The irony is, since the fourth quarter of 2008 equity markets in the emerging economies have declined by much more than in the developed countries. Moreover, the major emerging market countries, for example Mexico, Brazil, Russia as well as the Asian economies, have also been hit by significant capital outflows and exchange rate depreciation.
I’m pleased to announce that we are making great progress in achieving both goals. On the state of the economy… The Philippine economy appears to have turned the corner and appears set for faster growth. GDP grew by 7.1 percent in the third quarter of 2021 following a remarkable 12-percent expansion in the second quarter.