The Research Academy of the Bangko Sentral ng Pilipinas (BSP) has just launched its first book, “Labor Market Implications of the COVID-19 Pandemic in the Philippines,” in simple ceremonies held at the BSP’s head office in Manila earlier this month.
Finance Secretary Benjamin E. Diokno, Monetary Board Member Eli M. Remolona, BSP Deputy Governors Bernadette Romulo-Puyat and Mamerto E. Tangonan, and other BSP senior officials witnessed the book launch as special guests.
In his opening remarks during the book’s launch, BSP Governor Felipe M. Medalla said, “Much remains to be learned about the economic implications of the COVID-19 pandemic not just in the labor market, but as I already said, [also in] the development of human capital.”
An opportunity to think about emerging policies and strategies
The publication presents different mechanisms by which the health crisis has affected various aspects of the Philippine labor market, including employment, labor productivity, wages, human capital investment, and consumption and saving.
Aside from the impact of the pandemic on the labor sector, the book also tackles policy coordination among the country’s various monetary, financial, and fiscal authorities, and new organizing frameworks and econometric methods that can support the understanding of the operations of labor markets.
The 400-page book features fifteen (15) chapters written by public policy officials and economic experts. They include former Socioeconomic Planning Secretary and UP School of Economics Professorial Lecturer Dr. Emmanuel F. Esguerra, former BSP Deputy Governor and Head of the BSP Research Academy (BRAc) Dr. Maria Almasara Cyd N. Tuano-Amador, and Philippine Institute for Development Studies (PIDS) President Dr. Aniceto C. Orbeta, Jr.
These experts were joined by other specialists from the BRAc and BSP Department of Economic Research (DER), professors from the UP School of Economics (UPSE) and Ateneo de Manila University (ADMU), and research fellows from the PIDS.
Dr. Dante B. Canlas, former Socioeconomic Planning Secretary, and Professor Emeritus at UP, served as the book’s editor. According to him, labor economics has been evolving and has been fine-tuned to serve public policy objectives, including the conduct of monetary policy.
“It was an opportunity for me to think about emerging policies and strategies that are geared toward full employment,” Dr. Canlas said in his speech during the event.
A useful addition to the body of knowledge in monetary policy
Other book authors from the BSP include Dr. Joselito R. Basilio and Dr. Veronica B. Bayangos (Principal Researchers, BRAc), Zeno Ronald R. Abenoja (Managing Director, DER); Dr. Laura Britt-Fermo, Dr. Faith Christian Q. Cacnio, Dr. Hazel Parcon-Santos, and Jose Eduardo P. Sto. Domingo (+) (Senior Researchers, BRAc), Marites B. Oliva (Bank Officer VI, BRAc); Cherrie R. Mapa (Supervising Bank Economist, DER), and Jasmin E. Dacio (Deputy Director, DER).
Also on the list were Mark Rex S. Romaraog (Bank Officer V, DER); Marie Edelweiss G. Romarate (Bank Officer II, BRAc), Neil Fidelle G. Lomibao and Carl Francis C. Maliwat (Central Bank Associates. BRAc), and Irene Rose Imson (Senior Research Specialist, BRAc); and Michael Lawrence G. Castanares (Bank Economist II, DER).
Authors from other institutions, meanwhile, include Dr. Geoffrey Ducanes (Associate Professor, ADMU); Dr. Sarah Lynne Salvador Daway-Ducanes, Dr. Karl Robert L. Jandoc, and Dr. Renato E. Reside, Jr. (Assoc. Professors, UPSE); and Dr. Michael R.M. Abrigo, Dr. Connie Bayudan-Dacuycuy, Dr. Margarita Debuque-Gonzales, and Dr. Valerie Gilbert T. Ulep (Senior Research Fellows, PIDS); Dr. Charlotte Justine Diokno-Sicat and Dr. Ma. Christina F. Epetia (Research Fellows, PIDS), John Paul P. Corpus (Supervising Research Specialist PIDS), Robert Hector G. Palomar (Senior Research Specialist, PIDS), and Ricxie B. Maddawin, and Mark Gerald C. Ruiz (Research Analysts, PIDS).
The BSP and the authors of the book hope that this publication can become a useful addition to the body of knowledge that will help monetary policy (in particular) and public policy (in general), to help steer the country toward its main development objectives.