Currency substitution implies the greater share of foreign currency in the asset holdings of domestic residents. Dollarization is the complete replacement of the local currency- in this case, the peso- by a foreign currency, most likely the US dollar. The paper finds that dollarization or official dollarization has both its costs and benefits but it is not a viable option for the Philippines at the moment.
Tolentino et al. (Fri,) studied this question.
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