In 2020，the Philippine economy was noticeably challenged by the COVID-19 pandemic，which led to a negative economic growth rate. The macro-economy exhibits the following characteristics：inflation has remained stable whereas household spending and business confidence are insufficient，which inhibits consumer consumption and business investment；agricultural development has shrunk slightly while the industry and service industries have experienced a sharp decline；imports and exports have shown negative growth. In response to the impact of the pandemic，the Philippine government has adopted proactive fiscal and monetary policies as well as carried out the Four-Pillar Socioeconomic Strategy against COVID-19. Meanwhile，even though international trading and foreign investment have significantly declined，international economic cooperation continues to advance；the Philippines is one of the member states for the Regional Comprehensive Economic Partnership Agreement. Assuming an effective containment of the virus，a large vaccinated population，and robust domestic activities bolstered by the national stimulus plan，the Philippine economy is expected to recover but filled with precarity in 2021.