Implications of Economic Internationalization for Economic Development in the Philippines

Abstract

If it is contended that the goal of the economic internationalization is to underpin an open, fair and free economic structure which nurtures competition, innovation, and the creative entrepreneurship, it might not be claimed that the economy of the Philippines is to a satisfactory extent internationalized. Many studies point out that the following problems, inter alia, had prevented the internationalization and at the same time had impeded economic development in the Philippines over the past two to three decades: an inward-oriented growth strategy; the in equal income distribution; a slow land reform; a preferential credit allocation; and the economic concentration on large firms.