Since AMRO’s last annual consultation report, the Philippine economy has been facing strong headwinds. However, despite growing macroeconomic imbalance amid intensified external shocks, the economy managed to register robust growth, which only few EMEs in the world were able to achieve. In 2019, economic growth is projected to stay resilient, supported by robust domestic demand. However, policymakers need to remain vigilant on the development of short-term risks and get ready to recalibrate their policy mix to sustain macroeconomic stability.