Asian Development Bank6 ADB Avenue, Mandaluyong City1550 Metro Manila, Philippineswww.adb.org © 2011 by Asian Development BankAugust 2011Publication Stock No. WPS113706The views expressed in this paper are those of the author and do not necessarily reflect the views or policies of theAsian Development Bank (ADB) or its Board of Governors or the governments they represent.ADB does not guarantee the accuracy of the data included in this publication and accepts no responsibility for anyconsequence of their use.By making any designation of or reference to a particular territory or geographic area, or by using the term "country"in this document, ADB does not intend to make any judgments as to the legal or other status of any territory or area.The ADB Southeast Asia Working Paper Series is a forum for stimulating discussion and eliciting feedback onongoing and recently completed economic, sector, and policy work undertaken by ADB staff members, consultants,or resource persons in the context of operational work of the Southeast Asia Department (SERD). The series dealswith economic and development issues in Southeast Asia, and aims to enhance knowledge of Southeast Asia’sdevelopment and policy challenges, strengthen subregional and country operations, and contribute to policy dialogueat the national and regional levels.
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This working paper was prepared by Aziz Haydarov, country economist at the Philippines CountryOffice of the Asian Development Bank (ADB). The author thanks reviewers from ADB, whosefeedback on earlier drafts helped improve the paper. All possible shortcomings in substance and formare the exclusive responsibility of the author. The analyses, views, and opinions presented in thepaper are those of the author and should not be represented as those of ADB.