Philippines, it's time to get real!

Unless we confront corruption head-on, rebuild institutions, and restore credibility - political, fiscal, and economic - no amount of favorable global conditions or regional partnerships will save us.

- DIWA C. GUINIGUNDO

ing. It called for stronger policy frameworks, sharper monetary-fiscal coherence, and even the strategic use of industrial policy to lift productivity. As always, the IMF emphasized institutions, reforms, and credibility. The emerging theme could not have captured it better: “Global economy in flux, prospects remain dim.”

As we wrote last week, while the world moves to strengthen individual countries' domestic foundations, the Philippines remains mired in political upheaval, institutional fragility, and stalled development momentum. When global prospects dim, our vulnerabilities sharpen. Corruption has not only eroded trust, it has undermined our ability to prevent floods, light the streets, and deliver basic services. Unless the country identifies a decisive and legitimate path forward — one that is not a military junta — our growth trajectory risks bending even further downward.

This context framed discussions at last Tuesday's 4^th AMRO (ASEAN+3 Macroeconomic Research Office) meeting in Hong Kong, themed "Fragmentation to Resilience: Macro-financial Stability and Regional Integration in ASEAN+3." Several messages from the forum strike painfully close to home — points we urgently need to confront as the country braces for the Nov. 30 Trillion Peso March. Before rebuilding the “infrastructure of governance,” we must first assert truth, justice, and public interest. Without these, the rest collapses.

First, resilience is not enough.