The Department of Trade and Industry said what the Philippines has gone through is not unique. Trade Secretary Ramon Lopez said that country’s predicament is not unique to the Philippines, and just like any country in crisis, the government has been forced to make big decisions.“The pandemic has required us to borrow more. These is one of the challenges now.
“As the Omicron scare fades and COVID cases drop, the uncertainty in the business sector dissipates. Hopefully, this will be the end of the Omicron and barring any new variant, we’re starting to see the end of the pandemic. And as we see new variants, we believe that these new variants like the Omicron will be milder,” said Lopez.
“And with this we can expect that the economy will continue to reopen. Definitely, it will be a full recovery for all,” said Lopez noting that the Philippines now ranks 4th in the ASEAN in terms of FDI growth from 6th. Lopez said the Philippines missed the first ride as fellow RCEP signatories―Australia, New Zealand, Brunei Darussalam, Cambodia, China, Japan, Laos, Singapore, South Korea, Thailand and Vietnam –started to enforce the treaty in as early as January 1, 2022 .