In a political economist point of view, Globalization is a political economic process wherein the tariffs on trade and other barriers to favor local businesses is gradually eliminated making the economy globalized. Therefore, imported products will be given similar priviledges with locally produced products. The aim of globalization is to make the world a free market, a global market, or an earth shopping mall. However, the term may also extend to other fields such as science and technology, culture, and other things which leads into having a global presence.
Until now Filipinos are still divided between those who are for and those who are against globalization. Those who are for globalization says that it will result to a high competition thus benefiting the the public through lower prices of commodities and high quality products. The opening of Philippines for globalization would also result to high foreign investments as foreigners would be allowed to own 100% of their companies here.
On the other hand, those who are against it says that Filipino businesses would not be able to compete with businesses of highly industrialized countries since the latter have the capital, training, machineries, etc. to produce quality products at a lower price. Anti-globalization further says that these would result to closure of filipino businesses leaving filipinos with all foreign employers or all foreign products. These can already be observed as almost all of our top corporations here are multi national corporations such as Procter and Gamble, Shell, IBM, Nestle, etc.
Having globalization explained let us proceed with your next question. What are its effects on Filipino values?
Well, even before the term globalization was coined we have already been somehow influenced by a global culture as products have been sent from philippines to abroad and vice versa. We can observe that when we learned that our ancestors where using china ware even before the spanish era.
Thus, we can see in a near future that more filipinos would be eating, dressing, working, talking, shopping, living, etc. like a foreigner. Same as with the foreigner, americans would be watching more of a koreanovela, europenan playing a sepak takraw, etc.
We just hope that we can influence the foreigners as much as they influence us although i seriously doubt that (because in the end there would be no filipino nor american nor european, only an earthling, haha). I also hope that globalization would ultimately lead to a prosperous philippines because globalization is a global trend that has been happening since the start of world trade and there is almost nothing that we can do to stop it except if we would be willing to go into a war. The Philippines is also a signatory to the World Trade Organization which favors globalization.