Journal of Economics, Management and Agricultural Development

Editor-in-Chief

Asa Jose U. Sajise, Department of Economics

Associate Editors

Luisito C. Abueg, Department of Economics

Liezel S. Cruz, Institute of Cooperatives and Bio-Enterprise Development

Melodee Marciana E. de Castro, Department of Agribusiness Management and Entrepreneurship

Rowena A. Dorado, Department of Economics

Arlene C. Gutierrez, Department of Agribusiness Management and Entrepreneurship

Antonio Jesus A. Quilloy, Department of Agricultural and Applied Economics

Editorial Advisory Board

Ma. Angeles O. Catelo, Dean College of Economics and Management, University of the Philippines Los Baños

Gregmar I. Galinato, Associate Professor Washington State University

Flordeliza A. Lantican, Retired Professor College of Economics and Management, University of the Philippines Los Baños

Rodolfo M. Nayga, Jr., Professor Food Policy Economics and Agribusiness, University of Arkansas

Nguyen Thi Duong Nga, Chair Department of Quantitative Analysis, Vietnam National University of Agriculture

Isabelita M. Pabuayon, Retired Professor College of Economics and Management, University of the Philippines Los Baños

V. Bruce J. Tolentino, Member Monetary Board Bangko Sentral ng Pilipinas (Central Bank of the Philippines)

Jimmy B. Williams, Adjunct Professor Department of Agribusiness Management and Entrepreneurship, University of the Philippines Los Baños

Managing Editor

Adriann M. Quilloy, Institute of Cooperatives and Bio-Enterprise Development

Editorial Staff

Angelic A. Bautista, College Library, College of Economics and Management

Jayson S. Cabral, Department of Agricultural and Applied Economics

Christian Paul L. Fang, Department of Agricultural and Applied Economics

Cover Design and Layout

Renen Szilardo C. de Guzman, Department of Agribusiness Management and Entrepreneurship