QUIBEN, KENT HARVEY Q.

Assignment7-Assignment-M1
2021101927 September 5, 2022
BATTLE
(Word Count: 1,504)

INTRODUCTION

Growth in a country's economy might stand in for other factors on how its citizens

can fulfill their fundamental needs from the commodities and services produced inside

the economy. It also refers to improvements in infrastructure, the decline in the

unemployment rate, and an index of rising standards of living. Effectiveness in

alleviating poverty and increasing tax revenue is often cited as a metric by which

governments are evaluated. Most economic difficulties rely primarily on trade flows

because of the worldwide need for health and food supply. First-half 2020 global GDP

fell by 13%, as reported by Hornik & Nicolaides (2017). More than three months of

quarantine in the Philippines temporarily halted production at many businesses and

caused a dramatic change in the direction of trade, leading to interruptions in supply

and unmet demand. As a result of the lull in employment, many locally owned

businesses experienced temporary losses that were difficult to recover from.

Consequently, work at neighborhood businesses disappear, and the economy suffers

and slows down the development of otherwise prosperous neighborhoods (Lopez,

2014). The worldwide supply shock is now more significant than the demand shock,

which is often the other way around. To fully grasp the issue, identify problems, create

answers, and act, we must investigate all ramifications of COVID-19 (Brock, 2021). For

what it's worth, I believe that the Philippine economy benefits from more political

and economic globalization.

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REASON 1

More jobs are created as a result of economic integration. Trade liberalization

eliminates restrictions or barriers that make international trade more difficult or

expensive. Reduced tariff costs mean reduced final consumer prices, fostering a

healthy economy that benefits producers and consumers (Kenton, 2020). Economic

globalization is defined by consumers' familiarity with worldwide economic realities,

mainly as they apply to the goods and services they purchase regularly. By mastering

the concepts of supply and demand in the marketplace, the Philippines can increase its

global economic footprint and inspire its people to think big and reach for the stars

(Kelly, 2021).

COUNTERARGUMENT 1

Both micro and macroeconomics are crucial to the production and distribution of

the products and services that make up the economy. Thus, consumers immediately

see fluctuations in the cost of staples like oil and perishables. Nonetheless, trade

liberalization might threaten poorer economies since lowering taxes results in less

money, making it difficult for impoverished nations to strive for economic progress.

When applied to investors, protectionism is the polar opposite of trade liberalization

since it tightens up on market control (Kelly, 2021). As a result of the epidemic, the

Philippines' economy is more fragile than usual, yet implementing trade liberalization

would enhance competitiveness in the local market, which has its own advantages.

Domestic enterprises will be urged to use more cost-effective materials when competing

globally in their manufacturing processes. This helps both businesses succeed,

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benefiting the local economy (Kenton, 2020). In addition, political links between nations

impact commerce, influencing how well deals go down and how solidly economic

linkages are established.

REASON 2

Monetary policy, or management of the country's quantity of currency held in

reserve, is one tool used by an integrated economy to promote openness and

expansion (Brock, 2021). By doing so, the government can ensure the funds are spent

neither too quickly nor too slowly. The democratically elected officials in the Philippines

are responsible for making the vast majority of the country's essential and technical

decisions. Considering the many societal concerns and problems that have surfaced

under Duterte's watch, it's safe to argue that the bulk of his policy choices has been

poorly conceived and counterproductive, harming the nation and its people. Critical

thinking is essential to every nation's progress and success, as it promotes enhancing

public services and mitigating unintended consequences (Kenton, 2020).

COUNTERARGUMENT 2

Given the historical pattern of bribery and corruption in the Philippines, the

current administration may be ill-equipped to handle the problem. By adjusting loan

interest rates, the central bank in charge of monetary policy may influence consumer

spending (expansionary or contractionary). Although the system's general tenets seem

to have a strong bearing on the market's trajectory, it may mitigate the magnitude and

impact of unforeseen phenomena like inflation and liquidity. Various problems in

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different countries call for different approaches. Therefore, we must define global

objectives that play to each country's strengths while compensating for its deficiencies

(Brock 2021). Business outsourcing, international travel, and mass manufacturing are

vital to the Philippine economy. As a result, the economy was very susceptible to the

pandemic since there were fewer tourists, employees, and locally-based companies to

support itself (Kenton, 2020). Consequently, we need to provide the best possible

response.

REASON 3

Meanwhile, political amalgamation sums up the idea: international financiers

imply international solutions. We are all aware that one goal of globalization is to

address various global issues. Many problems require fixing, such as starvation,

poverty, security, justice, and providing clean water and food to people who don't have

any (Hornik & Nicolaides, 2017). Providing these global public benefits while equitably

allocating resources and accomplishing objectives is the focus of the worldwide

government. The Philippines will be better positioned to ask for economic and financial

support if it can establish political ties with its neighbors. Since the senate would have to

review and examine the deal, it gives us an excellent chance to come up with even

better and more lasting answers to our challenges.

COUNTERARGUMENT 3

To keep the world's economies from becoming too unbalanced and to prevent

any nation from laying claim to more power than the rest, institutions like the global

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federation and global governance have been put in place (Kelly, 2021). There is a

possibility that countries with lots of money and political clout would like to have a more

enormous say in global affairs. But personal development is distinct from societal

progress. Remember that our success relies on the acts and governance of the nation,

even if we share treaties or belong to the same organization as other progressive

countries. Growing cultural, economic, and demographic interconnectedness will help

us move forward as one nation.

REASON 4

The Association of Southeast Asian Nations (ASEAN) is among the world's most

valuable organizations. Arcebido (2017) claims that Filipinos have five advantages due

to this integration: a lower cost of living, higher quality of life, access to employment and

education options outside the country, the freedom to pursue their own interests, and

economic success. Products become more reasonably priced due to the unrestricted

movement of commodities and services. As a result of the value we put on our health

and happiness, we prioritize financial security, more foreign investments, and better

health care benefits. Positivity to change and global market competitiveness are

bolstered by work and study abroad opportunities. Free and adaptable cross-border

sharing of knowledge and expertise is a central goal of the Association of Southeast

Asian Nations charter (Lopez, 2014).

COUNTERARGUMENT 4

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 While, on the surface, this seems optimistic, ASEAN is known to have several

shortcomings, such as disparities in development and differences in priority setting

among its members. The rule of law and effective government are two areas in which

each country varies widely. Unemployed people have few options since modern

businesses have grown too slowly, and manufacturing has expanded at a rate that

requires a lot of new investment. On the other hand, people's ability to get higher-paying

occupations is hampered by a lack of excellent education (Arcebido, 2017). Investors

from other countries are wary because of the unforeseen political changes in the

country. Further, the history of massive demonstrations and the supreme court's many

revisions and reversals of legislation have all added to the general air of unpredictability.

The Philippine government is doing too much, and too little to support development, and

adding more laws and regulations wouldn't help. Some reasons for the Philippines' lack

of progress include the country's fundamental economic structure, which is based

mainly on agricultural resources and low-yielding products. To ensure that policies are

effective and required for advancement, policymakers must identify the latter and

eliminate the former (Hornik & Nicolaides, 2017).

CONCLUSION

Each facet of our community fights a never-ending battle against COVID-19. The

most widely accepted drawback is the immediate and negative impact on our

interpersonal relationships and psychological well-being. While we recognize the need

to invest in our future, we are constrained from expanding internationally due to financial

constraints. Even though a "new normal" is expected, we still need to think about how

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the economy will work in the meantime, particularly the market, commerce, and

enterprises. Governments have a hard time crafting effective measures since the

magnitude of the pandemic's economic consequences is uneven and unexpected.

Therefore, international cooperation is crucial to maintain the flow of commerce and aid

other nations in weathering the financial crisis. Unlike grownups, whose social networks

and economies are reliant on the actions of higher-ups, I, as a college student, am

relatively immune to governmental activities. Although other people do not have this

luxury, it does not absolve me from the responsibility of casting a thoughtful ballot.