The International Monetary Fund sites four fundamental aspects of globalization: migration and movement of people; capital and investment movements; trade and transactions; and the dissemination of knowledge.
Impact in the Philippines
In the Philippines, globalization has generated more jobs in the manufacturing industry, as well as in small and medium enterprises or SMEs like virtual assistants. These two have seen to help improve the local and regional economies of the country. Since they play a critical role in the industrial development and economic growth of a nation,
Manufacturing can generate an abundance of jobs for many Filipinos. Decent livelihoods are the product of globalisation as it augments the income level of each individual. However, still, not many are satisfied with the income one receives from the manufacturing industry. Not all would agree that this sector is a prolific one since it is not paying much.
Developing countries like the Philippines are the main beneficiaries of globalization. It helps promote more businesses leveraging on achievement which catapults on its way to success. It carries out manufacturing businesses on a global basis. While international companies outsource virtual assistants from our country, it can produce more skilled workers who are well-compensated and benefits from working at home.
The production of goods and services has been on an international level because of
Negative Effects of Globalization
While it can help a lot of nations, there are some adverse effects affecting millions of lives around the world. There are also ill effects of globalization like companies sometimes struggle with competition; it can only be in favor of rich countries which might stifle the economic growth of developing countries; it can also help spread communicable diseases; and lastly, promote unfair working conditions.
In conclusion, the Philippines should look at the benefits of globalization, and re-examine its weak points as well to help its economy and contribute to the world in general.
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