Essays on the South Korean and Philippine economies : a comparative study

Ser Percival P. Reyes


Using an economic relations assessment framework, this three-essay dissertation examines similarities and differences in the development experiences of South Korea and the Philippines, as well as potential areas for stronger development partnership. South Korea and the Philippines were chosen as the focus of the study because of similarities in their initial economic conditions and rich political histories. The first essay is a cursory review of macroeconomic performance, prospects, and development partnership opportunities. The second essay deals with tourism, migration, and transnational communitiesthree specific areas where South Korea and the Philippines have been closely interacting over the years. The third essay digs deeper into the relationship between population ageing and economic growthtwo prominent and recurring themes in the first two essays. Together, these essays highlight the following: 1) the potential for greater economic cooperation in trade and investments (particularly in infrastructure financing), given the high growth prospects of the Philippines and the more subdued growth prospects of South Korea; 2) the potential for more inclusive economic growth via tourism (particularly the creative industries), migration, and Korean transnational communities in the Philippines; and 3) the potential for accelerating savings and investments to counteract the growth-dampening effects of the demographic winter.