The study takes off from an earlier inquiry on the effects of HCV (home consumption value) valuation. This study is intended to assist policymakers as well as the private sector in their task of deciding whether to implement or postpone the adoption of the GATT Valuation Code (GVC) by January 1, 2000. Under the GVC, the dutiable base for imports is defined as the "transaction value"--i.e., "the price actually paid or payable for imported goods." The findings of the study support the argument that trade liberalization in the form of lower tariffs will reduce the incidence of...

The basic framework of the PIDS Annual Macroeconometric Model is presented in this paper. After outlining the general philosophy of the model, the discussion focuses on the production sector of the model in order to trace the manner by which macroeconomic policies affect relative prices and sectoral allocation of resources. The theoretical framework is largely derived from Constantino, Yap, Butiong and dela Paz (1990a, 1990b). The details of the PIDS-NEDA model are reported in these references while the most recent reestimation is presented in Reyes and Yap (1993). A section in the main text lists the major changes that are introduced in the 2000 version of the...