Illustrate privatization and its setbacks as applied to the Philippine experience.

Privatization refers to the transfer of control of a business, from the public sector to the private sector.

Explanation:

Privatization has been a common public policy in most of the world since the late 1970s, when many countries began to privatize nationalized industries like railroads or public services.

Privatization can have the setback of reducing the amount of money that the public sector obtains. This is money that could have been used to finance social programs, and that falls in private hands instead.

However, it may also have the benefit of promoting a more competitive and innovative economy.

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