The two most important aspects of economic globalization relate to the changing nature of the production process and the liberalization and internationalization of financial transactions. Indeed, many analysts consider the emergence of a transnational financial system the most fundamental economic feature of our time. Its key components include the

1. deregulation of interest rates,

2. the removal of credit controls,

3. and the privatization of government-owned banks and financial institutions.

Take a look at the Philippine economy, to what extent has economic globalization made an impact in the lives of Filipinos.