It’s looking good for the Philippines in 2022

From where I sit, it’s really looking good for our country in 2022. There are clear indications that the country is poised to have brighter prospects by the second quarter this year. Last week, the Philippine Statistics Authority reported that the economy grew 7.7 percent year-on-year in the fourth quarter of 2021, bringing the annual growth to 5.6 percent, which was better than expected.

The latest report from IHS Markit also projected continued growth in the next decade, with the country’s GDP hitting $1 trillion by 2033. IHS Markit also predicted a 7 percent growth for the country this year as the economy moves toward normalization, driven by private consumption spending and strong growth in urban household incomes.

Socioeconomic Planning Secretary Karl Chua articulated the optimism that people are beginning to feel, saying that – the door to our economic recovery is now fully open – and hopefully will return to pre-pandemic levels by third quarter 2022.

“We are on the correct path to economic recovery,” Secretary Chua added – a sentiment shared by analysts, especially with COVID-19 cases showing a steady decline. In fact, OCTA Research sees the number of COVID-19 cases in the National Capital Region – which has been placed under a less strict Alert Level 2 – going down to 500 a day by the end of February. The vaccination of children aged 5 to 11, which will start tomorrow, is also another positive development in protecting a wider segment of the population that now includes children and other vulnerable groups.

With the COVID-19 situation becoming more manageable, the Department of Tourism is ready to welcome fully vaccinated tourists starting this Feb. 10, as this is something that they have long been preparing for since the pandemic hit in 2020, which compelled the government to close its borders. More than 288,000 tourism workers or close to 90 percent have been fully vaccinated with about 13,500 having received booster shots, and they are all raring to get back to work.

The move will significantly contribute to job restoration primarily in tourism-dependent communities, and in the reopening of businesses that had to shut down, said Tourism Secretary Berna Puyat, who also assured that health and safety protocols in every destination will remain in place to prevent virus transmission.

There has also been a lot of interest in the Philippines as an investment destination, with many opportunities opening up for investors. During the virtual forum organized by the Philippine Economic Zone Authority with US investors, we highlighted that with our ecozones providing the necessary infrastructure and incentives, the Philippines can already engage in climate-ready investments and infrastructure, supply chain resilience, technology advancements, artificial intelligence and cybersecurity.

US embassy chargé d’affaires Heather Variava noted that investments in the health and manufacturing sectors are areas where US firms and investors may have expertise to offer. “We know that the Philippines is looking for additional investment across the board especially in 5G, internet, clean energy, health and security areas,” she said.

While the coronavirus may still be around for many years with new variants emerging over time, scientists are also working non-stop in developing vaccines, treatments and medicines to fight COVID-19. A booster shot significantly increases protection against many variants, including Delta and Omicron. “Vaccination and booster doses substantially decrease the risk of death from COVID-19,” said CDC director Dr. Rochelle Walensky.

According to CDC data, those who have received boosters are 97 times less likely to die of COVID-19 than those who have not been vaccinated. Additionally, the risk of death for unvaccinated individuals is 14 times higher compared to those who have received the primary series of vaccines, Dr. Walensky disclosed. This clearly underscores the protection that vaccines provide and their significant contribution in preventing poor outcomes such as hospitalization and even death.

Scientists from Bharat Biotech, maker of COVID-19 vaccine Covaxin, are also developing intranasal booster doses. An intranasal vaccine is sprayed into the nostrils and inhaled, making it easier to administer, especially during mass vaccinations. It’s also cost effective because it will not require needles and syringes. According to Bharat Biotech, the nasal vaccine stimulates immune responses in the nose which is the site of infection, making it very effective in blocking infection and virus transmission.

Aside from vaccines, there are also medications such as Paxlovid and Molnupiravir that are used for treating those at serious risk of illness due to COVID-19. Paxlovid especially has been shown to be active against prevailing variants of concern including Delta and Omicron, reducing the risk of hospitalization or death by 88.9 percent when given within three days after the onset of symptoms.

The Philippines in fact is looking at the possibility of producing its own vaccines and establishing a virology center, and a bill seeking to create the Philippine Center for Disease Control and Prevention – similar to the US CDC – will bring us closer to this aspiration.

Many are optimistic that we are on track to recovery despite the challenges that we have faced since the onset of the pandemic in 2020. We are certain of having clean and credible elections in May, which would usher in a fresh start with a new set of leaders taking over the reins of government.

We should all pray that the elections will not be marred by people who have their own personal agenda instead of thinking of the country. No matter what the outcome is, we should learn to accept it and be ready to move forward and unify our country.

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