Contemporary Reviewer:
Lecture 5: (Role of financial institution)
IFI’s (International Financial
Institution)
Providing development assistance – Many IFIs
provide loans, grants, and technical assistance to
help developing countries promote economic
growth and reduce poverty.
Promoting economic stability – It may also
provide financial assistance to help stabilize
national economies in times of crisis.
Supporting international trade and
investment – IFIs may facilitate international
trade and investment by providing
guarantees, insurance, and other financial
services.
Providing financial regulation and
supervision – Some IFIs help regulate and
supervise financial systems in order to
prevent financial crises.
Facilitating regional integration – IFIs may
also promote regional economic integration
by providing loans and technical assistance
to support cross-border infrastructure
projects and trade agreements.
Encouraging sustainable development –
Many IFIs promote sustainable development
by providing funding for environmentally
friendly projects, such as renewable energy
and sustainable agriculture.
Providing humanitarian assistance – IFIs
may also provide funding for humanitarian
and emergency relief efforts, such as disaster
response and refugee assistance.
Encouraging good governance – Some IFIs
provide funding and technical assistance to
support good governance, anti-corruption
efforts, and the rule of law.
Promoting gender equality – IFIs may
promote gender equality by funding projects
that empower women and girls and
addressing gender-based discrimination.
Facilitating debt relief – IFIs may provide
debt relief to countries facing unsustainable
levels of debt.
Supporting research and knowledge-sharing:
Some IFIs support research and knowledge-
sharing in order to promote evidence-based
policy making and improve development
outcomes.
Blue Chip Stock – Blue Chips came from a
poker game, which means highest value.
Stock in the company known for its long-
established record of making money and
paying dividends.
BUSINESS JARGONS:
Benchmark – Generally accepted or standard
unit used for the basis of comparison.
Closed Corporation – A corporation owned
and controlled by few persons usually
belonging to the same family
EX: Gokongwei Family.
Collateral – Stock or property that a
borrower is obliged to turn over to a lender
if he cannot repay a loan.
EX: Pang-ibig, SSS, BDO, BPI, AND
LANDBANK
Conglomerate – A corporation composed of
companies engaged in a variety of
businesses.
EX: San Miguel Corp, Jollibee Food Corp,
Ayala Corporation, SM Investments and
Ayala
Countertrade – A form of barter in which the
buyer requires the seller to accept goods (of
the buyer’s choosing) instead of currency.
Market Integration’s roles
Market integration provides a number of
social benefits, including broadening the
range of financial services and investment
opportunities available to consumers and
increasing competition in the provision of
those services.
LESSON #6 (Market Integration)
Integration shows the relationship of firms
in a market. The extent of integration
influences the market conduct of the firms
and consequently their marketing efficiency.
Market Integration is a process which refers
to the expansion of firms by consolidating
additional marketing functions and activities
under a single management.
Types of market integration:
Horizontal Integration - in this type of
integration, some marketing agencies
combine to form a union to reduce their
effective number and the extent of actual
competition in the market.
- Example: facebook and Instagram
Vertical Integration - occurs when a firm
performs more then one activity in the
sequence of the marketing process.
- Forward Integration- takes activities close
to the consumption function
- Backward- combination of sources of
supply
- Example: cignal and cignal entertainment
Conglomerate Integration - a combination of
agencies or activities not directly related to
each other may operate under a unified
management. - Example: San Miguel Corp
(Petron, Slex, Purefoods, Magnolia, Bank of
Commerce and Gin)
LESSON #7
Globalization has had a significant impact
on governments around the world. Some of
the key effects include:
 Increased economic
interdependence:
Globalization has led to
increased economic
interdependence between
countries. This means that
governments are more
likely to be affected by
economic developments in
other countries. For
example, if a country's
main export market
experiences a recession,
this could lead to job losses
and economic hardship in
the exporting country.
 Increased pressure to
liberalize trade:
Globalization has put
pressure on governments to
liberalize trade. This means
that governments are more
likely to remove barriers to
trade, such as tariffs and
quotas. This can lead to
increased competition for
domestic businesses, but it
 can also lead to lower
prices for consumers.
 Increased pressure to
protect intellectual
property: Globalization
has also put pressure on
governments to protect
intellectual property. This
means that governments are
more likely to enforce laws
that protect copyrights,
trademarks, and patents.
This can help to ensure that
businesses can recoup their
investments in research and
development.
 Increased challenges to
national sovereignty: This
means that governments are
less able to control their
own economies and
societies. For example,
multinational corporations
can now move their
operations to different
countries in order to take
advantage of lower taxes or
less regulation. This can
make it difficult for
governments to implement
their own economic
policies.
Here are some additional thoughts on the
effects of globalization on governments:
 The role of governments
in the global economy is
changing. In the past,
governments played a more
active role in regulating the
economy and protecting
domestic businesses.
However, globalization has
led to a decline in the
power of governments to
do this. As a result,
governments are
increasingly focusing on
providing public goods and
services, such as education
and healthcare.
 Globalization is leading to
a convergence of
government policies. As
countries become more
interconnected, they are
also becoming more similar
in terms of their
government policies. This
is because countries are
increasingly competing for
investment and trade, and
they are finding that they
need to adopt similar
policies in order to attract
foreign businesses.
 Globalization is creating
new challenges for
governments. One of the
biggest challenges facing
governments is how to deal
with the increasing flow of
people, goods, and
information across borders.
This flow can bring new
opportunities, but it can
also pose new challenges,
such as security threats and
environmental problems.
WHAT IS THE DIFFERENCE
BETWEEN INTERNATIONALISM
AND GLOBALISM
Internationalism deals more on political,
economic and cultural cooperation between
nations, while globalism focuses more on
the ideas or belief that people, goods and
information free of restrictions.
Internationalism refers to the cooperation
and coordination among different countries
to achieve common goals. The focus is on
the relationships between nations and the
promotion of mutual understanding and
respect for each other's cultures and values.
Globalism, on the other hand, refers to the
connection of the world and the increasing
interdependence of nations on each other. It
emphasizes the need for a global perspective
and the recognition that many issues facing
the world today, such as climate change,
require a collective effort to address.
Internationalism and globalism are two
concepts that are often used interchangeably,
but they have different meanings.
Internationalism refers to the cooperation
and coordination among different countries
to achieve common goals. The focus is on
the relationships between nations and the
promotion of mutual understanding and
respect for each other's cultures and values.
Globalism, on the other hand, refers to the
interconnection of the world and the
increasing interdependence of nations on
each other. It emphasizes the need for a
global perspective and the recognition that
many issues facing the world today, such as
climate change, require a collective effort to
address.
Some of the advantages of internationalism
include:
 Promoting peace and stability by
encouraging countries to work
together towards common goals
 Fostering cultural exchange and
understanding.
 Facilitating trade and economic
growth by removing barriers and
promoting cooperation
Some cons of internationalism include:
 The potential for countries to
prioritize their own interests over the
common good
 The possibility of unequal power
dynamics between nations
 The risk of cultural homogenization
and loss of diversity
Some pros of globalism include:
 Encouraging cooperation and
collaboration in addressing global
challenges
 Facilitating the exchange of ideas
and knowledge across borders
 Promoting economic growth and
development through increased trade
and investment
HISTORY:
HISTORICAL CRITICISM
Historical criticism is a method of
examining and analyzing historical texts,
documents, artifacts, and events in a critical
and systematic way.
It is a fundamental approach used by
historians to assess the reliability, accuracy,
and significance of historical sources and
narratives.
The Historical criticism of the sources is one
of the most important duties of a historian in
research. It is part of the analytical operation
in the historical method.
Source criticism helps the historian to find
out a reliable account of the past. The aim of
historical criticism is to establish the
authenticity and reliability of a historical
document.
There are two levels of source criticism
namely:
External Criticism- aims to find out the
authenticity of the document.
-also called lower criticism, determines the
authenticity of the source.
-The method of external criticism is also
known as heuristics. The term heuristics is
derived from the Greek word ‘heuriskein’,
which means to find or discover. Heuristics
is a technique to detect, trace and locate
historical evidence.
-External criticism generally conducts
examinations of documents like
manuscripts, books, pamphlets, maps,
inscriptions and monuments.
-The problem of authenticity of documents
arises more in the case of manuscripts than
the printed documents because the printed
document has already been authenticated by
its
author or publisher.
Internal Criticism aims to establish the
credibility of the content of the document.
-Internal criticism is applied to check the
credibility of the document whether the
contents given in it are believable or not. It
is because; many writers will not have
adequate knowledge of the given situation.
-Some will write on the situation, with
motivation or prejudice. Sometime they will
not reveal the truth for fear of consequences.
-Internal criticism involves a scientific
examination of the relevance of the data.
Correction of errors rejection of unwanted
information is important.
 Internal criticism are of 2 kinds –
negative and positive.
Negative criticism is to examine that if
he was in a position to tell the truth.
Positive criticism is to find out whether
he has said the truth.
KEY ASPECTS OF HISTORICAL
CRITICISM:
1. Source Evaluation: Historical criticism
involves the evaluation of the sources used
to construct historical narratives. Historians
assess the origin, authorship, date, and
context of historical documents or artifacts
to determine their credibility and
authenticity.
2. Bias and Perspective: Historians are
keenly aware of the potential biases present
in historical sources.
3. Corroboration: Historical criticism often
relies on corroboration, which means
comparing and cross-referencing multiple
sources to validate historical claims.
4. Contextual Analysis: Historians place
historical sources within their broader
historical, social, and cultural contexts.
Understanding the context for dating
artifacts, textual analysis, and assessing the
reliability of eyewitness accounts.
5. Historical Methodology: Historical
criticism follows a systematic and
methodical approach to analyzing historical
evidence. It includes techniques for dating
artifacts, textual analysis, and assessing the
reliability of eyewitness accounts.
6. Interpretation and Reconstruction:
Historians use historical criticism to
interpret and reconstruct past events and
narratives. They aim to provide a coherent
and evidence-based
understanding of historical periods and
developments.
7. Revisionism: Historical criticism can lead
to revisionist interpretations, where new
evidence or perspectives challenge
established historical narratives.
8. Ethical Considerations: Ethical questions
are often part of historical criticism,
especially
when dealing with sensitive or controversial
topics from the past.

The First Voyage Around the World
The Account of Magellan’s Expedition
(1519-1522)
Antonio Pigafetta (1491 – 1531) was a
Venetian scholar and explorer. He joined the
Spanish expedition to the Spice Islands led
by Portuguese explorer Ferdinand Magellan,
the world's first circumnavigation, and is
best known for being the chronicler of the
voyage. Pigafetta's surviving journal is the
primary source for much of what is known
about Magellan and Elcano's voyage.
The Voyage around the World manuscript in
the Veneranda Biblioteca Ambrosiana is the
only surviving Italian-language manuscript
of Antonio Pigafetta's detailed eyewitness
account of the first sea voyage to
circumnavigate the globe. Created in
1523-1525, the manuscript dates from the
years immediately following Pigafetta's
return from the adventure.
Ferdinand Magellan or Fernando de
Magallanes, in Spanish (1480 – 27 April
1521) was a Portuguese explorer best known
for having planned and led the 1519 Spanish
expedition to the East Indies across the
Pacific Ocean to open a maritime trade
route, during which he discovered the
interoceanic passage
thereafter bearing his name and achieved the
first European navigation to Asia via the
Pacific.
On September 20, 1519, five ships carrying
about 270 men left the Spanish port of
Sanlúcar
de Barrameda sailing west — and kept
going.
Magellan commanded the lead ship Trinidad
and was accompanied by four other ships:
the San Antonio, the Conception, the
Victoria and the Santiago.
They were the first known Europeans to see
the great ocean, which Magellan named Mar
Pacifico, the Pacific Ocean, for its apparent
peacefulness, a stark contrast to the
dangerous waters.
The fleet reached the Pacific Island of Guam
in March 1521, where they finally
replenished their food stores
Ferdinand Magellan, called Guam “Isla de
Ladrones” (Island of Thieves) because
islanders took whatever they could
from his ship as payment for the food and
water they had given the crew.
Magellan’s fleet then sailed on to the
Philippine archipelago and befriended the
locals. Magellan ordered his men to anchor
their ships on the shores of Homonhon
Island. He told his Malay slave, Enrique, to
assure the natives that they came as friends
not as enemies.
There, Magellan befriended Rajah Kolambu
and Rajah Siagu, king of Limasawa, who
also guided
him to Cebu. On March 30, 1521, the first
Easter Sunday Mass was celebrated in
Limasawa.
Rajah Humabon, welcomed the Spaniards,
gifts were exchanged, and two
parties sealed their friendship with a blood
compact in a traditional ritual called
‘Sandugo”
A cross was erected to signify this important
event. This place is now known as Magellan
Cross in Cebu.
Magellan’s voyage was the first recorded
trip around the globe.

The other ship, the Victoria, continued
west under the command of the Basque
navigator Juan Sebastian de Elcano. The
vessel sailed across the Indian Ocean,
rounded the Cape of Good Hope, and
arrived at Seville on September
9, 1522, becoming the first ship to
circumnavigate the globe.
The Earliest Humans in the Philippines
Skeletal remains of an extinct rhinoceros
dating to the mid-Pleistocene have been
found at an archaeological site on the
island of Luzon. The bones show evidence
of having been cut
with stone tools.
Paleontologists think that the makers of the
tools were most likely related to Homo
Erectus , one of the earliest human species.
Bones were analyzed and presented in the
article "Earliest known hominin activity in
the Philippines by 709,000 years ago”
by Dr. Thomas Ingicco, et al.
Based on archaeological knowledge, Homo
erectus considered unlikely that these early
humans arrived there by intentional
navigation. They more likely
reached it by way of a natural raft, expelled
into the open ocean by a typhoon, that
happened to wash up on the island.
Ancient Interactions Between the
Philippines and Southeast Asia
Beginning in the first millennium AD,
indigenous chiefdoms emerged on the
islands and had regular trade contact
with Southeast Asia and China.
Writing was also prevalent in the
Philippines, The scripts used on the islands
were influenced by writing systems from
India and Indonesia.
Laguna Copperplate- precolonial Philippines
artifact that contains writing from 900 AD
-This plate bears what appears to be an
official inscription written in a script
used across Maritime Southeast Asia at the
time. This script was ultimately
derived from an Indian script. It also
references a date using a lunar calendar
that was common across Southeast Asia.
-The Laguna Copperplate demonstrates that
the islands were not isolated
and suggests that they had significant
contact with the rest of Southeast Asia
Animism- the predominant religious system
in the Philippine archipelago before the
foreign religion.
Bathala,- who created earth and man, was
superior to these other gods and spirits.
Every village or town had shamans and
priests who were believed to wield power
over the supernatural world.
Buddhist and Hindu Influences in the
Philippines’ History
The first foreign religions to make a mark on
the archipelago may have been
Buddhism and Hinduism
Fray Juan de Plasencia was born in the early
16th century as Juan Portocarrero in
Plasencia. He was a Spanish friar of the
Franciscan Order and among the first group
of Franciscan missionaries who arrived in
the Islands on July 2, 1578.
He wrote the Customs of the Tagalogs to put
an end to some injustices being committed
against the native by certain government
officials.
Customs of the Tagalogs was one of his
writings that tackles about everyday living
of the ancient Filipinos, their social status,
customs, traditions and beliefs of the
Tagalogs. It also provided the first form of
Civil Code used by local governors to
administer justice.

most notably the Doctrina Cristiana

(Christian Doctrine), the first book ever
printed in the Philippines.

Customs of the Tagalogs was written on the

year 1589 during the Spanish Colonial
Period. “Customs of the Tagalogs” was
written through the eyes and hands of a
Spaniard.