Gomicua, Robert T. (MWF 5pm-6pm) Prof.

Calica

Globalization in the midst of Inflation

Today, the world we are living in is experiencing different phenomenon whether it is

natural or human-related such as social, economic, political, religious, etc. Actually, the
world has already been experiencing those things even way back to the ancient times
wherein technology is just starting to boom and human intellect is making its own way to the
revolution of the human rational. Those may not be known well compared to the things
happening today. Since the world became “globalized” because of globalization led by the
highest kind of mammal which is excluded in the Earth’s biosystems which is the human
race (our kind), things became diversified such as culture, beliefs, technology, economy,
education, relations, etc. Despite those things, let’s take the spotlight to the word
“economy”. And let’s look at the world map and put a pin on a famous archipelago located
in Southeast Asia: the Philippines, a Third World country, developing nation or a semi-
periphery one.

Since the writer is making this essay for the course “The Contemporary World”, let
us discuss about the current situation of the Philippine economy. The news says it all. You
can watch it on television broadcasts, you can hear it from radio stations, you can read it on
newspapers and you can find it in the internet especially the social media. The Philippines is
now facing an economic turmoil, turmoil because the Philippine economy is not being stable
and it is severely affecting the Filipino citizens especially the ones who are in the lower to
middle class.

Let’s get to the main point. The country’s economy is facing inflation. By the way,
what do we mean about inflation relevant to the economy? According to the online website
Investopedia, “Inflation is the rate at which the general level of prices for goods and services
is rising and, consequently, the purchasing power of currency is falling”. And that is what
inflation means. It is a negative sign for a certain nation’s economy. There is no sign of
economic growth. A certain country’s currency power becomes weak making its value lower
than the average scale. In the Philippines, Filipinos are delighted when they see on the
news that the Dollar to Peso exchange rate is increasing. To be specific, the value of Dollar
is the one climbing the numbers making poorly education Filipinos think that working for
other countries is better because the currency there is bigger in value that the Philippine
Peso. They don’t have in mind that it is not a good sign for the country’s economy because
the value of the Philippine Peso is decreasing showing that the economy is sliding down the
cliff.

Yes, we have globalization in the midst of inflation here because we still connect with
the world despite of the struggle. Despite the skyrocketing prices of goods and services. If
the world is not globalized, and this country is not one of it, people living here wouldn’t know
the competition and status quo as a developing country. Or it might not be considered as a
developing one if it is not a part of globalization. But we don’t know what will happen next.
Maybe this inflation is a sign that some changes are needed to be implemented for the
country’s sake.