What a year it was. We opened 2022 with alarm as Covid-19 cases in the country surged again with the Omicron variant becoming the dominant strain in January. Know more:
What a year it was. We opened 2022 with alarm as Covid-19 cases in the country surged again with the Omicron variant becoming the dominant strain in January. The Russia-Ukraine war broke out in late February, disrupting the global chain supply and sending world oil and grain prices soaring.
It was a smooth transition of power—from a popular president to an equally popular successor. President Ferdinand Marcos Jr. inherited a government that successfully waged a battle against Covid-19 and which made the vaccine available to all Filipinos at no cost. The stock and the rest of the financial markets, Filipino businessmen and foreign investors welcomed Mr. Marcos’ pro-business stance. He continued to adopt an infrastructure program that Mr. Duterte started—and even went one step ahead.
The BBB flagship infrastructure program of former President Rodrigo Duterte covered a total of 112 big-ticket projects. The previous administration, however, passed on some 94 projects worth P4.5 trillion to the Marcos administration. Mr. Marcos vowed to “not suspend” any ongoing projects that have already “been shown to be of benefit to the public that they serve.”
The business-friendly policy of the Marcos administration has produced initial positive results. The nation’s gross domestic product expanded by 7.6 percent year-on-year in the third quarter, faster than the 7-percent growth a year ago—despite domestic and external headwinds, like rising inflation and interest rates.
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