The Albert Del Rosario Institute (ADRi) has published my new paper, in time for the Asia Pacific Economic Cooperation (APEC) Summit this coming November 18-19 here in Manila. My special thanks to ADRi President, Prof. Dindo Manhit.
I put a number of tables in that paper, data sources from the World Bank, UN Conference on Trade and Development (UNCTAD), World Trade Organization (WTO), Alas Oplas & Co. CPAs (AOC), Bangko Sentral ng Pilipinas (BSP) and the Philippine Statistics Authority (PSA).
Foreign direct investments (FDI) inward stock is a good indicator of how much FDIs have accumulated in a country net of outflows through time.
FDI net inflows is a better indicator than plain inflows because a country may get huge amount of FDI inflows but also suffering from huge outflows so that the net inflow is actually negative. Like the US, Russia, Hong Kong, Taiwan, Japan, S. Korea and Malaysia, at least for the the years 2012-2014.
Trade bureaucracies as a form of non-tariff barrier (NTB).
My Concluding notes
- To have more trade and investments, governments should learn to step back from too many regulations and taxation.
- Corporate income and other taxes in the Philippines in particular should decline in the face of rising tax competition among ASEAN countries.
- Non-tariff barriers (NTBs) like import licensing and SPS measures should be relaxed and reduced.
- Global capitalism is about integration and competition, complementation and substitution, happening simultaneously.
- Markets in a competitive environment always result in innovation and business creativity.
- Governments should focus on their core and basic function – lay down fair rules for all players, be an impartial judge or referee in cases of disputes, protect private property ownership, enforce the rule of law, contracts between and among people.