Philippines' Gatekeeper: Sec. Sonny Dominguez

When I asked Finance Secretary Carlos “Sonny” Dominguez III if he thinks that the Philippines will become a trillion-dollar economy, his answer was emphatic, “Of course! And not in the distant future.”

- ANNA MAE YU LAMENTILLO

Statistics prior to the COVID-19 pandemic show we are closer than we think. In 2018, — the economy of the Philippines was already the 28th largest economy by GDP (Purchasing Power Parity) according to the International Monetary Fund. Under the administration of President Rodrigo Duterte, the Philippines recorded a GDP (PPP) of 956 billion in 2018.

Secretary Dominguez told me that while the Philippines, like other countries in the world, cannot operate in the normal way because of the pandemic, our economy will surge as soon as we are able to defeat the virus.

“I’m glad to have been part of the team of President Duterte that put our country in a good financial position not only to withstand the rigors of this pandemic, but also to be prepared to grow at a faster pace upon the control of the virus,” he said.

In the second quarter of 2021, Philippines’ Gross Domestic Product (GDP) grew by 11.8 percent, the highest since the fourth quarter of 1988. The biggest contributor to the increase was the construction sector, which was pegged at 25.7 percent. It was followed by manufacturing at 22.3 percent and industry and services at 20.8 percent. In other words, the Philippines has ended its recession with the fastest year-on-year growth in 32 years.

In its August 2021 report, the International Monetary Fund predicted the recovery to gain momentum with Real GDP Growth expansion of 5.4 percent in 2021 and 7 percent in 2022.

‘Making the right decision’

People who work with Sec Dominguez would know he is not afraid to make unpopular decisions so long as it benefits the Filipino people in the long term.