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Globalization In The Philippines

"Roman Randle" (2019-10-08)


Globalization has offered considerable controversial impact. It has been viewed as a process that is major factor that is a key to the development of the world economy and also it is inevitable and irreversible. Some regard it with hostility, fear that increases inequality between nations, threatens employment and living standards and social progress. These brief facts is an overview of some aspects of globalization and aims to identity ways in which countries can tap the gains of this process while remaining realistic about its possible abilities and its dangers. In fact, globalization offers essential opportunities for global developments but it is not progressing in an evenly pace. Some countries have adapted to globalization and it is participating into the global economy faster than other countries are. This is because countries with globalization some countries have been able to integrate and are growing faster and reducing poverty. However, the effectiveness of globalization in developing countries is widely active because globalization helps give opportunities in such countries in order to establish stability especially in the economy, trade, politics, society, labor, technology and to reduce poverty level.



Developing country like the Philippines , is one of the countries in Asia where the country has been effected by globalization. The country had high levels of education and English literacy due to the influence of Uncle Sam, decent savings rates, and an export-oriented agricultural sector that generated more than sufficient foreign exchange. The industrial sector was growing rapidly and the country had one of the highest per capita incomes in Southeast Asia. There was much to look forward to on the economic and business front. The Philippines is a country of ups and downs of conspicuous consumption of devastating poverty, hunger and suffering. The economy is basically agricultural, with rice, corn, and kamote (sweet potatoes) the staple food crops. Key cash crops include coconuts, fruits and vegetables, sugar, tobacco, and abaca (the famous "Manila hemp" used for rope making). In aggregate, about two-thirds of Filipinos continue to depend on the agricultural sector.



The Philippines is rich in natural resources, as reflected in the fact that foreign exchange earnings have derived largely from export of primary commodities. The export of fruits and vegetables, especially pineapple products and bananas, plays a key economic role every year. Among the minerals that the Philippines produces are copper, gold, nickel, chromium, iron, and manganese. Mining will continue to be important in the future, particularly copper, nickel, chromite, and iron. It is estimated that 90% of the country's mineral resources are unsurveyed and undeveloped. However, the costs are high according to the international standards and many gold mines and other operations are not economically at its best. The Philippines global economy remains in transition and the nation has been living through a period of increasing volatility. Globalization, whether individuals favor it or not, is taking place at a rapid pace, integrating more and more of the nation’s and world economy.



Philippines have four regions that globalization has targeted and these four are: liberalization, mobility of capital, technology, and management of organization through private and public sectors. Each of these factors has been in its own way force throughout the world. But more interesting is the realization that governments today no longer possess the reserves to materially affect the global capital markets. Capital now moves according to the dictates of markets, not of governments. With its great confidence on joining the WTO, the Philippines are still lagging behind its Southeast Asian neighbors in terms of economic performance. Whereas, the Philippine economic growth was second only to Japan ’s in the 1960’s. But when the nation joined the WTO in 1995, the Philippines had entered the global economic game with its domestic political economy unprepared and undeveloped. As a result, the Philippine state has failed to create the kind of organized socioeconomic environment that would have prepared the country for global competition.



There are many things that globalization that brought quick changes into the Philippine society. With its vast development it has brought about technologies mostly computers and software and also telecom companies are being introduced into the market. Thanks to globalization, such technologies were influenced by Philippines neighboring Asian countries like Malaysia and China , and even Japan . Thanks to globalization, it has opened its economy to foreign trade and investment. Furthermore, globalization has allowed Filipino workers to travel the world, but most head for the Middle East, East Asia, the US and Canada and Europe due to better economies and better money. Filipinos working overseas numbered more than three million - about 10 percent of the labor force. The total number of overseas Filipinos may be as high as eight million, according to the government. 10.7 billion back to their families or relatives in the Philippines in 2005. In contrast, the question that the Filipino society asks themselves is: "Can the Philippines handle globalization"? Many Filipinos believe that globalization has done nothing for their country. And this is due to the poverty that has been becoming worse each year.