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    Aleah - Globalization Impact in Filipino Lives

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    Aly Reyes
    Globalization involves the movement of goods, services, cultural practices and ideas around the world, increasing interconnection. It affects economies through growing trade and spread of technology, and cultural exchange. In the Philippines, globalization impacted the economy through outsourcing and attracted investment, though it also destroyed some jobs.

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    Aleah - Globalization Impact in Filipino Lives

    Uploaded by

    Aly Reyes
    41 views3 pages
    Globalization involves the movement of goods, services, cultural practices and ideas around the world, increasing interconnection. It affects economies through growing trade and spread of technology, and cultural exchange. In the Philippines, globalization impacted the economy through outsourcing and attracted investment, though it also destroyed some jobs.

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    Aleah_Globalization impact in Filipino Lives

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    Globalization involves the movement of goods, services, cultural practices and ideas around the world, increasing interconnection. It affects economies through growing trade and spread of technology, and cultural exchange. In the Philippines, globalization impacted the economy through outsourcing and attracted investment, though it also destroyed some jobs.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    41 views3 pages

    Aleah - Globalization Impact in Filipino Lives

    Uploaded by

    Aly Reyes
    Globalization involves the movement of goods, services, cultural practices and ideas around the world, increasing interconnection. It affects economies through growing trade and spread of technology, and cultural exchange. In the Philippines, globalization impacted the economy through outsourcing and attracted investment, though it also destroyed some jobs.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
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    Globalization is the movements and exchanges of goods, services and cultural

    activities or practices around the world. These enrich the knowledge about other
    countries way of life, promoting interactions and communications with different cultural
    background. It increases the interconnection of one region into another and the
    independence of people to each other. The idea is to widen the flows of goods,
    technologies, services, people and ideas, to create changes in the current living policies
    and open variety of strategy in dealings with economy and society going through the
    daily lives of people to a much convenient way of lifestyle/activities.

    There are different aspects of globalization that affects a society and one of
    those concerns is economy, the growing interdependence of goods due to trade
    commodities from other country and the fast-moving spread of technology helps the
    expansion of market and boosts the economic development. Other than that there’s a
    cultural exchange such as adaptation of principles, beliefs, and costumes of other
    nations and sometimes losing their unique culture. In terms of technological
    development it has a big part of globalization, before it only deals how to transport
    goods and how to connect on other nations but now in digital modern age
    interconnections of people around the world is accessible and easy by means of social
    media platform.

    Financial aspect of globalization can be look at on international financial


    exchanges and monetary exchanges. World Bank that connected on global scale is
    good example of financially connected to different countries around the world also stock
    markets play major roles in economy.
    In the Philippines the one of the most impact of globalization in the lives of the
    Filipino people is the economy. The Philippines was once a model of development and
    second only to Japan among east Asian economies. In the 1960s, when South Korea
    was a land of peasant, the Philippines was one of Asia's industrial powerhouses. It
    produced consumer goods, processed raw materials and had assembly plants for
    automobiles, televisions and home appliances. Chemical plants produced drugs. Scrap
    metal was imported and made into steel for ships and factories produced cement,
    textiles and fertilizer. Prior to 1970, Philippine exports consisted mainly of agricultural or
    mineral products in raw or minimally processed form. In the 1970s, the country began to
    export manufactured commodities, especially garments and electronic components, and
    the prices of some traditional exports declined.

    In the mid 20’s the Philippines has rapidly emerged as India's main rival in
    business-process outsourcing (BPO) and now hosts the call-centers of many American
    firms. We excel in to this kind of business and works generating more economic growth
    and more jobs for the people. It also attract investors in different country engaging more
    productivity and development that helps the country specially ordinary people that can
    get more paying job in this field of work. However despite of this progress in economy it
    is engineering and business graduates who are line-up to take them at least during
    those time, now a days a lot of people applying for this job and employer are welcoming
    those individuals. 

    In the case of highly developed economies, globalization would result in more


    opportunities for the acceleration of capital outflows and a reduction in the share of
    manufacturing activities as production shifts to off-shore locations in search of lower
    costs and better access to overseas markets. This is what is where cheap imports from
    low wage economies flood highly developed economies’ markets thus, destroying
    unskilled jobs.
    For developing countries, globalization would result in the decline of inefficient
    heavy or capital intensive industries that are heavily protected by high tariffs and an
    increase in labor-intensive and export-oriented industries reflecting the country’s
    comparative advantage.

    More specifically, globalization is expected to increase the share of foreign trade


    in national income and a decline in self-sufficiency ratios in individual sectors. In most
    developing countries, globalization should also result in a decline in capital output ratio
    as investment flows much more freely towards profitable sectors. Given the relatively
    low wage rates in such economies, these would normally be labor-intensive sectors.

    Globalization means reduction in government intervention and controls on private


    sector economic activities. This is expected to spur private economic activity that would
    mean an increase in foreign trade and improved financial position. This would mean
    employment expansion even in the short-term. On the other hand, due to competitive
    pressures from globalization, firms that have been subjected to international competition
    would need to increase and improve productivity levels and may do so by reducing
    employment. In the case of highly developed economies, improvement of skills,
    technological improvement and transfer of lower skilled jobs are expected as the nature
    of the job change in favor of the higher skilled and white collar ones. The nature of jobs
    would change due to the adoption of newer technology to keep labor costs down and
    improve productivity.

    Reference:

    The Philippines at the cross roads to economic globalization, Jennifer G. Fronda, Arneil
    G. Gabriel, Salvador A. Loria, University of Science and Technology, Cabanatuan City

    https://en.wikipedia.org/wiki/Economic_history_of_the_Philippine

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