able to outperform the benchmark (PSEi). This paper provides investors in different equity markets with an alternative method of optimizing their portfolios utilizing Shari’ah-compliant stocks to improve their returns over traditional stocks while expanding their portfolio optimization techniques, to encourage the listing of more Shari’ah-compliant stocks in stock exchanges, and to promote financial inclusion of Islamic finance.
Review of Integrative Business and Economics Research, 2024
The study utilized three regression estimations in evaluating the impact of bank-specific and ind... more The study utilized three regression estimations in evaluating the impact of bank-specific and industry specific indicators, macroeconomic indicators, their combined impact, and the impact of the selected interaction terms on the ASEAN5 banks’ credit risk exposures. It employed aggregate available data that were extracted from the World Bank databases and bank supervisors. For all models, robust fixed effects estimation was utilized after performing diagnostic tests. Capital adequacy, profitability and interest rate spread negatively affect nonperforming loan ratios (NPL). This proves that as banks improve their capital adequacy and profitability, credit risk exposure decreases. However, NPL is directly sensitive to credit-to-deposit ratio, lending rates, inflation rate, and unemployment. As more deposits are allocated to loans, banks increased their lending rates due to higher inflation rate; hence, interest rate spread declined. As unemployment escalates, loan default arises, which exposes banks to credit risk. Mixed results were generated for the interaction terms used in the study. The full model that combined independent variables with interaction terms, insignificant interactions were found except for the impacts of Return on Assets and credit-to-deposit ratios on NPL ratio. Banks reduced their credit risk due to improved profitability, good asset portfolio, and their stringent implementation of regulatory policies. However, they must closely monitor their loan portfolio and other asset qualities, especially those related to the NPL recovery strategies after.
Review of Integrative Business and Economics Research, 2024
The Global Financial Crisis led bank policymakers to reevaluate their operations to circumvent po... more The Global Financial Crisis led bank policymakers to reevaluate their operations to circumvent potential bailout costs and protect their long-term sustainability. This study examines the efficiency and total factor productivity of selected commercial banks in the Philippines and Malaysia for the period 2011-2018 using Malmquist Productivity Index and Data Envelopment Analysis (Malmquist-DEA) and applied slack-based measure (SBM) to determine the inputs and/or outputs needed by each Decision-Making Unit (DMU) for their efficiency. The results revealed that Philippine banks performed better than Malaysian banks. Technical efficiency from both pure technical and scale efficiencies led to the increase in the average Malmquist productivity index. Technological deficiencies were evident among DMUs, especially in Malaysia. The declining total factor productivity were a product of the downward shift in the frontier. Only four banks maintained the most productive scale size (MPSS) of operations, while the majority experienced decline in return to scale. Under the CRS and VRS assumptions, inefficient banks can shift towards the frontier through the efficient utilization of resource inputs. This provides policy implications for all types of banks worldwide to closely monitor their efficiency and productivity by leveraging their positions for creating and/or improving their business activities.
Review of Integrative Business and Economics Research, 2024
Entrepreneurship and small businesses facilitate economic development. The study contributes to d... more Entrepreneurship and small businesses facilitate economic development. The study contributes to deepening the understanding of the behavior of small business owners and the drivers towards their business success. It examines the effect of personality traits, personal effectiveness competencies, industrywide competencies, business and personal characteristics on business success using the Ordinary Logistic Regression model. It also compares the importance of these critical success factors based on their personal and business characteristics using Independent Sample T-test and ANOVA. The results showed that entrepreneurs' assessments of the importance of these indicators do not significantly vary. Openness, flexibility, ability to deal with unforeseen events, and risks assessment capability were statistically significant in explaining business success. The marginal effects results did not identify significant indicators in explaining business success, as entrepreneurs regard these drivers as equally important. In Model I, gender, age group, and family support were statistically significant to business success using odd ratios. The business characteristics did not explain business success in Model II, while gender and family support were statistically significant in Model III. The results provide interesting policy insights among policymakers in fostering start-up business or entrepreneurship in developing countries.
The paper discusses financial liberalization in the context of a proposed RP-US FTA. It discusses... more The paper discusses financial liberalization in the context of a proposed RP-US FTA. It discusses the state of the financial industry, in general, and also reviewed the US-Chile and US-Singapore FTAs to be able to arrive at the proposed provisions for the RP-US FTA. It also tackles the reforms that have to be undertaken in order to make the Philippine financial services industry globally competitive and be more prepared to embrace the opportunities of an FTA with the US.
The paper discusses financial liberalization in the context of a proposed RP-US FTA. It discusses... more The paper discusses financial liberalization in the context of a proposed RP-US FTA. It discusses the state of the financial industry, in general, and also reviewed the US-Chile and US-Singapore FTAs to be able to arrive at the proposed provisions for the RPUS FTA. It also tackles the reforms that have to be undertaken in order to make the Philippine
International Journal of Engineering & Technology
The development of the financial services industry is crucial to the harmonious financial integra... more The development of the financial services industry is crucial to the harmonious financial integration in East Asia. The ASEAN region is a host of member states with different levels of financial and economic developments. This study determines the level of development in the financial services sector among the ASEAN5 member states from 2002 to 2013 and explores the opportunities where financial integration may be undertaken in the light of the establishment of the ASEAN Economic Community in 2015. Member states exhibited high economic growth levels since the Asian Financial Crisis, which was spurred by the heightened competitiveness in the region brought about by the increase in inter- and intra-regional trade, investments and production network. It was found that there is high intermediation in the financial system and majority of the ASEAN5 Member States still employ the bank-based financial system compared to non-banks and financial markets. The region will slowly shifts fro...
International Review of Management and Development Studies, 2018
Over the years, UNESCO has vigorously campaigned for the welfare of indigenous people around the ... more Over the years, UNESCO has vigorously campaigned for the welfare of indigenous people around the World. This was specifically highlighted during the 2007 UN General Assembly which created the UN Declaration on the Rights of Indigenous Peoples (UNDRIPS). Most of the literature about Indigenous people (IP) focused on health, environmental issues, socio-economic well-being, and few studies were related to education, especially in the Philippines.
The study aims to determine the parents and/or guardian’s assessment of the access by their children to education, its benefits, and the challenges they faced. Descriptive research design, using a combination of structured (closed-ended) and unstructured interview questionnaire, was utilized to achieve this goal. It draws on the responses provided by 28 respondents in the Aeta Community in Capas, Tarlac. Many respondents believe that their children are getting good access to education and have equal rights as other students. They considered the availability of resources, quality of education, and helpful teachers as beneficial to the students’ education.
Lack and loss of interest to study, poverty, inability to write, and difficulty to comprehend are among the major reasons why some children stopped studying. All respondents unanimously agreed that the education provided to their children or relatives is very beneficial in improving their lives and well-being. As some aspects of education were provided at advanced levels and not relevant to the needs of the students, special education must be given to them. The results of this study will provide baseline information on the quality and accessibility of education, which researchers and academe can utilize for future endeavors in designing and developing new direction for IP education in the Philippines.
International Review of Management and Development Studies, 2018
The study examined the nexus between FDI net inflows, GDP growth rate, degree of financial openne... more The study examined the nexus between FDI net inflows, GDP growth rate, degree of financial openness, gross fixed capital formation, inflation, industry value added, and corporate tax rates in Asia and the Pacific Region for the period 2002-2015. It also explored the determinants’ effect on FDI inflows before and after the financial crisis. For the three (3) panel
regression models (pooled OLS, fixed effects, and random effects) using aggregate data, random effects model was preferred in explaining the relationship between FDI inflows and its determinants. There is strong evidence of a positive impact of degree of openness and GFC while
a strong negative impact of corporate tax rate on FDI inflows. As the majority are low-income and middle-income countries, conducive business environment for FDI to flourish through better tax and lower inflation rates were provided. On the other hand, mixed results were generated for the
impact of Global crisis where a fixed effect was preferred over random effects model. Trade openness and corporate tax rates were found to be significant predictors of FDI net inflows before the crisis. After the crisis, consumer price index and inflation showed positive and significant effects, which are deemed to provide negative implications to most countries due to
high cost of investments. The results provides certain policy implications for the countries in the region where FDI inflows can be influenced by the type of incentives provided by host country and the attractiveness of the domestic businesses which have not been too vibrant for international business to consider capital investments.
JOURNAL OF GLOBAL BUSINESS , 2020
Asia and the Pacific Region has become one of the most popular destinations or a host of foreign ... more Asia and the Pacific Region has become one of the most popular destinations or a host of foreign direct investments among multinational firms from different economies worldwide. Researches indicate that it facilitates in providing sustainable economic growth. Large disparities in the levels of development of these economies in the region, existing business climate, and other institutional frameworks served as roadblocks for FDI to flourish.
The study aims to determine the impact of institutional quality, labor, and infrastructure on FDI Inflows in Asia and the Pacific Region for the period 2002-2015. A panel data regression model was utilized, using the aggregate dataset from the World Bank database to examine the nature and extent of the impact of institutional quality, labor, and infrastructure development on FDI inflows relationship between the dependent and independent variables before and after the Global Financial Crisis. It was found that voice & accountability and the provision of better communication infrastructure through a country’s mobile cellular subscription have negative and significant effects on the inward direct investments in the region before the global financial crisis. On the other hand, regulatory quality, and voice and accountability proved to have a significant impact on FDI inflows after the crisis. This only shows that investors view the importance of the institutional underpinnings on how they make an investment decision. This provides pertinent policy implications among economies in the promotion of greater foreign direct investments into and within the region through the provision of a conducive environment and infrastructure development to attract long-term investments.
JOURNAL OF GLOBAL BUSINESS , 2022
The COVID-19 pandemic has drastically affected people's economic and social activities due to the... more The COVID-19 pandemic has drastically affected people's economic and social activities due to the extended quarantine, which resulted in limited mobility within and across communities and borders. Businesses must reinvent their activities using online ordering systems and other means to generate business, continue, and survive. Given this information, the research aims to investigate the level of influences of information quality, performance expectancy, effort expectancy, social influence, hedonic motivation, facilitating conditions, price value, and habit toward the continuance intention and satisfaction of customers in using food delivery applications during the COVID-19 pandemic, using a regression model. It also tested the mediating effects of effort and performance expectancies on the relationship between information quality and continuance intention. The data was collected from 172 users of mobile food applications using an online survey instrument. This study used multiple and simple linear regression estimations and mediation analysis to analyze the data. The results reveal that performance expectancy, social influence, price value, and habit significantly and positively influence users' continuance usage intention of FDA.
Philippine Academy of Management E-Journal, 2020
Global financial integration and increasing trade have facilitated the free movement of capital a... more Global financial integration and increasing trade have facilitated the free movement of capital among countries, especially in financial markets. As a result, the complexities of the transactions and extremely large increase in the volume of transactions have contributed to exposure to external shock by these markets.
For this paper, we used the BEKK-GARCH model to determine the direction of volatility spillover between the USD/KRW and USD/PHP foreign exchange markets and the stock markets of South Korea and the Philippines to better understand how financial shocks between markets can affect the stability and competitiveness of their markets and help regulators and policymakers
correct these imbalances. The paper is broken down into four periods namely 2004 to 2013, 2004 to 2008, inclusive of the 2008 Global Financial Crisis, and 2009 to 2013, and 2014 to 2018 for the two silent periods after the crisis. The results showed the South Korean markets had no evidence
of shock transmissions but had bidirectional volatility transmission in the period of 2004 to 2008, and unidirectional volatility transmission from their stock market to their USD/KRW foreign exchange market for the other three time periods. This proves that there is an interdependence and market integration between the foreign exchange market and stock market, which could change from one period to another, especially during a financial crisis. This could trigger policy changes by the regulators in the aforementioned markets through adjustments that will be made either in the stock prices or foreign exchange rates to protect the competitiveness of these markets.
Furthermore, this could guide investors by providing them with early warning signs related to external shocks that can adversely affect their investments by employing portfolio asset allocation and risk management tools to protect their investments.
Review of Integrative Business and Economics Research, 2024
Over the past decade, the emergence of Islamic Finance led to the development of compliance to th... more Over the past decade, the emergence of Islamic Finance led to the development of compliance to the Shari’ah principles by financial institutions among publicly listed companies in Muslim and non-Muslim countries. The Philippines is among the few Muslim-minority economies in Asia that recently adopted these principles to promote financial inclusion and Islamic Finance in the country and the ASEAN region. The main objective of this paper is to construct an optimized portfolio using the Single Index Model for Shari’ah-compliant securities in the Philippine Stock Exchange and the PSE Composite Index for the period 2014-2018 and compare these portfolios with the Philippine Stock Exchange Index. Daily closing prices of 20 Shari’ah-compliant stocks and 30 stocks from the PSE Composite Index were utilized to determine average yearly mean returns and compare the portfolio of these securities in terms of their risk and return characteristics measured in terms of their alpha, beta, unsystematic risk, and mean returns, respectively. Results reveal that the Philippine Stock Exchange Composite Index and the Shari’ah-compliant portfolios were able to outperform the benchmark (PSEi). This paper provides investors in different equity markets with an alternative method of optimizing their portfolios utilizing Shari’ah-compliant stocks to improve their returns over traditional stocks while expanding their portfolio optimization techniques, to encourage the listing of more Shari’ah-compliant stocks in stock exchanges, and to promote financial inclusion of Islamic finance.
Review of Integrative Business and Economics Research, 2024
The study utilized three regression estimations in evaluating the impact of bank-specific and ind... more The study utilized three regression estimations in evaluating the impact of bank-specific and industry specific indicators, macroeconomic indicators, their combined impact, and the impact of the selected interaction terms on the ASEAN5 banks’ credit risk exposures. It employed aggregate available data that were extracted from the World Bank databases and bank supervisors. For all models, robust fixed effects estimation was utilized after performing diagnostic tests. Capital adequacy, profitability and interest rate spread negatively affect nonperforming loan ratios (NPL). This proves that as banks improve their capital adequacy and profitability, credit risk exposure decreases. However, NPL is directly sensitive to credit-to-deposit ratio, lending rates, inflation rate, and unemployment. As more deposits are allocated to loans, banks increased their lending rates due to higher inflation rate; hence, interest rate spread declined. As unemployment escalates, loan default arises, which exposes banks to credit risk. Mixed results were generated for the interaction terms used in the study. The full model that combined independent variables with interaction terms, insignificant interactions were found except for the impacts of Return on Assets and credit-to-deposit ratios on NPL ratio. Banks reduced their credit risk due to improved profitability, good asset portfolio, and their stringent implementation of regulatory policies. However, they must closely monitor their loan portfolio and other asset qualities, especially those related to the NPL recovery strategies after.
Review of Integrative Business and Economics Research, 2024
The Global Financial Crisis led bank policymakers to reevaluate their operations to circumvent po... more The Global Financial Crisis led bank policymakers to reevaluate their operations to circumvent potential bailout costs and protect their long-term sustainability. This study examines the efficiency and total factor productivity of selected commercial banks in the Philippines and Malaysia for the period 2011-2018 using Malmquist Productivity Index and Data Envelopment Analysis (Malmquist-DEA) and applied slack-based measure (SBM) to determine the inputs and/or outputs needed by each Decision-Making Unit (DMU) for their efficiency. The results revealed that Philippine banks performed better than Malaysian banks. Technical efficiency from both pure technical and scale efficiencies led to the increase in the average Malmquist productivity index. Technological deficiencies were evident among DMUs, especially in Malaysia. The declining total factor productivity were a product of the downward shift in the frontier. Only four banks maintained the most productive scale size (MPSS) of operations, while the majority experienced decline in return to scale. Under the CRS and VRS assumptions, inefficient banks can shift towards the frontier through the efficient utilization of resource inputs. This provides policy implications for all types of banks worldwide to closely monitor their efficiency and productivity by leveraging their positions for creating and/or improving their business activities.
Review of Integrative Business and Economics Research, 2024
Entrepreneurship and small businesses facilitate economic development. The study contributes to d... more Entrepreneurship and small businesses facilitate economic development. The study contributes to deepening the understanding of the behavior of small business owners and the drivers towards their business success. It examines the effect of personality traits, personal effectiveness competencies, industrywide competencies, business and personal characteristics on business success using the Ordinary Logistic Regression model. It also compares the importance of these critical success factors based on their personal and business characteristics using Independent Sample T-test and ANOVA. The results showed that entrepreneurs' assessments of the importance of these indicators do not significantly vary. Openness, flexibility, ability to deal with unforeseen events, and risks assessment capability were statistically significant in explaining business success. The marginal effects results did not identify significant indicators in explaining business success, as entrepreneurs regard these drivers as equally important. In Model I, gender, age group, and family support were statistically significant to business success using odd ratios. The business characteristics did not explain business success in Model II, while gender and family support were statistically significant in Model III. The results provide interesting policy insights among policymakers in fostering start-up business or entrepreneurship in developing countries.
The paper discusses financial liberalization in the context of a proposed RP-US FTA. It discusses... more The paper discusses financial liberalization in the context of a proposed RP-US FTA. It discusses the state of the financial industry, in general, and also reviewed the US-Chile and US-Singapore FTAs to be able to arrive at the proposed provisions for the RP-US FTA. It also tackles the reforms that have to be undertaken in order to make the Philippine financial services industry globally competitive and be more prepared to embrace the opportunities of an FTA with the US.
The paper discusses financial liberalization in the context of a proposed RP-US FTA. It discusses... more The paper discusses financial liberalization in the context of a proposed RP-US FTA. It discusses the state of the financial industry, in general, and also reviewed the US-Chile and US-Singapore FTAs to be able to arrive at the proposed provisions for the RPUS FTA. It also tackles the reforms that have to be undertaken in order to make the Philippine
International Journal of Engineering & Technology
The development of the financial services industry is crucial to the harmonious financial integra... more The development of the financial services industry is crucial to the harmonious financial integration in East Asia. The ASEAN region is a host of member states with different levels of financial and economic developments. This study determines the level of development in the financial services sector among the ASEAN5 member states from 2002 to 2013 and explores the opportunities where financial integration may be undertaken in the light of the establishment of the ASEAN Economic Community in 2015. Member states exhibited high economic growth levels since the Asian Financial Crisis, which was spurred by the heightened competitiveness in the region brought about by the increase in inter- and intra-regional trade, investments and production network. It was found that there is high intermediation in the financial system and majority of the ASEAN5 Member States still employ the bank-based financial system compared to non-banks and financial markets. The region will slowly shifts fro...