CORONAVIRUS - The situation in Philippines

General situation

The National Capital Region (NCR) and 38 other localities were placed on Alert Level 1 on March
1, 2022. This risk rating is in effect for two weeks, and the government may raise the alert level
again if the number of cases and hospitalizations increases.

Conditions that qualify an area for Alert Level-1 include: 1) minimal to low-risk case transmission;
2) total hospital beds utilization is less than 50%; 3) 70 percent of the area's target population has
been fully vaccinated; and 4) 80 percent of the area's target Senior citizens population has been
fully vaccinated. The Philippines is still in the process of adjusting to a new normal, and the state
of emergency remains in place.

Under Alert Level 1, all businesses can operate at full capacity as long as the requisite minimum
health and safety standards (vaccination, ventilation, and social distance, among others) are
properly followed, such as:

Face masks that fit properly must be worn at all times, whether outside or within private or
public institutions, including all modes of public transit.

100 percent on-site labor for government agencies and instrumentalities;

Private offices and workplaces, as well as public and private building projects, are permitted to
function at full capacity. Flexible and alternative work arrangements, on the other hand, may
continue as long as they are deemed acceptable based on function or individual risk.

In locations where Alert Level 1 is in effect, public transit must operate at maximum capacity. The
passenger capacity for intrazonal and interzonal journeys using public land transportation
between an area with a higher alert level classification and an area under Alert Level 1 shall be
that which has the lower passenger capacity rate between the points of origin and destination.
100% capacity for aviation, maritime, and rail public transportation in and out of locations with
Alert Level 1;

Before entering indoor facilities or participating in mass gatherings, confirmation of complete

immunization will be required .Children under the age of 17 will not be required to provide proof
of immunization.

Vaccination roll-out

As the country's economy reopens, the government hopes to vaccinate more individuals. As of
the end of February, 63.1 million persons (57.6% of the population) had been fully vaccinated,
with 68.73 million receiving an initial dose and 10.14 million receiving booster doses. With 109
percent of its target population fully vaccinated, the National Capital Region is the most
vaccinated region in the country.

Pediatric vaccinations began in early February, with the goal of vaccinating 15.5 million children
aged 5 to 11 across the country.

Travel restrictions and Quarantine Protocol

Per Resolution No. 160-B series 2022

International travel restrictions were eased, and the government temporarily halted its COVID-19
country risk classifications (green-yellow-red list system), enabling fully vaccinated travelers from
most countries to enter. Foreign nationals visiting the Philippines for business or tourism are not
required to obtain a visa if they meet the following criteria:

* A citizen/national of countries entitled to a stay not exceeding thirty (30) days (Executive Order
408, S. 1960, as amended);

* fully vaccinated, as defined in Section A(2) of  Resolution No 160-B, except only for minor
children below twelve (12) years of age traveling with their fully vaccinated foreign parent/s;

* Carry/possess an acceptable proof of vaccination against COVID-19 recognized under existing

Philippine regulations which shall be presented prior to departing/boarding from the country of
origin/port of embarkation and upon arrival in the country:

* World Health Organization International Certificates of Vaccination and Prophylaxis; OR

* VaxCertPH; OR

* National/state digital certificate of the foreign government which has accepted VaxCertPH
under a reciprocal arrangement unless otherwise permitted by the IATF.

*Per IATF Resolution No. 154-E dated 29 December  2021,  EU COVID-19 vaccination certificate
issued by Belgium is now recognized in the Philippines.

* Present a negative RT-PCR test taken within forty-eight (48) hours prior to the date and time of
departure from the country of origin/first port of embarkation in a continuous travel to the
Philippines, excluding layovers; provided, that, he/she has not left the airport premises or has not
been admitted into another country during such lay-over;

* Have passports valid for a period of at least six (6) months at the time of their arrival in the
Philippines;

* have valid tickets for their return journey to the port of origin or next port of destination not
later than thirty (30) days from date of arrival in the Philippines;

* Obtain, prior to arrival, a travel insurance for COVID-19 treatment costs from reputed insurers,
with a minimum coverage of USD 35,000.00 for the duration of their stay in the Philippines.

Visa-free foreign nationals who fail to fully comply with the conditions and requisites set forth in
Section A(1) to (3) of said resolution  shall be denied admission into the country and shall be
subject to the appropriate exclusion proceedings.

Once admitted into the country, facility-based quarantine is no longer required but shall self-
monitor for any sign or symptom for seven (7) days with the first day being the date of arrival.
However, they are required to report to the local government unit (LGU) of their destination
should they manifest any symptoms.

For further information on travel to the Philippines, it is highly recommended to contact the
Philippine Embassy in Brussel

Economic Recovery and Prospects

After a historic contraction of 9.6 percent in 2020, the Philippine economy rebounded in 2021
with full-year growth of 5.6 percent.

In 2021, the government's efforts resulted in full-year growth that surpassed plans and
expectations. With the expansion of the immunization program and the opening of other
industries, the economy in 2021 will demonstrate a rebound from a temporary downturn. As a
consequence of further recalibrating tactics, recovery efforts were maintained in the second part
of the year despite the surge from the Delta version and the impact of a super typhoon in
December. By switching to an alert level system with granular lockdowns, the economy was able
to securely reopen, allowing people to move around and businesses to expand. The
unemployment rate has dropped to its lowest point since the outbreak began. This rate of
increase was significantly quicker than most analyst predictions, placing the Philippines among
the fastest-growing countries in the region, delivering a strong indication that the country is on
the road to recovery.

Contributors to the 2021 economic growth are1:

* The industry and services sectors, with 8.2 percent and 5.3 percent growth, respectively, show
a robust return from their contractions in 2020. The agriculture sector, on the other hand, had a
minor drop of 0.3 percent as a result of ongoing issues, such as African Swine Fever and super
typhoons, which impacted agricultural productivity.

* Private consumption increased by 4.2 percent, reversing a 7.9 percent contraction the previous
year. As a result of the reduced quarantine rules and the faster vaccination program, consumer
confidence has returned. The government's spending increased by 7.0 percent overall in 2021,
indicating that it is still a contributor to economic activity.

* In 2021, external trade recovered at a quicker rate. Exports increased by 14.5 percent in
comparison to -16.3 percent in 2020, while goods imports increased by 31.1 percent.

* Construction investments, which increased by 19 percent from -34.4 percent in 2020, helped by
a 37.4 percent increase in public construction as the government pushed through with the Build,
Build, Build infrastructure initiative.

Moving Forward - 2022 Prospects

The government is optimistic that, with increasing traction in its economic recovery efforts in
2021, it will not only recover to pre-pandemic levels in 2022, but will also achieve upper-middle
income country status. For 2022, the government intends to achieve a growth rate of 7-9
percent. A larger vaccination rollout, flexible fiscal and monetary policies, and infrastructure
spending are all expected to help the local economy recover.

Despite the fact that COVID-19 risks increased at the start of the year due to the Omicron
variation, the country's risk management strategy, which included an aggressive vaccination
campaign and improvements in the healthcare system, allowed the economy to reopen safely.
The economy is expected to benefit significantly from the reduction of quarantine rules to their
lowest level on March 1, 2022, as the country moves to a "new normal."

Trade barriers

During the pandemic, there are no limitations on imports or exports.

The importation of health equipment and supplies deemed critical or necessary to meet the
COVID-19 public health emergency, on the other hand, will be duty-free, tax-free, and fee-free
under Republic Act No. 11469, also known as the "Bayanihan to Heal as One Act." The process of
importing needed medical supplies, equipment, and protective equipment as COVID-19-critical
commodities has been simplified, as has the application and registration process.

To speed up cargo clearance, the Department of Agriculture's Bureau of Animal Industry released
Guidelines on the Acceptance of Electronic Export Health Certificates/International Veterinary
Certificates.