Topic: (How Globalization affects inflation rate in the Philippines)

Specific Problem/ Issue

A. What is the issue?

- Last September 2022, the Philippines’ annual inflation rate increased to 6.9%. The

rising inflation rate in the Philippines is multiplying year after year, globalization is

one of the factors contributing to this.

B. Why is it an issue?

- Since the major point that affects everyone is simply the quickly rising price of food,

the supply issues, and the high cost of fuel. As a result, the country's population has

less purchasing power. We are all impacted by this type of problem, but people with

low incomes may have more expenses than usual, which contributes to the rise in

poverty in this society.

C. How did globalization cause this issue?

- Due to the trade with other nations, globalization may help us reduce the rate of

inflation. The drawback is that wages in the Philippines are too low compared to

other nations, which means that it is likely they would never be able to escape

poverty.

- Due to the obvious law of supply and demand, Food costs in the Philippines, like

rising international oil prices and the current spike in sugar prices, are the main

cause of inflation. Due to a lack of supply and high demand, prices for items rise,

which is why inflation rates are still rising.