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Lence G.

Fornal September 24, 2019

BSBA-FinMngmt/1st yr. Ms. Manaligod

Globalization refers to an involve set of social processes that create, multiply, stretch, and

intensify worldwide social dependence and exchanges while at the same time encouraging the

people to grow an awareness on how to deepen the connections between the local and the

distant countries. It means that though the countries in the world are apart from each other they

can connect to another just to satisfy what was their country need and goal in order to develop

their economical needs and also to their political, cultural and environmental circumstances.

The size of the physical appearance of our planet remains consistent but how we interact with

each other is changing by the minute. Despite of the countries that work independently that the

main goal is to reach their individual for interests, we all come together in ways to make the

world a better place. Nowadays, if you have an access to a computer or mobile device with

data or an internet service provider , then you can communicate with anyone else in the world

with the same setup. As we compare our closeness now we are closer than ever before. That

closeness also means that the groups of people are further apart than ever before. Our

neighborhood countries is form because of the common interests or political perspectives more

than our common humanity. So that there is a travel restrictions that dictates where some people

can go and some cannot go because of its limitation.

Globalization shows advantages for the positive attributes that being given to the economy

and in contrast there is disadvantages that shows a negative side being attributed to the

economy even though the progress occurs we are also taking steps backward. The following

are the advantages of the globalization and one of this is the globalization that allows us to

pool all our resources together when the nations work together to fund their common goals,
then it will become useful to reach the needs of each other. Next is globalization would also

reduce labor exploitation issues, when borders become less restrictive around the world,

people tend to move to locations where their best opportunities exist. Through this it can reduce

child labor issues like human trafficking concerns that is limited because of more border

freedom. Globalization reduces the prospects of tyranny,the nations realized that having a

concentrated power with one administration reduced the likelihood of tyranny in pockets

around the globe. Globalization improves communication access because it will reduce

border restrictions that can improve communication access because there we’re no longer

restricting the movements and actions of people on a per-nation basis. Globalization would

remove tax havens for wealthy individuals and businesses because it is a country or

independent area where taxation levels are at low rates. They offer foreign businesses and

individuals an opportunity to keep their profits in local institutions with little or no liability.

Globalization would help the developing world progress faster because most of the world

today is not developed. By reducing border restrictions, creating common payment formats,

and opening product access by reducing export barriers, more people could improve their way

of life. Globalization would reduce currency manipulation problems, it is when a nation

offers access to a weaker currency and those country with stronger currencies buy and sell more

often with them. Globalization would reduce the efforts made to build weakness or strength

into these currencies to influence local markets. Globalization encourages free trade, because

the borders create restrictions to the free flow of goods and services just to fulfill what the other

country don’t have. Globalization could create more employment opportunities because it

helps to become barriers few to the import/export market, the cost of producing goods or

offering services would decline without affecting the profit margins of companies.

When there is an advantages in an economy the disadvantages are also present because they

are intertwined with each other and the following area the disadvantage of globalization,
Globalization may encourage more offshoring instead of less it happened when the

restrictions is few in a place at the national level so some businesses may use offshoring to

their advantage. Globalization benefits the wealthy more than the poor, it happened when

the borders are completely removed, the people who have the power to dictate policy will reap

the most significant rewards. Those with money to invest would see their bank accounts

continue to rise. At the same time, households living paycheck-to-paycheck would struggle to

access what they require, suppressing their ability to pursue a better job. Globalization would

encourage disease transfer, if the global travel restricts eased, then the issues with of the

tropical disease could spread to portions of the world where exposures are minimal.

Tuberculosis, certain influenza strains, and other communicable disease could produce

outbreaks at epidemic levels. Globalization could reduce social safety net programs, as we

observe most of the nations today offer those in extreme poverty access to safety net programs

for basic supplies. Globalization would create a new system of politics, we’ve already

received a sneak peek of what a global society would be like from a political perspective. The

individuals and organizations who spend the most to lobby politicians would receive the best

chance of having their needs met first. Globalization would not prevent resource

consumption because the goal of globalization is to equalize patterns of consumption for

populations around the world. Even though there would be movement toward doing so, there

is no getting around the fact that the wealthiest nations will still consume the most resources.

Globalization would make it easier for people to cheat, the consumer that consume

especially on the food, have the power to take the majority of resources is also considered a

way cheating because they take it away from the general population . Globalization doesn’t

fix a lack of skills it is because the jobs that require repetitive functions will be the first to go

away, which are the employment opportunities often found in the developing world means that

if there’s no meaningful skills to a globalized economy, there could be a higher unemployment

rate if border restrictions reduce because only those in the developed world would be trained

for the new economy. Globalization changes how humans would identify themselves it is

because humans are global citizens in some ways already, one reason is we all share the same

planet so that we are united with that common ground. If we lose borders, we also lose a piece

of our culture, ethnicity, or family heritage. Globalization would negatively impact the

environment, as we observe we’ve already seen what free trade does to the environment. If

caps are taken off of what is not permitted through globalization, then this issue will continue

growing worse.

The advantages and disadvantages of globalization show us that a world free to move and

communicate offers numerous opportunities to pursue. It also shows us a planet where fewer

opportunities may exist for workers and families who are employed in low-skill positions. We

have many challenges to face in the coming years as the world continues to become a smaller

place. That’s why we must continually look at these issues to ensure everyone has a fair chance

to find success.

According to 2019 estimation of the International Monetary Fund’s statistics the economy of

the Philippines is the world’s 36th largest economy by nominal Gross Domestic Product, it is

the 13th largest economy in Asia, and the 3rd largest economy in

the ASEAN after Indonesia and Thailand. The Philippines is one of the emerging markets and

is the sixth richest in Southeast Asia by GDP per capita values, after the regional countries of

Singapore, Brunei, Malaysia, Thailand and Indonesia.

The Philippines is primarily considered a newly industrialized country, which has an economy

in transition from one based on agriculture to one based more on services and manufacturing.

Primary exports include semiconductors and electronic products, transport equipment,

garments, copper products, petroleum products, coconut oil, and fruits. Major trading partners
include Japan, China, the United States, Singapore, South Korea, the Netherlands, Hong

Kong, Germany, Taiwan and Thailand. The Philippines has been named as one of the Tiger

Cub Economies together with Indonesia, and Thailand. It is currently one of Asia's fastest

growing economies. However, major problems remain, mainly having to do with alleviating

the wide income and growth disparities between the country's different regions and

socioeconomic classes, reducing corruption, and investing in the infrastructure necessary to

ensure future growth.

However, globalization also had an impact to our country- Philippines. The following are the

advantages and also the disadvantages of globalization to our country. Globalization can have

more opportunities to increase in employment, this advantage of globalization can help the

Philippines to increase the employment of Filipino people because of the opportunities that

many foreign countries put up a business here and many job vacancies for Filipino are available

or it’s either there are so many opening jobs in abroad. Globalization can also help the

Philippines education to improve more, in the Philippines when it terms of education we

improve more and we offer higher education and skilled people. The education in the

Philippines is now recognized outside the country. Globalization improves the flow of

information technology,when in terms of information technology of the Philippines it flows

very well and help the Filipino to have knowledge and updates about the latest technology that

all countries use. The impact of globalization in the Philippines technology brings more

positive effect because it helps to increase the economy of the Philippines. Globalization

improves the quality of goods and services, being connected to other country means that we

are good to other country. It helps to do good quality and give the best services to them so that

we bring dignity to the Filipino people. Improving our services and give more quality goods

and products to other countries can boost the Philippines and its nation. The Philippines can
offer a good quality product outside the country and Filipino people can serve their best to


If there is advantage of globalization there is also disadvantages of globalization that have an

impact to our country- Philippines.

Some effect of globalization to the Philippines is the lack of Filipino traditions and values that

most younger Filipino don’t appreciate and they don’t even practice it to their daily life. They

become more familiar with Western mentality than being a pure Filipino. Also when in terms

of Filipino who work abroad there are many Filipino workers who have faced many problems

and they are stranded to a foreign country and far away from the support of the Philippine

government. Because of the globalization, the effect of these to all Filipino people sometimes

is not good especially in the health of Filipino like the rapid spread of AIDS that mostly comes

from the outside the country. Filipino who have a sexual intercourse to a foreigner sometimes

gets this kind of disease it can spread fast to other people without their knowledge. Social media

has also a big side effect in the Philippines when it comes to cyber crimes and the increase of

sex videos. The standard of living of a Filipino has a negative effect because of the

globalization. Like some moral values that most Filipino has was forgotten. Some young

Filipino is now liberated like other countries in the way of their living. A lot of them especially

those couples are living in with marriage.

The Philippine economy is projected to be the 5th largest in Asia and 16th biggest in the world

by 2050. According to the PricewaterhouseCoopers, it estimates that it will be the 12th to 14th

richest economy in the world by 2060. While this opposes other reports from HSBC Holdings

PLC, that by the year 2050, the Philippines will have been stated to surpass the economy of

Indonesia due to its yearly higher GDP growth rate of 6.5% (Second, after China). However,

the economic statistics may still vary depending on the performance of the government every