Technological Institute of the Philippines

363 Pascual Casal St, Quiapo,

Manila, 1001 Metro Manila

Assignment/ Seatwork # : Assignment 1.1

Module # : 1
Module Topic: : The Structures and Globalization of
World Economics

In compliance with

Course Code : GEC 003

Course Subject : The Contemporary World

Submitted by:

Student Name : Poblacion, Miles U.

Section : CE11S5
Course : BSCE

Submitted to:

Jose C. Gavileño Jr.Faculty

August 22,2022
Date
Assignment 1.1 What are the Positive and Negative effects of Globalization in the Philippines?
Discuss your answer.

Information technology, as well as international trade and investment, have made it possible for
people, organizations, and governments from different nations to communicate and integrate. It has
an effect on people's physical health as well as the environment, culture, political systems, and the
development and prosperity of economies throughout the world. Therefore, a nation like the
Philippines is also being impacted by this "Globalization."

When the Philippines joined and signed an agreement with the World Trade Organization in 1995,
it was thought that globalization had begun in the country. There have been several developments
and important modifications since then. As seen by the general increase in trade in products and labor
migration, the Philippine economy has become more fully integrated with the global economy,
comparable to that of the majority of other EMEs. Even so, there is only a slow acceleration of financial
integration. The country has reaped concrete benefits from its participation in the globalized world of
trade, finance, and migration, including low and steady inflation, a low unemployment rate, more than
sufficient gross international reserves, and a robust and stable banking sector.

However, as a result of the shift of economic power that globalization enables, wealthy nations
like the United States now dominate underdeveloped ones like the Philippines. A significantly foreign-
influenced or governed economy has displaced the native economic life as a result of globalization.
The establishment of a global economic model and the process of globalization results in a shift of
power to industrialized countries and the manufacturers of goods required by the rest of the world. It
keeps things as they are for less developed nations. This illustrates how the wealth gap is growing as
globalization progresses.

The transformation of rural areas into commercial hubs is another drawback of globalization in
the Philippines. As agriculture is the foundation of the Philippine economy and more than 50 million
people live on those lands, this had an impact on the 40 percent of Filipino employees. Additionally,
the internet which made global communication possible, turned into a forum for abuse, particularly
against young women, who are being sold globally. These two instances are only a few of the
numerous unnoticeable indirect repercussions of globalization that are actually taking place. the
practice of stepping on others in the name of one's own self-interest. It's an inequality problem.
 In conclusion, different people around the world are experiencing globalization in different ways.
Many people may benefit from it, while some people may lose out. The so-called "Anti-Globalization"
movement is based on this. People will become less ignorant and less likely to follow blindly, which
will promote educated alignment and taking sides. By raising an understanding of the benefits and
drawbacks of globalization, everyone will be better informed.

“I affirm that I have not given or received any unauthorized help on this assignment, and that this work
is my own.”