Policies, Standards, and Guidelines for the Bachelor of Science/Bachelor of Arts in Economics Programs

May 11, 2017

CHED MEMORANDUM ORDER NO. 032-17

 

In accordance with the pertinent provisions of Republic Act (RA) No. 7722, otherwise known as the "Higher Education Act of 1994," in pursuance of an outcomes-based quality assurance system as advocated under CMO No. 46 s. 2012 entitled "Policy Standards to Enhance Quality Assurance (QA) in Philippine Higher Education through an Outcomes-Based and Typology-Based QA," and by virtue of Commission en banc Resolution No. 231-2017 dated March 28, 2017, the following policies, standards and guidelines (PSGs) are hereby adopted and promulgated by the Commission. HTcADC

ARTICLE I

Introduction

SECTION 1. Rationale. —

Based on the Guidelines for the Implementation of CMO No. 46 s. 2012, this PSG implements the "shift to learning-competency-based standards/outcomes-based education." It specifies the "core competencies" expected of BA/BS Economics graduates "regardless of the type of HEI they graduate from." However, in "recognition of the spirit of outcomes-based education and . . . of the typology of HEIs," this PSG also provides "ample space for HEIs to innovate in the curriculum in line with the assessment of how best to achieve learning outcomes in their particular contexts and their respective missions."

ARTICLE II

Authority to Operate

SECTION 2. Government Recognition. —

All private higher education institutions (PHEIs) intending to offer BA/BS Economics must first secure proper authority from the Commission in accordance with this PSG. All PHEIs with an existing BA/BS Economics program are required to shift to an outcomes-based approach based on this PSG. State universities and colleges (SUCs) and local universities and colleges (LUCs) should likewise strictly adhere to the provisions of these policies and standards.

ARTICLE III

General Provisions

Per Section 13 of RA 7722, the higher education institution shall exercise academic freedom in its curricular offerings but must comply with the minimum requirements for specific academic programs, the general education distribution requirements and the specific professional courses.

SECTION 3. The Articles that follow give minimum standards and other requirements and prescriptions that all HEIs must adopt. The minimum standards are expressed as a minimum set of desired program outcomes which are given in Article IV Section 6. The CHED designed a curriculum to attain such outcomes. This curriculum is shown in Article V Section 9 as a sample curriculum. The number of units of this curriculum is herein prescribed as the "minimum-units requirement" under Section 13 of RA 7722 (Higher Education Act of 1994). In designing the curriculum, the CHED employed a curriculum map which is shown in Article V Section 10 as a sample curriculum map.

Using a learner-centered/outcomes-based approach, the CHED also determined the appropriate curriculum delivery methods shown in Article V Section 11. The sample course syllabi given in Article V Section 12 show some of these methods.

Based on the curriculum and the means of its delivery, the CHED determined the physical resource requirements for the library, laboratories, and other facilities and the human resource requirements in terms of administration and faculty (See Article VI).

SECTION 4. In recognition of an HEI's vision, mission, and context under which it operates, an HEI is given leeway to design a curriculum suited to its own needs. However, the HEI must demonstrate that the same leads to the attainment of the required minimum set of outcomes. In the same vein, the HEI has latitude in terms of curriculum delivery and in specifying and deploying human and physical resources as long as it attains the program outcomes and satisfies the program educational objectives.

HEIs can use the CHED Implementation Handbook for Outcomes-Based Education (OBE) and the Institutional Sustainability Assessment (ISA) as a guide in making their submissions for Sections 16, 17, and 18 of Article VII.

ARTICLE IV

Program Specifications

SECTION 5. Program Description. —

5.1 Degree Names

The degree program described herein shall be called:

a. Bachelor of Arts in Economics (BA Economics)

b. Bachelor of Science in Economics (BS Economics)

5.2 Nature of the Field of Study

Economics is the scientific study of how people allocate and use scarce resources. With new developments in theory and methodology, the emergence of challenging policy questions, and the presence of persistent economic problems, economics continues to be relevant. Given the technical nature of the discipline, the primary aim of economics education is to raise the technical competencies of learners, develop their analytical and critical-thinking skills, and cultivate a habit of lifelong learning.

The undergraduate programs are designed to prepare students for jobs that require research and analytical skills in the public or corporate sector and to provide an adequate and reliable intellectual platform for those who would like to pursue advanced graduate degrees in economics as well as further studies in law, management, finance, international relations, and other related fields. The programs incorporate observed trends in economics education, align teaching methodologies to specific learning philosophies, and promote research competencies required by 21st century learners.

5.3 Program Objectives

a. BA Economics — The BA Economics program is designed to equip students with knowledge in economic theory and its applications and with essential skills for undertaking economic analysis. Intended to provide students with a more liberal education, the BA program requires fewer major (Economics) courses but more liberal arts subjects such as those in the humanities, other social sciences, and a foreign language. The BA curriculum is more flexible, giving students leeway to customize their program of study according to personal goals and interests. aScITE

b. BS Economics — The BS Economics program is designed to equip students with knowledge in economic theory and its applications and with essential skills for undertaking economic analysis. This degree program is designed for students who prefer more courses in mathematics and the sciences. More focused on the technical and practical aspects of Economics, the BS program requires more major (Economics) courses and thus fewer opportunities for customizing the program of study.

5.4 Specific Professions/Careers/Occupations for Graduates

With specialized training, graduates of the BA/BS Economics program may pursue career paths as researchers/analysts in the public or corporate sector.

5.5 Allied Fields

Because of the wide application of economics in and its extensive utilization of other disciplines, the following may be considered allied programs, among others: mathematics, statistics, quantitative and theoretical finance, law, history, political science, international studies, policy science, and public administration.

SECTION 6. Program Outcomes. —

The minimum standards for the BA/BS Economics program are expressed in the following minimum set of learning outcomes:

6.1 Common to all programs in all types of schools

• The ability to engage in lifelong learning and being cognizant of the need to keep abreast of developments in the specific field of practice (PQF level 6 descriptor)

• The ability to effectively communicate orally and in writing using both English and Filipino

• The ability to work effectively and independently in multi-disciplinary and multi-cultural teams (PQF level 6 descriptor)

• A recognition of professional, social, and ethical responsibility

• An appreciation of "Filipino historical and cultural heritage" (based on RA 7722)

6.2 Common to Social Sciences and Communication

Graduates of the Social Sciences and Communication programsare able to:

• Understand and apply social science concepts and theories to the analysis of social issues

• Design and execute social research using appropriate approaches and methods

• Practice professional and ethical standards in the fields of social sciences and communication

6.3 Specific to the Bachelor of Arts in Economics Program

Graduates of AB/BA/BS Economics are expected to be able to:

• Demonstrate knowledge of economic theory and the standard methods used in economic research

• Demonstrate the ability to diagnose economic problems using appropriate theories and methodologies

• Effectively communicate economic arguments and research results

• Appreciate and practice good citizenship

• Demonstrate a deep commitment to maintaining high ethical standards especially in constituting, analyzing, and interpreting economic data and results

6.4 Common to a horizontal type as defined in CMO No. 46 s. 2012

• For professional institutions: a service orientation in one's profession

• For colleges: an ability to participate in various types of employment, development activities, and public discourses particularly in response to the needs of the communities one serves

• For universities: an ability to participate in the generation of new knowledge or in research and development projects

Graduates of State Universities and Colleges must, in addition, have the competencies to support "national, regional, and local development plans" (RA 7722).

A PHEI, at its option, may adopt mission-related program outcomes that are not included in the minimum set.

SECTION 7. Sample Performance Indicators. —

 

Program Outcomes	Performance Indicators
1. Demonstrate knowledge of economic theory and the standard methods used in economic research	• Define basic economic principles and concepts • Apply economic concepts and theories to describe socioeconomic phenomena • Identify and summarize different statistical methodologies • Understand the underlying mathematical structure of economic models
2. Demonstrate the ability to diagnose economic problems using appropriate theories and methodologies	• Understand and apply the scientific method of inquiry to economic research • Ability to organize a coherent research plan including the identification of a meaningful research problem, formulation of a measurable hypothesis, identification of appropriate theories, and development of a feasible statistical strategy if needed. • Ability to analyze the research results and identify policy implications if any • Ability to design and implement a strategy for collecting, summarizing, and interpreting macroeconomic and microeconomic data
3. Effectively communicate economic arguments and research results	• Interpret and effectively communicate the main results and policy implications of the final research output and possibly defend a thesis before a duly constituted thesis examination panel
4. Appreciate and practice good citizenship	• Participate in activities that allow one to articulate one's position and at the same time highlight the role of economics in decision-making • Engage in community-building activities
5. Demonstrate a deep commitment to maintaining high ethical standards especially in constituting, analyzing, and interpreting economic data and results	• Respect intellectual property by proper citations of references used in research papers • Obtain informed consent from respondents when collecting data • Compliance with ethical requirements for research involving human subjects

 

ARTICLE V

Curriculum

SECTION 8. Curriculum Description. —

The BA and BS Economics programs shall require a minimum of 69 units not including the general education courses (or 105 units including 36 units of general education courses). The number of units is categorized based on the following: HEITAD

1. Basic courses

2. Required courses

3. Elective courses

4. Free electives

5. Physical Education

6. National Service Training Program (NSTP)

The general education courses are as per CHED requirements and shall be automatically considered revised whenever a new CMO on General Education is issued by the CHED without the need of additional action on the part of the Technical Committee for Economics. The CHED Office of Programs and Standards will issue an amendment to this CMO at such time to show the revised curriculum.

SECTION 9. Sample Curriculum. —

Below is a sample curriculum of AB/BA/BS Economics. HEIs are free to enhance and follow different patterns and modalities based on the needs of their students.

Bachelor of Arts/Bachelor of Science in Economics

9.1 Components

 

COURSES

UNITS

General Education	Shall follow provisions of CMO No. 20 s. 2013 — New General Education Curriculum	36
Basic Courses 18	Introductory Economics Accounting Algebra and Trigonometry Calculus Introduction to Mathematical Statistics	3 3 3 6 3
Required Courses 19	Macroeconomics Microeconomics Econometrics Econometrics Laboratory Mathematical Economics Economic Development Economic Research	3 3 3 1 3 3 3
Elective Courses 18 for BS 9 for AB/BA	Agricultural Economics Economic History Financial Economics Game Theory and its Applications in Economics Growth Theory Health Economics History of Economic Thought Industrial Economics International Economics International Finance International Monetary Economics International Trade Labor Economics/Human Resource Economics Monetary Economics/Economics of Money and Banking Project Evaluation Public Economics Resource Economics/Environmental Comparative Economic Systems Welfare Economics Economic Practicum Special Topics	3 3 3 3   3 3 3 3 3 3 3 3   3 3   3 3 3   3 3 3
Free Electives* (for AB/BA only)	• Shall be defined by respective Economics Department	9
Physical Education (PE)		8
National Service Training Program (NSTP)		6
Total No. of Units	BS Economics	105
BA Economics	105

 

9.2 Sample Program of Study (BS Economics)

FIRST YEAR

 

First Semester

Second Semester

Course	Units	Course	Units
New GE Course 1 Algebra and Trigonometry New GE Course 2 Accounting NSTP 1 PE 1	3 3 3 3 3 2	New GE Course 3 Calculus Introductory Economics NSTP 2 PE 2	3 3 3 3 2
TOTAL	17	TOTAL	14

 

SECOND YEAR

 

First Semester

Second Semester

Course	Units	Course	Units
New GE Course 4 Introduction to Mathematical Statistics Mathematical Economics New GE Course 5 PE 3	3 3   3 3 2	New GE Course 6 Macroeconomics Microeconomics Econometrics Econometrics Laboratory PE 4	3 3 3 3 1 2
TOTAL	14	TOTAL	15

 

THIRD YEAR

 

First Semester

Second Semester

Course	Units	Course	Units
Economic Development Economics Elective 1 New GE Course 7 New GE Course 8	3 3 3 3	International Economics/Public Economics/Monetary economics/Economics of Money and Banking Economics Elective 2 Economics Elective 3 New GE Course 9	3         3 3 3
TOTAL	12	TOTAL	12

 

FOURTH YEAR

 

First Semester

Second Semester

Course	Units	Course	Units
Economics Elective 4 Economics Elective 5 New GE Course 10 New GE Course 11	3   3 3 3	Economics Research New GE Course 12 Economics Elective 6	3 3 3
TOTAL	12	TOTAL	9

 

SECTION 10. Sample Curriculum Map. —

The set of all courses and the minimum set of program outcomes showing which outcome(s) each course touches upon and in what way are presented in matrix form below.

 

 

SECTION 11. Sample Means of Curriculum Delivery. —

 

Sample Courses	Sample Tools of Curriculum Delivery
Macroeconomics	• Lecture • Discussion (plenary and group) • Multimedia (films and other media productions) • Online-based activities • Field visits
Economic Development	• Lecture • Discussion (plenary and group) • Multimedia (films and other media productions) • Online-based activities
Economic Research	• Lecture • Discussion (plenary and group) • Database search and analysis • Research workshop • Software training (for both quantitative and qualitative software programs) • Multimedia (films and other media productions) • Online-based activities

 

SECTION 12. n Sample Syllabi for All Courses. —

Course syllabi may vary in format but must include the following required components:

1. Course Name

2. Course Description

3. Course Outcome

4. Course Credits

5. Contact Hours/Week

6. Course Prerequisites (if any)

7. Suggested Course Content

8. References (both print and online sources)

 

Course Name	:	Mathematical Statistics
Course Description	:	This course introduces students to the fundamental theories and methods of mathematical statistics, a requisite for empirical modelling in economics. It focuses on the theory of probability, distribution theory, sampling theory, and inference.
Course Outcome	:	At the end of the course, the student should be able to: • Deeply understand the foundations of statistical analysis and how they are used in describing and interpreting economic data • Apply the theory of estimation and inference in determining the correct estimator and validating proposed statistical hypotheses that pertain thereto
Course Credits	:	3 units
Contact Hours/week	:	3 hours
Prerequisite	:	Calculus, Mathematical Economics
Suggested Course Content	:	The nature and characteristics of economic data Probabilistic concepts and results Random variables and their distributions Multivariate distributions Transformations of random variables Sampling distributions   Point estimation, confidence intervals, and hypothesis testing
References	:	Freund, J. (2004). John E. Freund's mathematical statistics with applications. Upper Saddle River, NJ: Pearson/Prentice Hall.   Hogg, R., McKean, J., and Craig, A. (2005). Introduction to Mathematical Statistics. Upper Saddle River, NJ: Pearson/Prentice Hall.   Larsen, R. and Marx, A. (2012). An Introduction to Mathematical Statistics and its Applications. Boston: Prentice Hall.

 

ARTICLE VI

Required Resources

SECTION 12. Administration. —

The minimum qualification of the head of the unit that implements the degree program is as follows:

The director/chair/head of the program shall be at least a PhD Candidate in Economics or allied programs.

SECTION 13. Faculty. —

13.1 Qualifications. One hundred percent (100%) of the major courses should be taught by faculty with at least a master's degree (MA or MS) in Economics or allied programs.

The faculty should regularly update themselves in the various areas of Economics and should work towards the Ph.D. degree.

13.2 Percentage of Full-time Faculty. ATICcS

The program must have at least three (3) full time faculty members with at least master's degree in Economics or allied programs.

SECTION 14. Library. —

Library personnel, facilities and holdings should conform to existing CHED requirements for libraries which are embodied in a separate CHED issuance. The library must maintain a collection of updated and appropriate/suitable textbooks and references used for core courses in the curriculum. Library resources should complement curriculum delivery to optimize the achievement of the program outcomes for the BA/BS Economics program.

SECTION 15. Laboratory and Physical Facilities. —

There should be an economic research laboratory equipped with presentation equipment and at least one (1) specialized econometric software. Schools are encouraged to evaluate freeware as well as proprietary software. Some notable software that do not require licenses are R and GRETL.

There should be at least six (6) computers in the Department of Economics with Internet access for the use of the faculty.

ARTICLE VII

Compliance of HEIs

Using the CHED Implementation Handbook for OBE and ISA as reference, an HEI shall develop the following items which will be submitted to CHED when they apply for a permit for a new program:

SECTION 16. The complete set of program outcomes, including its proposed additional program outcomes.

SECTION 17. Its proposed curriculum and its justification including a curriculum map.

SECTION 18. Proposed performance indicators for each outcome. Proposed measurement system for the level of attainment of each indicator.

SECTION 19. Proposed outcomes-based syllabus for each course.

SECTION 20. Proposed system of program assessment and evaluation.

SECTION 21. Proposed system of program Continuous Quality Improvement (CQI).

For existing programs, the CHED shall conduct regular monitoring and evaluation on the compliance of HEIs to this PSG using an outcomes-based assessment instrument.

ARTICLE VIII

Transitory, Repealing and Effectivity Provisions

SECTION 22. Transitory Provision. —

All private HEIs, state universities and colleges (SUCs) and local universities and colleges (LUCs) with existing authorization to operate the Bachelor of Arts/Bachelor of Science in Economics program/s are hereby given a period of three (3) years from the effectivity thereof to fully comply with all the requirements in this CMO. However, the prescribed minimum curricular requirements in this CMO shall be implemented starting Academic Year 2018-2019.

SECTION 23. Repealing Clause. —

Any and all administrative issuances that are contrary to or inconsistent with any of the provisions herein are hereby deemed automatically repealed, rescinded, and/or modified accordingly.

SECTION 24. Effectivity Clause. —

This CMO shall take effect fifteen (15) days after its publication in the Official Gazette, or in two (2) newspapers of national circulation. This CMO shall be implemented beginning Academic Year 2018-19.

Quezon City, Philippines, May 11, 2017.

For the Commission:

(SGD.) PATRICIA B. LICUANAN, Ph.D.

Chairperson

ANNEX A

DEFINITION OF TERMS

TERMS/ACRONYMS	DEFINITION
Assessment	one or more process that identify, collect, analyze, and report data that can be used to evaluate achievement of the program educational objectives and program outcomes. Effective assessment uses relevant direct, indirect, quantitative and qualitative measures as appropriate to the outcome or objective being measured. (CMO No. 37, s. 2012)
Competency	statement of a set of related knowledge, attitudes and skills required to successfully perform a task that supports the desired program outcomes through a course or series of courses
Course Outcomes	the knowledge, values and skills all learners are expected to demonstrate at the end of a course to a certain level of performance.
Evaluation	one or more process interpreting the data and evidence accumulated through assessment processes. Evaluation determines the extent to which program or student outcomes are achieved. Evaluation results in decisions and actions regarding program continuous quality improvement. (CMO No. 37, s. 2012)
Learning outcomes	outcomes of a specific lesson supporting the Course outcomes.
Outcomes-based assessment	measure of students' demonstration of their learning with agreed explicit criteria for assessing each outcome.
Outcomes-based education	an approach that focuses and organizes the educational system around what is essential for all learners to know, value and be able to do to achieve a desired level of competence at the time of graduation.
Outcomes-based teaching and learning	the constructive alignment of intended learning outcomes with essential content, appropriate learner-centered activities and outcomes-based assessment.
Program Goal	Broad statements describe the career and professional accomplishments that the program is preparing graduates to achieve within 3-5 years of graduation. Program goals are based on the needs of the program constituencies.
Program outcomes	the knowledge, values and skills all learners are expected to demonstrate to a certain level of performance at the time of graduation.

ANNEX B

SAMPLE JOURNALS

Journal of Economic Literature	9.426
Quarterly Journal of Economics	5.920
Journal of Economic Perspectives	5.178
American Economic Journal-macroeconomics	3.836
Journal of Financial Economics	5.676
Brookings Paper on Economic Activity	3.421
Econometrica	4.700
Journal of Political Economy	5.416
Review of Economic Studies	4.080
American Economic Journal-Applied Economics	2.811
American Economic Review	4.076
Review of Economics and Statistics	3.812
Journal of Economic Growth	3.917
Journal of Human Resources	3.162
Journal of Health Economics	3.165
Journal of Development Economics	2.693
IMF Economic Review	2.200
Journal of Monetary Economics	2.576
Journal of Applied Econometrics	2.147
Journal of International Economics	2.770
Journal of Labor Economics	3.368
Journal of Agricultural Economics	2.287
International Journal of Forecasting	2.450
Journal of Public Economics	2.196
Source: Journal Citation Reports (Social Sciences)

n Note from the Publisher: Copied verbatim from the official copy. Duplication of Section 12.