Impact of macropolicies on fisheries export winners, domestic needs and coastal resource management
1998
Gonzales, L.A. | Alviola, P.A. IV | Gonzales, V.A. | Elca, C.D.
The study analyzed the impact of trade and exchange rate policies on two incentive indicators: nominal protection rates (NPRs) and effective protection rates (EPRs). The nominal protection rate estimation followed the Krueger, Schiff and Valdes (KSV) approach. This approach decomposed the impact of trade and exchange rate policies into direct, indirect and total NPR. The EPRs, on the other hand, were estimated at the wholesale and technology levels across major producing province both at the official and shadow exchange rates of the peso. Results from the analysis indicated that direct NPR were generally negative for fishery products with high competitiveness in the world market (tuna, mackerel, prawns and shrimps and milkfish) and positive for those with marginal competitiveness (e.g. tilapia and canned tuna). The analysis further showed that the indirect (economy wide) effects of the exchange rate overvaluation tend to increase protection, hence non-competitiveness in the long run. The indirect effects generally reinforced the direct NPRs resulting to negative total NPRs for fishery commodities with negative NPRs. Results from the estimation of the EPRs at the wholesale and technology levels across major producing provinces reinforced the findings of the KSV approach. First, EPRs were highly negative for fishery products with high competitive advantage in global trade (e.g. sashimi grade tuna, carageenan, seaweeds, milkfish and prawns) and were positive for those with lesser competitive advantage (e.g. tilapia, canned tuna and crab). Second, adjustments for overvaluation tend to decrease EPRs. This trend was almost true across fishery products whose EPRs were estimated at the SER of the peso. Third, tHe levels of EPRs are to some extent a function of the proportion of the tradable (foreign) and domestic cost components. The higher the proportion of the domestic value added to tradable (economic) value added, the higher the EPRs
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