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BIS Papers No 100 259 The globalisation experience and its challenges for the Philippine economy1 Diwa C Guinigundo2 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.
of GDP at end-September 2017Residents’ p. ortfolio investments in other countries likewise increased from 1.5% of GDP in end-December 1999 to 5.2at end- % September 2017, signifying the rising internationalisa tion of domestic corporates and investors. 3
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