Globalisation in the Philippines
Introduction
Globalisation is the growing economic independence among nations as reflected in increasing actual movement across nations of:
• Trade
• Investment
It is also the capacity to move and the potential movement across nations of those 2 elements. Globalisation comes with many benefits to a country, these involve the access to economies of scale and the specialisation in comparative advantages which leads to a better allocation of resources worldwide.
Through examining both Australia and the Philippians and using the indicators of trade and investment we can measure their individual involvement in globalisation and the impact it has had on their economies.
1.0 Economic Profile of the Philippians
1.1.0 Trade
Since independence in the 1980’s , the Philippines have opened up their economy to foreign markets, and established a network of free trade agreements with several countries . They have come along way in regards to trade and trade liberalisation. However, as will be shown the Philippians still have along way to go with balancing exports and imports and reducing government regulations that impinge on trade.
1.1.1 Main Exports and Imports
As a newly industrialised economy, the Philippians still has quite a large agricultural sector . The Philippines is the world’s largest producer of coconut, pineapple and abaca (more than 7 percent of total exports revenues). The country is also a major exporter of electronic products like processors, chips and hard drives (over 40 percent of exports). Other exports include: woodcrafts and furniture (5 percent), metal components (3 percent), wiring sets (3 percent) .
The main imports that the Philippians accept are: fuel (25 percent), electronic products (25 percent), transport equipment (7 percent) and industrial machinery (5 percent) . Also the main overall trading partners to the Philippians are: Japan (28 percent of
Globalisation is the growing economic independence among nations as reflected in increasing actual movement across nations of:
• Trade
• Investment
It is also the capacity to move and the potential movement across nations of those 2 elements. Globalisation comes with many benefits to a country, these involve the access to economies of scale and the specialisation in comparative advantages which leads to a better allocation of resources worldwide.
Through examining both Australia and the Philippians and using the indicators of trade and investment we can measure their individual involvement in globalisation and the impact it has had on their economies.
1.0 Economic Profile of the Philippians
1.1.0 Trade
Since independence in the 1980’s , the Philippines have opened up their economy to foreign markets, and established a network of free trade agreements with several countries . They have come along way in regards to trade and trade liberalisation. However, as will be shown the Philippians still have along way to go with balancing exports and imports and reducing government regulations that impinge on trade.
1.1.1 Main Exports and Imports
As a newly industrialised economy, the Philippians still has quite a large agricultural sector . The Philippines is the world’s largest producer of coconut, pineapple and abaca (more than 7 percent of total exports revenues). The country is also a major exporter of electronic products like processors, chips and hard drives (over 40 percent of exports). Other exports include: woodcrafts and furniture (5 percent), metal components (3 percent), wiring sets (3 percent) .
The main imports that the Philippians accept are: fuel (25 percent), electronic products (25 percent), transport equipment (7 percent) and industrial machinery (5 percent) . Also the main overall trading partners to the Philippians are: Japan (28 percent of