Final answer:
(1) Globalization enhances a country's economic growth through increased market access and foreign investments, while regionalization focuses on cooperation within a specific area for congruent benefits. The Philippines has experienced economic benefits from globalization, notably in its BPO industry, but must also consider the potential negative impacts such as job displacement and environmental challenges.
Step-by-step explanation:
When evaluating which between globalization and regionalization is more beneficial for a developing country like the Philippines, it is important to consider specific aspects such as population, tourism, and financial growth.
Globalization refers to the process of interaction and integration among people, companies, and governments worldwide. It has the potential to bring about economic growth through access to international markets, technology transfer, and increased foreign investments. For example, the BPO industry (Business Process Outsourcing) in the Philippines has thrived because of globalization, providing numerous jobs and contributing to the country's economic growth.
On the other hand, regionalization involves countries in a specific region enhancing cooperation to achieve better economic and political outcomes. Examples in the Philippines could include ASEAN-focused trade agreements which might help mitigate the dominance of larger economies and can create a more level playing field for the smaller member countries in the region.
However, while globalization can promote progress and international awareness, there are potential negative impacts, such as job displacement due to foreign competition and the influence of multinational corporations on local politics and the environment. The Philippines must balance the benefits of increased trade and investment with the protection of its workers and natural resources.