Fourth, there is also the so-called rise of the Fourth Industrial Revolution. While technological innovation in itself is not bad, and indeed often brings benefits, the velocity and depth of transformation could have potentially disruptive effects, especially in the short term. In fact, rapid technological innovation has already ushered in broad structural economic changes that policymakers are only just beginning to understand.
Certainly, this would have significant impact in the conduct of economic policy and the way we do business. On top of these global risks, we also have to deal with the infrastructure gap on the domestic front. Nonetheless, despite these risks, we are cautiously optimistic that the Philippine economy is poised to sustain its growth momentum amid lingering global headwinds.