Before the COVID-19 pandemic, the Philippine economy had been experiencing steady growth. However, like many other countries, the Philippines faced significant challenges due to the pandemic.

The government implemented various measures to control the spread of the virus, including lockdowns and travel restrictions, which had a significant impact on economic activities.

The Philippines has been growing in recent years accelerating from 5.6 percent in 2021 to 7.6 percent in 2022.

With continued recovery and reform efforts, the country is getting back on track on its way from a lower middle-income country with a gross national income per capita of US$3,640 in 2021 to an upper middle-income country (per capita income range of US$4,256-US$13,205) in the short term.

Additionally, the Philippine economy contracted by 9.6% in 2020, its largest decline since World War II. The pandemic affected several sectors, such as tourism, retail, and manufacturing.

However, the government implemented fiscal stimulus measures and monetary policies to support businesses and individuals during this challenging period.

As the country started its recovery in 2021, the economy showed signs of improvement. GDP growth rebounded in the first half of the year, although the pace of recovery varied across sectors. The government continued to prioritize vaccination efforts and gradually eased restrictions to revive economic activities.

The remittances from overseas Filipino workers, which play a significant role in the Philippine economy, also faced challenges due to the global economic downturn caused by the pandemic. However, remittances remained a crucial source of income for many Filipino families.