The Globalisation Experience and Its Challenges for the Philippine Economy
14 Pages Posted: 13 Feb 2019
Date Written: December 21, 2018
This paper analyses the extent and impact of globalisation in the Philippines in terms of trade, finance and migration. In the Philippines, trade globalisation and migration have been more prominent than financial globalisation. While empirical estimates show that globalisation has positively affected the country’s economic growth and employment, substantial evidence for its impact on inequality and poverty has yet to be found, as preliminary estimates show mixed results. There are both winners and losers among industries and in the labour market. Thus, more inclusive policies could potentially help cushion the negative consequences of globalisation and facilitate adjustments to narrow the gap between winners and losers. Towards this end, the Bangko Sentral ng Pilipinas has made contributions primarily through its focus on low and stable inflation; the facilitation of greater financial inclusion; and greater involvement in global cooperation efforts to further strengthen rule-based international transactions.
Full Publication: Globalisation and Deglobalisation
Keywords: impact of globalisation, challenges of globalisation, policy response to globalisation, migration, remittances, financial inclusion, Philippines
JEL Classification: F6, F62, F63, F66, F68, F22, F24
Suggested Citation: Suggested Citation