In the future, it will be harder to develop lands and find buyers for the low-&-medium cost housing. Since land is getting scarcer and more expensive. With globalization, jobs are now held on for a few months to a few years only. Although OFW’s will still be there, they will be facing many other people of other nationalities who will be able to accept lower wages.
As the country is finding ways to adjust and take advantage of the opportunities of a more-open economy, white-collar and blue collar workers alike will have to lower wages and acquire new skills to look for other employment opportunities or start their own businesses.
Globalization is fast changing the economic landscape, as other countries produce and deliver better goods and services at a lower cost with better quality; more and more local consumers are now buying imported goods, commodities and services. This in turn affects the viability of thousands of small and medium size firms and farms.
The Philippines like other developing countries will have a hard time surviving in a globalized economy. A global economic downturn will affect the country’s export earnings and OFW remittances and with many countries, including our Asean neighbors already economically ahead of the country, it will take double the effort for the Philippines to be not just left behind.
As the country is finding ways to adjust and take advantage of the opportunities of a more-open economy, white-collar and blue collar workers alike will have to lower wages and acquire new skills to look for other employment opportunities or start their own businesses.
Globalization is fast changing the economic landscape, as other countries produce and deliver better goods and services at a lower cost with better quality; more and more local consumers are now buying imported goods, commodities and services. This in turn affects the viability of thousands of small and medium size firms and farms.
The Philippines like other developing countries will have a hard time surviving in a globalized economy. A global economic downturn will affect the country’s export earnings and OFW remittances and with many countries, including our Asean neighbors already economically ahead of the country, it will take double the effort for the Philippines to be not just left behind.
If the country can get its act together, where the government, and everyone else would cooperate and work hand-in-hand, then there is hope for a brighter future for the country. But that is only if ever the country gets its act together, learning to accept, embrace and do something about the fast economic, technological, political and social changes will take a lot of time, money and effort.
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