The associated containment measures have dampened activity, particularly in consumer services such as travel, tourism, hospitality and entertainment. The current pandemic wave and associated restrictions are likely to continue to have a negative impact on growth at the start of this year. Two other factors, namely supply bottlenecks and high energy costs, are also expected to dampen economic activity in the near term.
Let me begin with this slide which shows that overall prospects for the Philippine economy for 2019 and in 2020 remain bright, amid mounting global uncertainties along with emerging domestic challenges.