CAPUL, DAN ELLA M.

FEBRUARY 29, 2024

HUMSS 12 – WEBER MS. JHENNA

1. HOW IS THE GLOBALIZATION PROCESS EVIDENT IN THE PHILIPPINES

(ECONOMICAL)?

The Philippines' economy has been significantly impacted by globalization. The nation's
economy has grown as a result of greater commerce and investment. It also had difficulties,
including rivalry that has impacted regional sectors and possible vulnerability to changes in the
world economy. Furthermore, as a result of globalization, services are now being outsourced to
the Philippines, mainly in the business process outsourcing (BPO) industry. This has increased
employment prospects but also raised questions about wage levels and job security.
Globalization has had a complex economic impact on the Philippines, encompassing both
positive and negative features.
PROVIDE POSSIBLE STATISTICAL DATA OR TRENDS
According to the Gross Domestic Product (GDP) trends
for the Philippines in 2022, 2023, and 2024 are depicted
in the graph. A significant economic expansion was seen
in 2022, as evidenced by a 7.6% rise in GDP. But in 2023,
the growth rate slowed to 6.0 percent, indicating a modest
slowdown in the rate of economic growth. There is a little
increase with a GDP growth rate of 6.2 percent in 2024.
These numbers demonstrate changes in the rate of
economic activity over this time period and highlight
swings in economic performance. It is imperative to take into account a multitude of elements,
including domestic considerations, global economic conditions, and government policies, that
impact these trends.
QUOTES, POLICIES AND AGRREMENT
There are different quotes, policies and agreement about economy of the Philippines
based on their function and department. According to Central Bank of the Philippines "The
Philippine economy is on track, driven by robust domestic demand, a solid banking
system, and a sustainable fiscal policy." While, "Inclusive growth is the overarching goal
of the Philippine Development Plan, ensuring that the benefits of economic growth are
felt by all Filipinos." Said by National Economic and Development Authority (NEDA). The
Philippines adopted tactical plans in two ways to promote economic growth. One of the
program’s main initiatives is the “Build, Build, Build” program, which directs funding toward
important infrastructure projects like public transportation, roads, bridges, and airports.
Concurrently, the implementation of the TRAIN Law (Tax Reform for Acceleration and
Inclusion) seeks to promote a more progressive tax structure, enhance revenue for development
projects, and simplify the tax code. When taken as a whole, these measures show an in-depth
approach to improving the nation’s financial and physical infrastructure, hence promoting
economic growth. To improve its position in the world economy, the Philippines actively
participates in bilateral and regional economic alliances. The nation promotes regional
economic integration within the ASEAN area by helping to build a single market and
production base as a member of the ASEAN Economic Community (AEC). In addition, the
Philippines works to protect and encourage investments through Bilateral Investment Treaties
CAPUL, DAN ELLA M. FEBRUARY 29, 2024
HUMSS 12 – WEBER MS. JHENNA

(BITs) with different countries, creating a strong foundation for bilateral economic cooperation.
These two pledges demonstrate the country’s commitment to regional and global cooperation
for long-term economic development.
LEGAL BASIS ASSOCIATED WITH ECONOMIC IMPACTS IN CONTEXT OF
GLOBALIZATION
The Philippines’ strong legal system helps it handle globalization successfully. Trade
agreements, investment regulations, labor laws, tax laws, and laws pertaining to infrastructure
development all support worker rights, employment dynamics, and economic openness. These
policies safeguard workers’ rights, promote a favorable economic climate, and draw in
international investment. Projects like “Build, Build, Build” to improve national growth and
international competitiveness are also supported by the legal framework. The Philippines
benefits from these policies in the international economy.
DIRECTION OF TRENDS

The above-mentioned economic developments in the Philippines show a trajectory of

growth punctuated with periods of uncertainty. As a measure of economic success, GDP
growth spiked at 7.6% in 2022, dropped to 6.0% in 2023, and then modestly recovered to 6.2%
in 2024. These numbers, which come from official publications from the World Bank and the
Philippine Statistics Authority (PSA) or other international organizations, show a dynamic
economic environment with fluctuations in growth rates over the given time frame. For the
most accurate and current information on the direction of economic trends in the Philippines,
it is imperative to examine these reliable sources.

REFERENCES

• https://www.adb.org/news/philippine-economy-post-robust-growth-2023-2024-
despite-inflation-pressures-adb
• https://www.dof.gov.ph/phs-full-year-2023-gdp-growth-strongest-among-major-
asian-
economies/#:~:text=The%20Philippines%20finished%20strong%20in%202023%20w
ith%20a,%283.8%20percent%29%20based%20on%20the%20latest%20available%20
data.
• https://www.google.com/search?q=philippine+economy+today&tbm=isch&client=ms
-android-oppo-
rvo2&prmd=nimv&hl=en&sa=X&ved=2ahUKEwj1p4z99cyEAxUkSWwGHal8DZQ
QrNwCKAB6BQgBEIgC&biw=360&bih=668#imgrc=ZP6Wbf9bkTWd_M