The Globalisation Experience and Its Challenges for the Philippine Economy

14 Pages Posted: 13 Feb 2019

See all articles by Diwa C. Guinigundo

Diwa C. Guinigundo

Government of the Republic of the Philippines - Monetary Stability Sector

Date Written: December 21, 2018

Abstract

This paper analyses the extent and impact of globalisation in the Philippines in terms of trade, finance and migration. In the Philippines, trade globalisation and migration have been more prominent than financial globalisation. While empirical estimates show that globalisation has positively affected the country’s economic growth and employment, substantial evidence for its impact on inequality and poverty has yet to be found, as preliminary estimates show mixed results. There are both winners and losers among industries and in the labour market. Thus, more inclusive policies could potentially help cushion the negative consequences of globalisation and facilitate adjustments to narrow the gap between winners and losers. Towards this end, the Bangko Sentral ng Pilipinas has made contributions primarily through its focus on low and stable inflation; the facilitation of greater financial inclusion; and greater involvement in global cooperation efforts to further strengthen rule-based international transactions.

Full Publication: Globalisation and Deglobalisation

Keywords: impact of globalisation, challenges of globalisation, policy response to globalisation, migration, remittances, financial inclusion, Philippines

JEL Classification: F6, F62, F63, F66, F68, F22, F24

Suggested Citation

Guinigundo, Diwa C., The Globalisation Experience and Its Challenges for the Philippine Economy (December 21, 2018). BIS Paper No. 100q, Available at SSRN: https://ssrn.com/abstract=3332089

Diwa C. Guinigundo (Contact Author)

Government of the Republic of the Philippines - Monetary Stability Sector

Philippines

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