The Philippines started opening up its financial system in 1991 to connect with global markets. Researchers looked at how integrated the Philippines is with the world financially. They found that while there has been more money flowing in and out of the country, the level of openness is still low. This means that even though the Philippines is starting to connect more with other countries financially, it still has a ways to go before it is fully integrated. The researchers also discovered that opening up the capital account hasn't made a big impact on financial integration.