Filipinos enter 2024 full of hope and resilience

Optimism was high across the country following a recession induced by the COVID-19 pandemic in mid-2021. (File/Reuters)
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Updated 31 December 2023
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Filipinos enter 2024 full of hope and resilience

  • 96% of adult population look forward to new year with confidence, survey shows
  • Philippine economy grew by 5.9% in third quarter of 2023, outperforming neighbors

MANILA: As 2023 comes to an end, Filipinos are welcoming the new year full of hope, a national survey has shown.

In face-to-face interviews of 1,200 adults between Dec. 8-11, pollster Social Weather Stations found that 96 percent of Filipinos are entering 2024 with hope rather than fear.
Optimism was high across the country following a recession induced by the COVID-19 pandemic in mid-2021. The Philippine national economy grew by 5.9 percent in the third quarter of this year, outperforming other major emerging economies in the region during the period.
Filipinos are “by nature happy people, hopeful and resilient,” said Resty Aguilar, a retired government official.
But the economic recovery has also driven optimism in the Southeast Asian country, he said.
“I think Filipinos are hopeful because we just came out of the pandemic and … economic activity has already improved compared with the past year,” Aguilar told Arab News.
“No matter how difficult the situation is, we will always stand up and move forward again. Filipinos are also happy people. Despite a very sad situation, even during the pandemic, Filipinos still find a way to be happy and make others laugh.”
The population was “in the dark” during the COVID-19 pandemic, but now people are starting to have “real fun again,” journalist John Eric Mendoza told Arab News.
“I think that’s the general sentiment overall; there’s a sense of optimism among the people.”
The past year was a good one for the 25-year-old, and he is optimistic about what the next 12 months will bring.
“My life is in order, so I would love for this to continue, also for our economic recovery … I’m very optimistic because all of the signs point out that it will be a better year next year.”
Jenny Salvador, an employee at a Korean restaurant in Quezon City, is looking forward to a work upgrade in 2024.
“I am already up for a promotion. My manager has already talked to me about my promotion this January,” she told Arab News. “I’m very optimistic that 2024 will be a good year.”
Jonathan Medijo, a security guard who also works in Quezon City, said: “I hope we will be given blessings. I only want a happy life for my family.”
As for taxi driver Mang Oca, who lives in Antipolo, east of Manila, health was top of his mind.
“I hope that there will be no more disease like the COVID-19 and that my family will always be healthy,” he said. “I hope that there will be more blessings for my family. Life is tough, that’s a fact, but I never lose hope.”


Philippines signs free trade pact with UAE

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Philippines signs free trade pact with UAE

  • UAE deal is Philippines’ fourth free trade pact, after South Korea, Japan, and EFTA
  • Business body warns of uneven gains if domestic safeguard mechanisms insufficient

MANILLA: The Philippines signed on Tuesday a comprehensive economic partnership agreement with the UAE, its first such deal with a Middle Eastern nation.

The Philippines and the UAE first agreed to explore a free trade pact in February 2022 and formalized the process with terms of reference in late 2023. Negotiations started in May 2024 and were finalized in 2025.

The CEPA signing was witnessed by President Ferdinand R. Marcos Jr. who led the Philippine delegation to Abu Dhabi.

“The CEPA is the Philippines’ first free trade pact with a Middle Eastern country, marking a milestone in expanding the nation’s global trade footprint,” Marcos’s office said.

“The agreement aims to reduce tariffs, enhance market access for goods and services, increase investment flows, and create new opportunities for Filipino professionals and service providers in the UAE.”

The UAE is home to some 700,000 Filipinos, the second-largest Filipino diaspora after Saudi Arabia.

With bilateral trade worth about $1.8 billion, it is also a key trading partner of the Philippines in the Middle East, and accounted for almost 39 percent of Philippine exports to the region in 2024.

The Philippine Department of Trade and Industry earlier estimated it would lead to at least 90 percent liberalization in tariffs and give the Philippines wider access to the GCC region.

“Preliminary studies indicate the CEPA could boost Philippine exports to the UAE by 9.13 percent, generate consumer savings, and strengthen overall trade linkages with the Gulf region,” Marcos’s office said.

The Philippine Chamber of Commerce and Industry-Makati expects the pact to bring stronger trade flows, capital and technology for renewable energy, infrastructure, food, and water security projects as long as domestic policy supports it.

“CEPA can serve as a trade accelerator and investment catalyst for the Philippines,” Nunnatus Cortez, the chamber’s chairman, told Arab News.

The pact could result in “expanding exports, attracting capital, diversifying economic partners, upgrading industries, and supporting long-term growth — provided the country actively supports exporters and converts provisions into concrete commercial outcomes,” said Cortez.

“The main downside risk of CEPA lies in domestic readiness. Without strong industrial policy, MSME (Micro, Small and Medium Enterprises) support, safeguard mechanisms, and export development, CEPA could lead to import dominance, uneven gains, fiscal pressure, and limited structural transformation.”

The deal with the UAE is the Philippines’ fourth bilateral free trade pact, following agreements with South Korea, Japan, and the European Free Trade Association, which comprises Iceland, Liechtenstein, Norway, and Switzerland.