Sovereign Bankruptcy in the Perspective of the ASEAN Integration

Authors

  • Yener C. Cabalida University of San Jose-Recoletos
  • Alessa Joy D. Cruz University of San Jose-Recoletos
  • Kristine June D. Uy University of San Jose-Recoletos
  • Marjurie Lourince E. Zanoria University of San Jose-Recoletos

DOI:

https://doi.org/10.32871/rmrj1503.01.02

Keywords:

ASEAN, ASEAN integration, sovereign debt, sovereign bankruptcy

Abstract

This paper recognizes the presence of sovereign debt as primary means of financing its expenditures. It practically covers the gaps between cash outflows and inflows from a country’s revenues such as those coming from taxes. However, when a country’s debt goes too high that it already has difficulty in paying it off, sovereign bankruptcy occurs. This study dwells at the factors that lead to sovereign bankruptcy among ASEAN countries in terms of business confidence, credit management, resource availability and market stability. To measure the indicators in determining the nations in the verge of being bankrupt, the researchers use the data depicting the corruption perception index, GDP and investment climate index. Furthermore, data regarding the ease of doing business rankings, credit ratings, surplus/deficit of the government budget, external debt, current account balance and inflation rate are also considered. These indicators are believed to be suggestive of a country’s capability of sustaining its overall debt, highlighting the point that an ASEAN country should take into account all its resources to ensure that it doesn’t go bankrupt as a nation especially now that it is looking into integrating itself into one economic ASEAN community.

Author Biographies

Yener C. Cabalida, University of San Jose-Recoletos

is a Magna Cum Laude graduate of Bachelor of Science in Accountancy at the University of San Jose- Recoletos (USJ-R), Cebu City. He won the Best Paper together with his co-author in the first ever Accountancy and Finance Research Congress organized by the College of Commerce of the University of San Jose- Recoletos. He has presented their study in the 23rd Annual AEPP International Conference last October 2015 at the City Sports Club, Cebu City. He has worked as the Executive Secretary of the Cebu Federation Junior Philippine Institute of Accountants and was the Vice President for Internal Affairs in his local chapter for the chapter year 2014-2015. With his leadership skills, he received the prestigious Huwarang Josenian Leadership Award from the USJ-R Supreme Student Council last February 2015. He graduated Valedictorian in his high school and was an Academic Awardee in his elementary.

Alessa Joy D. Cruz, University of San Jose-Recoletos

is a Cum Laude graduate of Bachelor of Science in Accountancy at the University of San Jose- Recoletos (USJ-R), Cebu City. Her research paper which she co-authored with Yener Cabalida was awarded as  Best Paper in the first ever Accountancy and Finance Research Congress organized by the College of Commerce of the University of San Jose- Recoletos. The study was also presented in the 23rd Annual AEPP International Conference last October 2015 at the City Sports Club, Cebu City. She graduated with honors during her secondary education in  the same university. At a young age, she already developed her writing skills. She was the Editor-in-Chief of their official school publication during her elementary and high school years. She used to compete in Regional and National Schools’ Press Conferences and was awarded as a placer during those years.

Kristine June D. Uy, University of San Jose-Recoletos

is a faculty member of the University of San Jose Recoletos, was born in 1982 and educated at the University of San Jose Recoletos where she graduated magna cum laude (Bachelor of Science in Accountancy , 2003). She also obtained her Master in Business Administration degree (2008) from the same university. A Certified Public Accountant, she worked with Isla Lipana and Company, a member firm of Pricewaterhouse Coopers (2004-2006). She has been a faculty member of the accountancy department of the University of San Jose Recoletos since 2006 up to the present, handling the subjects Basic Accounting, Partnership and Corporation Accounting, Financial Accounting, Auditing and Assurance Services, and Integrated Auditing Theory.

Marjurie Lourince E. Zanoria, University of San Jose-Recoletos

is currently working as full-time Instructor at the University of San Jose - Recoletos. Prior joining the academe, she worked for Punongbayan & Araullo, an auditing firm based in Makati handling clients in the industries manufacturing, resort, academe and business process outsourcing. While studying and reviewing to take the Certified Public Accountant examination, she served as the Sangguniang Kabataan Chairman for the years 2007-2010. After her stint in serving the youth, she was elected as the Barangay Councilor for the years 2010 to 2013. She had units in Master in Business Administration at USJ-R and is transferring to Cebu Normal University to take up Master in Public Administration to prepare for more terms in public service.

References

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Published

2015-06-30

How to Cite

Cabalida, Y. C., Cruz, A. J. D., Uy, K. J. D., & Zanoria, M. L. E. (2015). Sovereign Bankruptcy in the Perspective of the ASEAN Integration. Recoletos Multidisciplinary Research Journal, 3(1). https://doi.org/10.32871/rmrj1503.01.02

Issue

Vol. 3 No. 1 (2015)

Section

Articles

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