The country is taking part in the process of globalization ever since the country signed agreements with World Trade Organization in 1995. 
		Now, globalization is very effective in the Philippines, it has allowed major changes in the nation like more labor, and more Filipino and foreign companies has emerged in the nation in order to help the country’s developing economy.
Advantages 
Peaceful Relations - Most of the countries have resorted to trade relations with each other in order to boost their economy, leaving behind any bitter past experiences if any.
 Employment - Considered as one of the most crucial advantages, globalization has led to the generation of numerous employment opportunities. Companies are moving towards the developing countries to acquire labor force.
Education - A very critical advantage that has aided the population is the spread of education. With numerous educational institutions around the globe, one can move out from the home country for better opportunities elsewhere. 
Product Quality - The product quality has been enhanced so as to retain the customers. Today the customers may compromise with the price range but not with the quality of the product. Low or poor quality can adversely affect consumer satisfaction.
Cheaper Prices - Globalization has brought in fierce competition in the markets.
Communication - Every single information is easily accessible from almost every corner of the world. Circulation of information is no longer a tedious task, and can happen in seconds. The Internet has significantly affected the global economy, thereby providing direct access to information and products.
Transportation Considered - as the wheel of every business organization, connectivity to various parts of the world is no more a serious problem. Today with various modes of transportation available, one can conveniently deliver the products to a customer located at any part of the world. 
GDP - Increase Gross Domestic Product, commonly known as GDP, is the money value of the final goods and services produced within the domestic territory of the country during an accounting year.
Free Trade - Free trade is a policy in which a country does not levy taxes, duties, subsidies or quota on the import/export of goods or services from other countries. There are countries which have resolved to free trade in specific regions. This allows consumers to buy goods and services, comparatively at a lower cost.
Travel and Tourism - Globalization has promoted tourism to great heights. International trade among different countries also helps in increasing the number of tourists that visit different places around the world. 
External Borrowing - With the help of globalization, there is opportunity for corporate, national, and sub-national borrowers to have better access to external finance, with facilities such as external commercial borrowing and syndicated loans.
 Disadvantages 
Health Issues - Globalization has given rise to more health risks and presents new threats and challenges for epidemics. - the dawn of HIV/AIDS. Having its origin in the wilderness of Africa, the virus has spread like wildfire throughout the globe in no time. - Food items are also transported to various countries, and this is a matter of concern, especially in case of perishable items.
 Loss of Culture - With large number of people moving into and out of a country, the culture takes a backseat. People may adapt to the culture of the resident country. They tend to follow the foreign culture more, forgetting their own roots. This can give rise to cultural conflicts
 Uneven Wealth Distribution - It is said that the rich are getting richer while the poor are getting poorer. In the real sense, globalization has not been able to reduce poverty.
 Environment Degradation - The industrial revolution has changed the outlook of the economy. Industries are using natural resources by means of mining, drilling, etc. which puts a burden on the environment. 
Disparity -  Though globalization has opened new avenues like wider markets and employment, there still exists a disparity in the development of the economies. Structural unemployment owes to the disparity created. Developed countries are moving their factories to foreign countries where labor is cheaply available.
Conflicts - It has given rise to terrorism and other forms of violence. Such acts not only cause loss of human life but also huge economic losses. 
Cut-throat Competition - Opening the doors of international trade has given birth to intense competition. This has affected the local markets dramatically. The local players thereby suffer huge losses as they lack the potential to advertise or export their products on a large scale. Therefore the domestic markets shrink.

Reference: 
Gapuz, E. (2013, September 12). Globalizationppt. Retrieved May 24, 2020, from https://www.slideshare.net/edzmhar0186/globalizationppt

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