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The El Niño phenomenon, or a period of extended drought, is one climate change problem that needs a long-term solution. It is occurring more often and could have permanent and damaging effects if we do not treat it as a persistent economic threat.

I like the fact that President Ferdinand Marcos, Jr. candidly admitted that his administration still has a lot of work to do. He also echoed the rating an economist gave his first year of administration as “incomplete.” It is really unfair to give a full review of his administration with five more years to go. But I think it is possible to assess the direction he is taking the country and the foundation laid during his first year in office.

We can safely say that the Philippines has neutralized the high inflation rate that hounded us at the start of the year. Former Bangko Sentral ng Pilipinas Governor Felipe Medalla did a good job at taming prices and keeping the economy stable, and I am confident the new BSP chief will follow in his predecessor’s track.