With the relaxation of epidemic control and the improvement of vaccination coverage in the Philippines，domestic consumers and businesses are more confident，and the Philippine economy will bottom out and rebound in 2021 after negative growth compared with last year. While total exports recovered over the year，the current account deficit was driven by increased domestic demand as a result of relaxed controls. Constrained by the decline in pork production，agricultural development has contracted slightly. In addition to agriculture，other industries contributed significantly to economic growth，with the service sector being the main driver of economic growth. Investment and household consumption became the main drivers of economic growth. Inflation continues to rise as food prices rise due to supply pressures caused by bad weather and the African Swine fever epidemic. To restore the economy hit by the epidemic，the Duterte administration continued to implement turing from loose to light monetary policy and proactive fiscal policy，with the fiscal deficit rising as a percentage of GDP. Driven by increased domestic investment and consumption，the Philippine economy gained key drivers for a sustained recovery in 2022. The main downside risks for the economy going forward come from global events stemming from the Russia-Ukraine Conflict，while an escalation and extension of geopolitical tensions will dampen global growth and hit the Philippines’ export markets.