There are three major developments in the area of foreign trade in
1990s: (a) the WTO-Uruguay Round agreement in 1995; (b) the AFTA
agreement; and (c) the series of unilateral trade reform programs of the
government. The paper attempts to make an impact assessment of these
reforms during the period 1995 and 2000 using the updated APEX model, a
computable general equilibrium of the Philippine economy. Part of the trade
reform process is the shift transaction valuation of imports. The paper also
attempts to analyze the possible effects of this shift.