Recent developments show the Philippines is on the road to recovery, with encouraging signs suggesting that the worst may be behind us. The economy grew by 5.6 percent last year, exceeding the government forecasts of 5 to 5.5 percent and reversing the recession in 2020. The unemployment rate fell to 6.5 percent in November 2021 from a peak of 17.6 percent in April 2020.
Moreover, it needs to be borne in mind that enlargement, in particular euro area enlargement, could also bear some risks if a country were to rush too quickly to join the euro area. To illustrate this point let me return to sporting imagery.