In what ways do economic realities like globalization, competitors and suppliers,

the fall of financially stable organizations, increasing oil prices, economic trade
agreements, the emergence of new markets, and the rise of China as a major economic
player in the world affect the growth and development of Philippines?

These economic realities play a big role in the growth and development of the
Philippines. They provide a competitive advantage to us. And when a market is
competitive, it only means that the promotion of productivity and innovation as drivers of
economic growth is effective. Therefore, market competition stimulates growth and
development. Aside from that, supply chains participation contributed to industrialism
and high rates of economic growth. An open international trade also tends to help the
country to grow faster, innovate and improve productivity which results in more job
opportunities for the people. Additionally, it can offer a great return to investors due to
its rapid growth. Lastly, the rise of China as a major economic player in the world had a
significant impact on the Philippines since they are the most important driver behind the
Philippine construction boom in the past few years.

On the other hand, other economic realities like the fall of financially stable
organizations and an increase in oil prices also play a crucial role in our country. It
affects the growth and development of the Philippines. The oil price increase means
that there is an increase in inflation, and it reduces economic growth. The financial
stability of an organization reflects the country. And if there is a fall of financially stable
organizations, then it indicates that there could be an inadequate economic policy,
inefficient resource of allocation, and many other factors. It affects the economy since it
is one of the major contributors to tax.