There are three critical factors, in my view, that will spell the difference among economies in terms of speed and quality of recovery from the COVID-19 crisis. These are: (i) first – pre-crisis fundamentals; (ii) second - emergency response; and (iii) third – a new wave of structural/development reforms. The Philippines, I believe, is faring well in all three factors. Let me explain.
First, pre-crisis fundamentals. There is a saying that goes, “When the crunch comes, you better be ready.” The Philippines entered this crisis in a position of strength. In the recent years leading to the pandemic, the Philippines is recognized as among the most resilient and fastest growing economies in Asia and the world.