Association of Southeast Asian Nations (ASEAN) and the Filipino Economy

Association of Southeast Asian Nations (ASEAN) and the Filipino Economy

(There were no pictures in the article so I took a screen shot of the title)

Article Link:

http://www.abs-cbnnews.com/business/03/20/14/ph-retail-industry-seen-grow-asean-integration

Article Summary:

The economic integration of the Philippines into ASEAN will begin sometime in 2015. This integration can be a great boost to the country's retail industry. More ASEAN retail brands will be introduced to the Philippines, and more Filipino brands will be introduced to ASEAN markets. The SM investment corporation is leading this integration. The Philippines will hold a retail conference to try to attract more tourists and possible retail partners.

Personal thoughts:

First of all, I'm proud that a finished a whole article without any pictures. One thing to check off of the bucket list.

I think it is a good idea that the Philippines is expanding their markets. A growing Filipino economy can mean better lives for Filipinos and can help smaller local businesses expand their markets. The corporation spearheading this movement is the SM investments corporation which is run by the Sy family. Henry Sy is the richest man in the Philippines and the 98th richest man in the world. The success of this movement makes him even richer and more influential in South East Asia. Quoting a musical genius, Kanye West "No one man should have all that power" The same goes for corporations as well, but there are TNC's that are more powerful than many countries. 

An increase and tourism can also introduce the Filipino culture and introduce other cultures to the Philippines. This can create problems though, because the homogenization of cultures contributes to the loss of cultural identity. I think it is good that more Filipinos will be introduced to foreign cultures and be able to buy from foreign retailers to increase global awareness, but the loss of culture is definitely a weakness.
In the Philippines many of the richer families have large influences on the local politics  connecting these economies can  possibly allow these richer families to gain political power in other countries.