More news about how the COVID-19 pandemic in the Philippines is being handled by the public and the government.
Health workers got the short shrift during the pandemic with long hours and delays in pay. That is why they held a protest on Heroes' Day.
 |
| https://www.philstar.com/nation/2025/08/26/2468016/health-workers-stage-heroes-day-protest |
Health workers staged a protest yesterday in Mandaluyong to express their disappointment over the government’s lack of support for the health sector.
Countless sacrifices were made during the pandemic, yet health workers continue to face issues such as low wages, job insecurity, unpaid benefits, severe understaffing and a meager hospital budget, the Alliance of Health Workers (AHW) lamented.
As the country commemorated National Heroes’ Day, the group criticized President Marcos’ recent statement calling on health workers to stay and serve the country.
“If the government truly wants Filipino health workers to stay, it must go beyond rhetoric and address their long-standing demands,” the AHW said.
“While billions are wasted on dubious spending – from unprogrammed funds to confidential and intelligence budget and now flood control – health workers and the Filipino people are left waiting, often struggling to claim what is rightfully theirs,” the group added.
Glorifying health workers as “modern-day heroes” is unnecessary, Ely Sobinsky of the Lung Center of the Philippines Employees Association-AHW said. “What we need is for our rights to be respected, our demands to be addressed and public health to be prioritized over politics and profit.”
Without policy improvements, health workers will continue to seek opportunities abroad, Sobinsky said.
The group also called on the Department of Budget and Management to release health workers’ performance-based bonus for 2021 to 2023.
Being glorified as modern-day heroes should be enough for them as it is obvious they won't be receiving better pay or working conditions.
The Department of Science and Technology is urging the government to invest in research lest the Philippines become the epicenter and ground zero for a new pandemic.
 |
| https://www.bworldonline.com/health/2025/08/25/693602/ph-could-be-ground-zero-for-animal-linked-pandemic-dost-urges-one-health-approach/ |
The country could become the next epicenter of a new pandemic caused by a zoonotic disease, making collaborative research efforts from various health sectors crucial, according to the Department of Science and Technology (DOST).
During the Talakayang Heart Beat press conference on Wednesday in Albay, Dr. Jaime C. Montoya, executive director of the Philippine Council for Health Research and Development (PCHRD) under DOST, emphasized the need for a through initiatives like doing research.
“If we don’t conduct research to understand how these viruses jump from our bats to humans, we could face another pandemic, which experts say will happen — it’s only a matter of time,” Mr. Montoya said during the press conference.
He said the country is a particular hotspot for a potential pandemic due to its high concentration of bats, a species that is suspected to host various deadly, contagious zoonotic diseases such as COVID-19 and the Ebola virus.
The ongoing construction of the Vaccine Institute of the Philippines (VIP) in New Clark City is one of the agency’s primary initiatives that underscores the one health approach, Mr. Montoya said.
“Imagine the potential of that, when before they were working separately now they’re working under one group… that is the concept of the VIP — to accelerate one health research that can help prevent the occurrence of the next pandemic,” Mr. Montoya said in both mixed English and Tagalog
VIP is poised to become the country’s premier institution for research on human, animal, and plant viruses, and will eventually enable the Philippines to produce its vaccines.
Its counterpart, Senate Bill 289, was approved by the Senate on third and final reading in February and is now only one step away from becoming law, pending the President’s signature.
“We hope that once the bill is signed, then we can go full blast in finishing up the facilities in Clark, New Clark City,” DOST Secretary Renato U. Solidum Jr. said during the same event.
Under the Virology Institute of the Philippines Act, the VIP will be an attached agency of the DOST and complement the mandate of the Research Institute for Tropical Medicine (RITM)
President Ferdinand R. Marcos Jr. pledged his support for the continued construction of the VIP building, telling the DOST Secretary that he would secure funding for the project since it was not included in the Department of Public Works and Highways’ (DPWH) 2025 national expenditure program.
Well, unless they are doing gain-of-function research at the Vaccine Institute of the Philippines and something escapes there is zero likelihood of this scenario happening.
Tourism continues to lag behind pre-pandemic levels but it is slowly catching up.
 |
| https://www.bworldonline.com/economy/2025/08/25/693677/tourism-continues-to-lag-but-holds-potential-to-rebound/ |
TOURISM continues to track below its pre-pandemic performance, with the accommodations sector continuing to lag the rest of the industry, giving it some potential for an upside surprise, according to Unicapital Securities, Inc.
“We think this is one of the sectors that we need to watch because they offer a strong opportunity to rebound,” Jemimah Ryla R. Alfonso, equity research analyst at Unicapital said.
Tourism gross value added remains below its pre-pandemic level of P2.51 trillion because of the “continued underperformance of the accommodation services segment, weighed down by the sluggish recovery in international tourist arrivals that remain well below pre-pandemic levels,” Unicapital said in its Midyear Outlook.
Last year, Ms. Alfonso said the tourism industry accounted for 8.9% of gross domestic product (GDP), contributing P2.4 trillion to the economy.
“In 2019, the tourism direct gross value added accounted for P2.51 trillion. Five years after that, we still hover below that threshold of P2.51 trillion,” she added.
Unicapital said tourist arrivals in 2024 amounted to 5.9 million, well below the pre-pandemic 8.3 million.
“The slow momentum continues into 2025, with data from January to April showing arrivals trailing 27% below pre-COVID levels for the same period,” it said.
“In our view, this shortfall reflects more than just a delayed return to travel. International travelers remain hesitant, as infrastructure hasn’t fully caught up yet, making it harder to move people comfortably and confidently,” it added.
Unicapital noted that the Philippines’ tourism story is getting lost in the noise as other countries ramp up efforts to grab global attention, leaving the Philippines with the lowest tourist arrivals in the region.
“We think our policymakers have stressed their support for the industry. However, we think that the initiatives or the efforts are too underpowered to steer a full recovery,” Ms. Alfonso said.
“We think we need to have a sharper brand. We need to have tourist-friendly policies as well as a seamless travel experience,” she added.
Philippine Institute for Development Studies Senior Research Fellow John Paolo R. Rivera said his outlook for tourism in the second half remains cautiously optimistic.
“With international arrivals gradually recovering and strong domestic demand, we can still approach pre-pandemic levels by 2026 if no major external shocks occur,” he said via Viber.
“The opportunities lie in high-value segments such as ecotourism, cultural and culinary tourism, medical and wellness travel, and cruise tourism, especially if we focus on improving the visitor experience, connectivity, and sustainability,” he added.
However, he said the government needs to streamline the investment and accreditation process for tourism enterprises and strengthen local government capacity for planning and crisis management.
He also cited the need to improve tourism infrastructure through public-private partnerships and adopt a smarter, data-driven approach to marketing and product development.
“A shift from quantity to quality tourism, anchored on sustainability and inclusive growth, is what will make Philippine tourism a powerhouse in Asia and one that is globally competitive and future-proof,” he added.
Rizal Commercial Banking Corp. (RCBC) Chief Economist Michael L. Ricafort said the lagging performance of tourist arrivals can be framed as an opportunity to catch up.
“Philippine foreign tourism numbers are still three to five times lower than other major ASEAN or Asian markets, so there are still opportunities to catch up,” he said.
“It is important to further develop infrastructure to support or sustain increased tourism numbers and revenue,” he added.
He said that it is important to develop airports, accommodation facilities, meetings, incentives, conferences, and exhibition facilities, and mass transport.
“Another source of growth is the diversification of foreign tourist sources, such as from India, which is the world’s largest in terms of population,” he added.
Apparently the Philippines has "the lowest tourist arrivals in the region" being "three to five times lower." No plan of action is given but perhaps, if they build a functioning low crime Philippines they will come.
Not only are tourism arrivals lagging but so is the GDP. Vietnam is doing better than the Philippines.
 |
| https://www.abs-cbn.com/news/business/2025/8/18/philippine-gdp-lags-vietnam-s-due-to-effects-of-pandemic-depdev-1918 |
The Philippines’ GDP per capita has been overtaken by Vietnam, a gap that National Economic and Development Authority Secretary Arsenio Balisacan attributed to the economic impact of the COVID-19 pandemic.
During the House budget hearing Monday, Akbayan Party-list Rep. Chel Diokno asked why Vietnam has surpassed the Philippines.
“The Philippines has always been ahead in terms of the GDP per capita in so far as Vietnam is concerned. But in 2024 Vietnam surpassed us. And now they are a little bit higher than we are,” Diokno said.
According to the World Bank, Vietnam's GDP was $476.39 billion in 2024. Meanwhile, the Philippines' GDP in 2024 was $462 billion. Vietnam is also aiming for a growth rate of 8.3 to 8.5 percent this year, after growing 7.1 percent last year. The Philippines meanwhile is aiming for a growth rate of 5.5 to 6.5 percent this year.
Balisacan replied that the pandemic caused a bigger contraction in the Philippine economy compared to Vietnam.
“First, Vietnam over the last decade has been growing faster than the Philippines. Second, during the 2020 pandemic, our economy contracted by almost 10 percent. Whereas Vietnam contracted only a little. That particular year separated us from Vietnam, we lost three years essentially of growth as a result of the pandemic,” he said.
During the pandemic, the administration of former President Rodrigo Duterte implemented what has been described as one of the longest and strictest lockdowns in the world. News outlets like Nikkei and Bloomberg ranked the Philippines as among the lowest in terms of COVID recovery and resilience. Nikkei even said that the Philippines could recover later than other countries from the pandemic, as it ranked 120th out of 121 countries in its index.
Balisacan added that the impact of the pandemic on health, education, and small and medium enterprises widened the gap.
“Even our small and medium enterprises, they were hit very hard by the pandemic. Many closed and were not able to recover. That made a lot of difference,” Balisacan said.
Finance Secretary Ralph Recto said the country’s archipelagic geography also contributes to its lag behind Vietnam’s economy.
“Vietnam is land-locked with China. So when China grew, they used Vietnam as a transhipment point to export to the United States,” he said.
Looks like the Duterte legacy bears the bulk of the blame.
Moody's has a different take on the state of the Philippine economy.
 |
| https://www.bworldonline.com/top-stories/2025/09/01/694761/phl-economy-on-track-to-grow-by-5-7-moodys/ |
THE PHILIPPINE ECONOMY is on track to grow by 5.7% this year on the back of strong household spending, steady remittances and sustained public investments, Moody’s Ratings said.
“We expect the Philippines to maintain strong economic growth relative to regional and rating peers,” Moody’s said after the completion of a periodic review of Philippines’ credit rating.
“Growth will be supported by resilient household consumption, stable remittance inflows from overseas workers, and public investment spending, and ongoing structural reforms,” it said in a report.
Moody’s forecast is within the government’s revised 5.5-6.5% gross domestic product (GDP) growth target for this year.
In the second quarter, GDP expanded by an annual 5.5%, up from 5.4% in the first quarter but slower than the 6.5% in the same period last year.
For the first half, GDP growth averaged 5.4%, slower than the 6.2% a year ago.
Moody’s flagged downside risks to the outlook arising from the US tariff policies.
“Although the Philippines’ exposure to trade and global value chains is relatively low, uncertainty around US trade policy and tariffs presents some downside risks to domestic consumption and investment,” it said.
Since Aug. 7, the United States has been imposing a 19% tariff on Philippine goods entering the US. The US is one of the top destinations for Philippine-made goods.
Growth will also be supported by its fiscal consolidation efforts, but Moody’s flagged the government’s high debt stock and interest burden.
“Fiscal consolidation efforts are on track to meet the government’s revised Medium-Term Fiscal Framework of reducing the deficit to 4.3% of GDP by 2028, supported by the implementation of reform measures at enhancing revenue collection and spending efficiency,” Moody’s said.
While this will help temper Philippines’ debt burden, Moody’s said debt will remain “above pre-pandemic levels.”
As of June, the Philippines’ sovereign debt hit a fresh high of P17.27 trillion, up 11.5% from P15.48 trillion in the same month in 2024.
This brought the debt-to-GDP ratio to 63.1% at the end of June, the highest ratio since 2005. This is above the 60% debt-to-GDP threshold considered by multilateral lenders to be manageable for developing economies.
“Debt affordability, measured by the ratio of interest payments to revenue, is expected to weaken over the next two years, before gradually normalizing as global refinancing rates decline and economic growth returns to its long-term trend,” the debt watcher said.
“Despite rate cuts by the central bank since the second half of 2024, elevated government funding costs and a lag in the monetary policy transmission will keep interest burden higher,” it added.
The central bank has so far lowered borrowing costs by a total of 150 bps since it began its easing cycle in August last year.
Moody’s said the Philippines’ “strong access” to domestic and international funding sources and ample foreign-currency reserves can help it manage volatility in global capital flows.
Moody’s periodic review came after it affirmed the Philippines’ “Baa2” rating and “stable” outlook in August 2024.
It said that its outlook mirrors a balance of risks at the “Baa2” rating level.
“Structural reforms implemented over the past several years, along with a pipeline of public and private sector investment projects raise the prospect that growth accelerates more than we currently project, improving fiscal performance,” Moody’s said.
“This is balanced against downside risks to the sovereign’s economic and fiscal strength stemming from slower-than-anticipated fiscal consolidation that could lead to fiscal slippages, regional geopolitical tensions, and climate-related shocks,” it added.
Moody’s also assigned the Philippines an “a3” rating for its economic strength. It said this reflects a balance between the economy’s strong growth potential and its low GDP per capita compared to other investment-grade countries, as well as its vulnerability to climate-related risks.
Meanwhile, the “baa1” rating for the Philippines’ institutions and governance shows a balance between existing governance challenges and the efficiency of its macroeconomic and fiscal policy.
On the other hand, its “ba1” fiscal strength rating indicates a moderately high government debt level, rising debt costs, and a relatively large amount of foreign currency-denominated debt.
The debt watcher said sustained strong economic growth, signaling recovery from pandemic shocks, could improve the country’s credit rating.
“Upward pressure on the rating would likely be driven by a more rapid improvement in fiscal and government debt metrics than we currently expect, indicating sustained trend recovery from the deterioration caused by the pandemic shock,” Moody’s said.
In a separate statement, the central bank welcomed Moody’s “favorable assessment.”
“The Philippines has built ample reserves and policy space to absorb external shocks, allowing us to maintain stability even in times of global uncertainty,” BSP Governor Eli M. Remolona, Jr. said.
The economy stinks, the economy is growing. Which one is it? Depends on who you ask.
No comments:
Post a Comment