According to the IMF, all countries are facing a “Long Ascent” that is “long, uneven, uncertain and prone to setbacks.” The IMF projects that the global economy will contract by –4.4 percent this year before bouncing back in 2021 and 2022. The Philippines has not been spared.
Subsequently, with the formation of joint stock companies and the development of stock markets, corporate performance was judged by market capitalization, share price and certain financial ratios such as Earnings Per Share (EPS), Return on Equity (ROE), etc. Now in the 21st century, corporate performance will be judged by corporate social responsibility (CSR) whose disclosure will fall under non-financial reporting.