Assignment No.

In our country, economic globalization and political integration are not new

phenomenon. Between Aquino's government and Duterte's administration, and even

among former Philippine leaders. Economic globalization will be highly

advantageous to our country because it is a third-world country with one of its

concerns being economic depression, especially with the pandemic wreaking havoc

on the country and the government having no serious strategy to tackle the virus. A

comparative cycle emerged, labeled the globalization and political integration issue

by experts in international economic relations. It was characterized by an increase in

the trading of goods, services, and production variables, as well as an increase in

the exchange of innovation, which resulted in the dispersion of financial development

and closer integration of public economies, culminating in global cost and wage

convergence. According to Mauritius Trade Easy Expanding Markets and Facilitating

Compliance (2021), the IMF revised its GDP development projections for the

Philippines to 6.6 percent in 2021 and 6.5 percent in 2022 (addressing a difference

from October 2020 WEO projections of – 0.8 percent and +0.1 percent, respectively)

in its latest January 2021 World Economic Outlook update. However, the IMF's

October 2020 forecast predicts GDP growth of 7.4 percent in 2021, subject to post-

pandemic global monetary recovery. Strong fundamentals, a skilled labor force, a

stable labor market, on-going settlements, and interest in the development sector are

all essential economic drivers (World Bank). Economic globalization and political

integration will eliminate poverty, enhance the country's economy, unify

political diversification, and fortify political coalitions.

Introducing the Philippines, which has recently emerged as one of the more

powerful Asia-Pacific countries, driving expectations for a number of remarkable

monetary requirements. It has the world's 34th largest economy and Asia's thirteenth

largest, with plenty of space for expansion. It is considered a “recently industrialized”

country, with an economy that is migrating away from agriculture and toward

administration and manufacturing. Furthermore, the Philippine economy is currently

developing at its latent capacity, producing beneficial interest in physical and human

resource fundamentals in order for the economy to continue growing in its current

trajectory. The ability of the government to successfully and optimally implement its

ambitious public venture program is critical to the development of speculation.

Furthermore, unlike its high-performing East Asian neighbors with thriving assembly

zones that offer a wealth of work-focused employment opportunities, the vast

majority of Filipino professionals who progress out of agriculture end up in low-level

administrative occupations. Because private speculation is relied on to debilitate, the

implementation of the public foundation program is vital to the country's

development.

It expands in terms of free markets, but what about our local laborers and

regulatory efficiency? We must also take into account the fact that Filipinos are being

uprooted from their homes, jobs, and lands. This is due to globalization. Obtaining a

power association is now more expensive, and the recovery rate while resolving

bankruptcy has reduced. Business opportunities have been dwindling for a long time.

Workplace rules that govern corporate activities are often broken. As stated by The

World Bank, endowments, and moves absorb more than one-fourth of the annual

budget of the public authority. Foreign interests take precedence over domestic

problems in the country. Furthermore, the COVID-19 pandemic has produced a new

environment of uncertainty, which is promoting protectionism and nationalist ideas.

Globalization is under threat as governments scramble to reduce global trade and

people flows to reduce their vulnerability to the virus. Border closures and harsh

migration policies have caused enormous disruptions in the Philippines' worldwide

supply networks, with negative effects for employment and poverty (Yaya, S., Out,

A., Labonte, R. 2020).

Economic globalization will benefit the Philippines by increasing the number of

employment available to unemployed Filipinos. It will help the economy expand by

raising GDP, which is an important component of the country's economy; it will also

assist to reduce poverty in our country by providing more opportunities to our

residents. Unemployment is the number one issue in the Philippines since it requires

a high level of talent and experience while the pay is poor. Furthermore, many firms

continue to use contract labor, making it harder for the elderly to find job. Individual

capitalists who pay their workers modest wages for arduous tasks are the only ones

who benefit from contractualization.

Unemployment is a problem in the Philippines, residents have considered

fleeing to other countries because they are bored of living in a country that is

stagnant in terms of economic and political advancement. Migrating to other

countries to work and earn a living wage since the Philippines provides a low wage

yet makes it difficult for workers to qualify for the employment they want. Year after

year, an increasing number of Filipinos migrate to other nations to work and live

better lives because they would find a better lifestyle, government, and high-paying

jobs abroad. Meanwhile, here in the Philippines, many are having problems

qualifying for desired professions since they require experience, which is

disadvantageous for recent grads. Contractualization is genuinely harmful to

everyone, not only the elderly, but also to the economy because it allows capitalists

to pay employees less.

Improving the country's economy by having a higher GDP than usual is crucial

for a nation's development since it has more resources to fund programs that will

benefit its citizens. Because a higher GDP shows that a country's economy is doing

well, it can be used to forecast a country's economic strength. More growth for our

country is desirable, but it is speculative given that individuals, particularly those in

positions of authority, are hungry. 

GDP has both benefits and drawbacks. While the number is closely observed

by financial analysts and widely followed by the financial media, the calculation is

occasionally inaccurate since GDP can include a few items that are truly destructive

to an economy rather than positive. Having officials lead our country's development

may lead to its downfall due to issues such as embezzlement of political funds that

has been going on for many years, such as the missing 15 billion pesos in PhilHealth

that remains a mystery due to the media and government having no answer for this

said mystery that continues to bother Filipinos. Other factors will also affect everyone

as a result of the country's development, such as pollution caused by a lack of

rehabilitation of nature, which is harmful to us, especially since our country is made

up of trees that provide us with oxygen; however, capitalists do not recognize the

importance of nature and how detrimental it will be to us humans.

Furthermore, the president and vice president should work together to

strengthen their political ties. As a result of his policies, attitude, and ego, the

president has a plethora of political opponents. President Duterte appears to be

suffering from a huge ego crisis. Not only is the president problematic, but so are his

cabinet members and other officials, who should be dependable but have instead

become a burden on the people since they are linked to crises and, in some cases,

have criminal backgrounds involving corruption. The Philippine government has

been divided during Duterte's reign, with the vice president separated from crises

and issues, and this has not resulted in a harmonious relationship between Filipinos

and the government.

The vice president and president are unable to collaborate because the

president has issues such as they are from a different political party, the vice

president is delaying his plans, and he believes that his bothersome ego is the

reason they are unable to collaborate. Working together was never an option, which

resulted in chaos because more people liked the vice president and the president's

plans are too vague for the people to understand since this pandemic; there was no

real response from the government fighting the virus, which caused numerous

people to suffer from famine; additionally, due to our country's debt to China, it has

caused the Philippine government.

In conclusion to the World Economic Outlook, the IMF changed its GDP

growth projections for the Philippines to 6.6 percent in 2021 and 6.5 percent in 2022

(from – 0.8 percent and +0.1 percent in the October 2020 WEO). It was distinguished

by an expansion in the trading of products, administrations, and factors of

production, as well as an expansion in the trading of advancement, prompting the

scattering of monetary events and all the more close joining of public economies, the

result of which was the combination of overall expenses and wages. Due to the

nearly larger ability level of the Philippine work force compared to other Asean
countries, a probable psychic channel of talented workers has similarly featured high

on the review of necessities in discussions on the likely impediments to AEC

investment. While the Philippines has a lot to gain, the AEC also pushes the country

to become an important piece of the regional value chain, rather than passing up a

significant opportunity to all of the more grounded and productive focus focuses in

the social event, particularly in the gathering and agriculture territories. To begin

with, breakthroughs in transportation and link innovation have lowered the prices of

transporting items, administrations, and components of production, as well as

conveying monetarily beneficial knowledge and innovation. Second, people's and

social orders' attitudes have typically, but not invariably, supported making the most

of the chances afforded by decreasing transit and correspondence costs by

increasing financial engagement. Third, public actions have had a considerable

impact on the kind and speed of monetary joining, though not always in the direction

of broadening financial reconciliation. In all of its essential measurements, these

three critical factors have affected the example and pace of financial globalization

and political integration.