How has globalization impacted the Philippine economy?
Research Question
Academic Insights
Globalization has significantly impacted the Philippine economy, primarily through labor exportation and remittances, while also influencing various economic sectors and employment patterns.
Key Insights
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Labor Exportation and Remittances:
- The Philippines has relied heavily on the export of labor rather than goods, with remittances from overseas Filipino workers becoming a main pillar of its growth and development strategy .
- This reliance has provided a robust source of income, helping to stabilize the economy during global crises .
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Sectoral Impact:
- Manufacturing remains a key sector, exhibiting the highest intersectoral linkages, while the services sector, although growing, shows lower linkages .
- The globalization of private services and transportation, communication, and storage sectors has also had a growing impact on the economy .
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Trade Liberalization:
- The ASEAN Free Trade Area (AFTA) has led to a net gain in aggregate output for the Philippines, despite declines in certain industries .
- The Regional Comprehensive Economic Partnership (RCEP) is expected to improve the Philippine GDP by 3% and reduce poverty, benefiting lower-income households through cheaper imports .
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Gender-Differentiated Effects:
- Globalization has had gender-differentiated effects on the informal sector, particularly in employment, wages, and working hours, especially during financial crises .
Conclusion
Globalization has profoundly influenced the Philippine economy, with labor exportation and remittances playing a crucial role. While manufacturing remains a key sector, trade liberalization agreements like AFTA and RCEP have provided net gains. However, the effects of globalization are complex and multifaceted, including gender-differentiated impacts and sectoral shifts.
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Related Questions
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