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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.
Financial openness In terms of financial openness, globalisation came in at a more moderate pace. The country’s total capital flows increased from 3.1 % of GDP in the 1990s to 3.4% of GDP in the 2000s (Figure 1). While the Philippines started to liberalis e the foreign exchange
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