Is Asean economic integration beneficial to the Philippines?
MANILA, July 30 — The Philippines has benefited from a substantial increase in trade and investments with the economic integration of the Association of Southeast Asian Nations (ASEAN) which created a wide choice of goods for consumers thus supporting local businesses to expand overseas.
What are the pros and cons of Asean integration?
Here are some of the pros and cons regarding the integration:
- Larger market. With the merging of available markets within the ASEAN region, everyone gets a fair chance of capturing a bigger flag. …
- More investors. …
- Fiercer competition. …
- Costly labor. …
- Hone your English communication skills. …
- Go for their markets.
What are the benefits of market integration?
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.
Why is ASEAN important to the Philippines?
ASEAN is one of the cornerstones of the Philippines’ foreign and trade policies. This is manifested in the Philippines policy to promote a more peaceful, stable, and free South East Asia, through the pursuit of different initiatives, in the policy making, economic, trading and functional cooperation activities.
How integrated is the Philippines economy?
The Philippine economy, like that of most other EMEs, has become increasingly integrated with the global economy. This is evident in the general increase in trade in goods and labour migration. There is also greater integration in finance, albeit at a relatively moderate pace.
Do you think that the Philippines has greater advantage in joining in APEC?
The Philippines, one of the twelve founding members of APEC, has since gained advantage of the freer markets in the region, advancing the country through major growth drivers, such as the boom of business process outsourcing (BPO) industry.
What are the disadvantages of ASEAN integration?
As a regional grouping, ASEAN has four major weaknesses: The tendency to prioritize national over regional interests, weak leadership, ineffective bureaucratic structure and purely emulating the Western approach.
What are the challenges and implications of ASEAN integration?
The paper suggests that in these efforts ASEAN faces five major issues and challenges: enlargement, regional security cooperation, economic issues and cooperation, leadership transitions in ASEAN’s members, and the renewed problems in Cambodia.
What are the disadvantages of the creation of the ASEAN?
ASEAN’s weaknesses. Development gaps between and within members in income, human capital, institutions, and infrastructure and the absence of regional distributive mechanisms; disparities in good governance and the rule of law; disparities in population growth and population aging, that together with disparities in …