Effects of Globalization in the Philippines

Topics: International Monetary Fund, United States, World Bank Pages: 3 (989 words) Published: November 25, 2010
The Adverse Effects of Globalization in the Philippines
Most modern economist called this "World New Economic Order" that is all States in the world bend themselves to promote free flow of the economy. All country and State open its market with minimal or without any restrictions. Hence, for instance, Philippine economy is freely open for the global market with limited restriction or worst without limitation. For this reason modern economic superpowers, the members of this G7 (e.i., United States, Japan, UK, Germany, France, Canada, Italy) hassle-free to intervene the Philippine economy. This trend is popularly known as the Globalization. It has three elements the privatization, deregulation, and the liberalization. To explain further the essence of this Globalization, we need to put scrutiny to its three elements. First, the privatization it is the policy wherein the Government Own and Controlled Corporations (GOCC's) where privatized by selling it to the private sector. Second, the deregulation, meaning the government has to cut its control over the industry for basic commodities, e.g., oil, water, electricity. Lastly, liberalization, is the policy by which all laws regarding import products were amended or abolished, for example tariff and quota. Privatization is the process where all government own corporations are privatized, and maintained by the private sector. We cannot denied that when a business is in the hands of private institution it is oriented for profit. These GOCC's are basically State's inherent corporations because their services are for the public consumption like the electricity, water, transportation, telecommunications, and the like. They are essentials for the well being of the State. This trend of Globalization threaten this State's natural order. This trend, as push by the G7, paving these economic superpowers to access to the basic industries of a subject country. The truth is members of G7 has all the available resources, for the...
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