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The globalisation experience and its challenges for the Philippine economy

In: Globalisation and deglobalisation

Author

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  • Diwa C Guinigundo

    (Bangko Sentral ng Pilipinas)

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.

Suggested Citation

  • Diwa C Guinigundo, 2018. "The globalisation experience and its challenges for the Philippine economy," BIS Papers chapters, in: Bank for International Settlements (ed.), Globalisation and deglobalisation, volume 100, pages 259-272, Bank for International Settlements.
    • Handle: RePEc:bis:bisbpc:100-17
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    References listed on IDEAS

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    1. Abrigo, Michael Ralph M. & Desierto,Desiree A., 2011. "Contagious Migration: Evidence from the Philippines," Discussion Papers DP 2011-18, Philippine Institute for Development Studies.
    2. Faith Christian Cacnio, 2013. "Analysing inflation dynamics in the Philippines using the new Keynesian Phililips curve," Philippine Review of Economics, University of the Philippines School of Economics and Philippine Economic Society, vol. 50(2), pages 53-82, December.
    3. Desiree A. Desierto & Geoffrey M. Ducanes, 2013. "Philippines," Chapters, in: Hal Hill & Maria Socorro Gochoco-Bautista (ed.), Asia Rising, chapter 13, pages 385-407, Edward Elgar Publishing.
    4. William Dudley, 2017. "Benefits and challenges from globalization: remarks at the Bombay Stock Exchange, Mumbai, India," Speech 246, Federal Reserve Bank of New York.
    5. Renato E. Reside Jr., 2009. "Determinants of Overseas Filipino Worker (OFW) Remittances," UP School of Economics Discussion Papers 200911, University of the Philippines School of Economics.
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