Editor's Note

As we welcome a brand new year which we hope to be a full year with zero lockdowns and other forms of restrictions, we look forward to an uplifting period of resurgence, recovery and normalcy. We also want to see our country gain full momentum, and quickly get back to the upward economic trend that was derailed by the pandemic. We are hoping, too, that our government will earnestly address social issues that stymie growth, such as corruption, poverty, inequality, and unemployment.

The past decade has seen the Philippines’ steady economic growth. Our government’s efforts and policy endeavors have catapulted the country onto a path of faster growth. Then the pandemic struck. But even before the global health crisis enveloped us all, the Philippines’ economic gains have not yet fully trickled down to those must benefit it most - - those who are in the peripheries of our society.

This new year, after being whipped and battled by the crippling global pandemic, the country is (or must be) poised to fight back and continue its march to better the economic life of all.

Clearly, however, the economic resurgence that we all dream about will not be easily achieved or given to us on a silver platter. Our political leaders and economic managers have to do things right, judiciously adopt the correct policies, and carefully navigate through the many factors that can either propel or derail our efforts to realize our goal of becoming a true emerging economy. Writers have explained that “many factors can present themselves as headwinds or tailwinds, such as regulations, exchange rates, or political and external forces. Hence, it is crucial to analyze such situations to determine if they will act as a tailwind or headwind and plan accordingly.”

How will our financial leaders capitalize on or influence the factors and events that help increase growth or cause positive effects on profits and revenue? Will the government, for instance, continue to promote mobility to fuel growth acceleration in wholesale and retail trade, transportation, and the tourism sector in general? Will an aggressive public infrastructure program mitigate the impact of global headwinds coming our way? What measures will our leaders adopt to address factors such as high interest rates, inflation, and peso devaluation?

We are certainly interested to know the answer to all these, as we usher a new year. Thankfully, the State of our Economy will be reported by Bangko Sentral ng Pilipinas Governor Felipe Medalla, during his Special Address to the Nation in 2023’s first regular meeting of the Rotary Club of Manila.