The Globalisation Experience in the Philippines

Last Updated: 25 May 2023
Essay type: Process
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As defined, the term globalization refers to the development of an increasingly integrated global economy marked especially by free trade, free flow of capital, and the tapping of cheaper foreign labor markets. Globalization has offered considerable controversial impact. It has been viewed as a process that is a key to the development of the world economy where effects are inevitable and irreversible. Some regard it with hostility, fear that increases inequality between nations, threatens employment and living standards and social progress.

Despite the debilitating economic blows the Philippines has received in recent years, it has gamely joined the quest for the promising opportunities that globalization offers. Like most of its neighboring countries in South East Asia, the Philippines is taking advantage of the major developments taking place in the region. Armed with renewed strength, the Philippines is taking on an active role on matters that would contribute to its economic progress and of its immediate region in general.

While globalization is expected to positively affect the economy in the long run, it would also entail painful adjustments in the short-term. And like most countries which underwent the same process of liberalization to be part of the global economy, the Philippines has started to experience the short-term adverse effects of globalization.

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The potentially significant displacement of workers and the erosion of real wages in the short run as industries restructure themselves to gear up for the new but fiercer competition in the global trade environment have been noted. Likewise, several domestic industries like textile, consumer durables, transport, leather goods and food processing, have been reported to be under pressure from the influx of competing imports. Read about the impact of globalization on Ghana's economy

To survive stiff competition, some industries have resorted to various cost-cutting measures which include product and market diversification and expansion, complemented with right-sizing programs like retrenchment, voluntary or forced early retirement programs, subcontracting and the hiring of casual, temporary or contractual workers. Other establishments have opted to close shop.

Aggravating labor market insecurity is the persistence of the twin problems of unemployment and underemployment. This insecurity is borne out of the fear that workers can easily be replaced from among the vast army of the unemployed and underemployed, under less secure and more flexible terms and conditions of employment, even if the company is unionized.

Related Questions

on The Globalisation Experience in the Philippines

What are the effect of globalization in the Philippines?
Globalization has had a positive effect on the Philippines, as it has opened up the country to increased trade and investment opportunities. This has led to increased economic growth, improved living standards, and greater access to technology and services. Additionally, globalization has also led to increased cultural exchange, allowing Filipinos to learn more about other cultures and to share their own culture with the world.
What is the benefits of globalization in the Philippines?
Globalization has had a positive impact on the Philippines, providing increased access to foreign markets, increased investment, and improved access to technology and resources. It has also helped to create more jobs and increased wages, as well as improved access to education and healthcare. Additionally, globalization has helped to reduce poverty and inequality in the country.
What is an example of globalization that affect the Philippines?
An example of globalization that affects the Philippines is the increasing number of foreign investments in the country. This has led to the growth of the economy, as well as the influx of foreign goods and services, which has had a positive impact on the country's overall development. Additionally, the Philippines has become more connected to the global economy, allowing for increased trade and investment opportunities.
What are the 5 effects of globalization?
The five effects of globalization are increased interdependence between countries, increased access to goods and services, increased competition, increased cultural exchange, and increased economic growth. Globalization has also had a significant impact on the environment, labor markets, and public health.

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The Globalisation Experience in the Philippines. (2018, Jan 01). Retrieved from https://phdessay.com/effects-of-globalization-in-the-philippines-essay/

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