The Impact of the Financial Crisis on Education

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Education and Academic Cooperation

THE IMPACT OF THE FINANCIAL CRISIS TO HIGHER EDUCATION
The 1st Asia-Europe Education Workshop 25 – 26 March 2010 Manila, the Philippines

In partnership with:

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Asia-Europe Education Report
1st Asia-Europe Education Workshop: The Impact of the Financial Crisis to Higher Education Makati City, Philippines, 25-26 March 2010

Co-organised by the Asia-Europe Foundation’s ASEM Education Hub (AEH) and the Asian Institute of Management (AIM)

© Asia-Europe Foundation, 2010 The views expressed herein are in no way taken to reflect the official opinion or position of the Asia-Europe Foundation or ASEF’s partner organisations. All rights reserved. No part of this publication may be reproduced or transmitted in any form or by any means, electronic or mechanical including photocopying, recording or any information storage or retrieval system, without the prior written permission of the copyright holder. Please direct all enquiries to the publisher:

Asia-Europe Foundation (ASEF) 31 Heng Mui Keng Terrace Singapore 119595 T: +65 6874 9700 F: +65 6872 1135 www.asef.org

ISBN 978-981-08-7089-8 2

Chripa Schneller and Sean Golden (eds.) 3

Table of Contents

Foreword About the Asia-Europe Education Workshops I. Introductory Paper II. Workshop Summary III. Recommendations IV. Annexes Programme List of Participants Workshop Presentations and Papers (on CD for print version) About the Authors About the Asia-Europe Foundation (ASEF) About the ASEM Education Hub (AEH) Acknowledgements

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Foreword
It is worth mentioning that higher education has played an important role in facilitating the process of globalisation, particularly in the integration of developing and emerging economies to the global production networks. The more recent global financial crisis has not stopped this process. Rather, it has hit all economies – still struggling to recover – to varying degrees, with a bearing on higher education as well. To get a better understanding of the ways and the degree in which the crisis has affected higher education, the 1st Asia-Europe Education Workshop entitled “The Impact of the Financial Crisis to Higher Education” was jointly organised by the ASEM Education Hub (the flagship programme of the AsiaEurope Foundation that facilitates and promotes co-operation among higher education stakeholders in Asia and Europe) and the Asian Institute of Management (AIM) in the Philippines. On March 25-26, 2010, twenty experts from the fields of education and finance from Asia and Europe convened at the AIM premises in Makati City, to discuss the implications for higher education in ASEM countries and to create a ‘reliable snapshot’ of the situation of higher education institutions after the crisis in terms of experiences, consequences, measures, lessons learned and good practices. Arising from the discussions and debates during the Workshop, the present publication, the first in a series of Asia-Europe Education Reports, will provide inputs to two of ASEF’s upcoming initiatives to be organised in October 2010 - the ASEM VIII Heads of State Summit (Brussels) and the 2nd ASEM Rectors’ Conference (Korea). The book features analysis from experts in the fields of education and economics on lessons learnt, issues to be further addressed at ASEM level, and best practices in Asia and Europe during the recent global financial crisis. The publication comprises of the following sections: 1. An introductory paper in preparation for the workshop; 2. A summary of the main discussion lines of the event; and 3. The recommendations by the expert group. I would like to commend the AEH team and the participants of this workshop for their strong commitment to the start of the series of the Asia-Europe Education Workshops and for a successful first event. Special acknowledgement goes to Ms. Chripa Schneller and Dr. Sean Golden, the editors of the Report. I am...
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