NAME: JEAN MICHELLE JACULBE

COURSE AND PROGRAM: BSA 2

Asian regionalism now plays a big role in the world economy. It alludes to a framework
that encourages collaboration and integration between diverse Asian nations in a range of
domains, including commerce, investment, politics, and culture. Economic and social gains
could result from regionalism for all of its members, including the Philippines. But regionalism's
effects aren't always favorable, and certain economies might suffer as a result. Thus, the purpose
of this research is to investigate how Asian regionalism has affected the Philippine economy.
The influence of regionalism on international trade is one of the most important consequences of
the policy on the Philippine economy. The nation takes part in a number of regional trade
accords, including the Regional Comprehensive Economic Partnership (RCEP), ASEAN Plus
Three, and the Association of Southeast Asian Nations (ASEAN). Through these agreements,
Philippine companies can access the markets of other members, thereby expanding their trade
and stimulating the economy. Trade is facilitated by regional integration, which lowers tariffs
and streamlines customs procedures and laws. Increased investment flows follow, which in turn
promote the creation of jobs and the decrease of poverty. But regionalism can also have a bad
effect on the Philippine economy. First of all, regionalism may lead to trade diversion, which
happens when current international trade is replaced by preferential trade agreements. Second,
trade liberalization may be detrimental to the Philippine economy if it is not ready to compete on
a global scale. As a result of liberalization, domestic producers now face equal competition from
outside producers.
Along with the many regionalism-related issues the Philippines faces, here are some ways that
the Philippines confronts these challenges:
Economic reforms: The Philippines has implemented various economic reforms to attract foreign
investment and promote exports. The government has reduced trade barriers, privatized state-
owned enterprises, and implemented tax incentives to encourage foreign investors.
Integration with regional organizations: The Philippines is a member of various regional
organizations, such as the Association of Southeast Asian Nations (ASEAN) and the Asia-
Pacific Economic Cooperation (APEC). These organizations provide opportunities for the
Philippines to collaborate with other countries in the region and address common challenges.
Development of human capital: The Philippines is investing in its human capital to compete in
the global economy. The government has implemented programs to improve education, skills
training, and access to technology. The aim is to create a workforce that can adapt to changing
demands and remain competitive in the global market.
Strengthening of institutions: The Philippines is working to strengthen its institutions to promote
transparency, accountability, and good governance. This includes measures to combat
corruption, improve the legal system, and protect the rights of citizens and businesses.
Promotion of cultural identity: The Philippines is also promoting its cultural identity as a way to
differentiate itself in the global market. This includes the promotion of traditional arts and crafts,
as well as the preservation of historical sites and landmarks.
Overall, the Philippines is taking a multifaceted approach to confront the challenges of
globalization and regionalism, by implementing economic reforms, integrating with regional
organizations, developing human capital, strengthening institutions, and promoting cultural
identity.