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Incoming Finance Secretary Ben Diokno Corrects Foreign Reporter about the Country’s Recovery Status

recovery




By: Elena Grace Flores




Quest Means Business
[VIDEO]: The Philippines is actually on its way to a full recovery. From the recession in 2020, it bounced back.



Full Recovery

In an interview with a foreign reporter, incoming Finance Secretary Ben Diokno said that the Philippines is on its way to full recovery. From the recession in 2020, it bounced back at 65.7 last year. And looking at 7 to 9% growth rate this year.


Spill Over Effects

The Ukraine-Russian war has little effect on the Philippines. The lockdowns are already history. The country’s trade with China is only on the 3rd spot. US first, EU second. So, the impact on China in terms of the pandemic did not affect Filipinos much. The economic recovery starts to follow almost immediately.



Coordinated Politics on IMF

The IMF is really in trouble because of the pandemic. But the country’s counter measures are specific to each sector. International coordination is crucial specially on the prices of oil and gas. Suppliers must increase production. Reduce energy consumption also on the consumers’ side. Then, demand won’t be higher than the supply. Thus solving inflation.



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