This stimulus, like that which resulted from similar structural changes in the past, is likely a function of the rate of increase of globalization and not its level. If so, such impetus would tend to peter out as we approach the practical limits of globalization.
Third, we are observing the tendency in some economies to move away from globalization towards the rise of protectionist policies such as the protracted trade tensions between the US and China. While the Philippines is not directly affected with the tariff impositions, the continued trade friction could take its toll on the country’s external sector.