d. Explain if the Philippines is coping up in its role in the world economy.

In 2019, the Philippines was one of the fastest growing economies in the world.
However, the Philippines’ economic growth faltered in 2020 — entering negative territory for the
first time since 1999 — and the country experienced one of the deepest contractions in the
Association of Southeast Asian Nations (ASEAN). The pandemic caused the Philippines’
economy to decline to its lowest level since World War II, with GDP decreasing by 9.5% in
2020. The economic impact of the coronavirus pandemic reduced foreign direct investment
(FDI) by 24.6% to 8.7 billion in 2019. Since the peak in 2017, FDI has dropped for the third year
in a row. To boost the economy, the government is relying on foreign investment, and hopes to
entice foreign investors to invest in the Philippines, using legislative measures such as
corporate tax cuts. The Philippines may face a longer road to recovery than its neighbors. It has
imposed harsher and longer-lasting movement restrictions, as well as more conservative fiscal
stimulus, causing economic scarring that will make it more difficult for the economy to recover.