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Manila Bulletin devider Business devider The Economy devider In retrospect

In retrospect

Published Dec 26, 2025 12:00 am  |  Updated Dec 25, 2025 07:09 am
In a few days, it will be the New Year. We all look forward to its dawning as a fresh start from the gamut of negativity—both onshore and offshore—that rattled us politically and economically.
The year about to close was “very difficult and challenging.” This basically sums up the common response from most market movers and players when I asked what 2025 meant to them.
Yes, Virginia, for both businesses and consumers, 2025 was a tough year. We find ourselves in the middle of turbulence: a series of natural disasters (earthquakes, erupting volcanoes, and devastating weather disturbances) and man-made calamities, highlighted by the unfolding flood-control scandal.
Growing geopolitical tensions, tariffs, and trade uncertainty acted as additives, further fueling the turbulence. This, in turn, stymied the prospects of a banner year—one where the Philippines was expected to lead its regional peers, as assumed at the onset of the year.
Comparatively, the observation is that the country is in a worse situation now than it was during the pandemic, despite the seemingly festive uptick in consumer spending this holiday season.
Looking back, 2025 was marked by the arrest of former President Rodrigo Duterte under an International Criminal Court warrant for crimes against humanity; and the High Tribunal’s dismissal of the impeachment complaint against Vice President Sara Duterte.
Furthermore, the dismal performance of government-backed senatorial candidates during the midterm election—which should have been a “reaffirmation” of the political leadership—went awry instead.
The “floodgate mess” punctuated the year and remains its biggest event. The twists, turns, and surprises regarding the personalities involved in the billions of pesos allocated for flood management—funds that were pocketed instead—continue to shock.
From my corner of the corridor, I believe the stakes are high. A muted market source fully agreed, lamenting: “We will continue to suffer the effects of political issues and corruption in government. It seems like there’s no end in sight.”
Concerns regarding the extent of this web of corruption will be carried over to the coming year. This “carry-over” reminds me of “parasocial,” the Cambridge Dictionary Word of the Year for 2025.
It is defined as “involving or relating to a connection that someone feels between themselves and a famous person they do not know, a character in a book, film, TV series, etc., or an artificial intelligence.”
This empath of a journo can fully relate; I experience that parasocial interaction while watching the live-streamed proceedings of the investigation by the Independent Commission for Infrastructure into flood control and other projects.
As the wheels of justice continue to grind, the general outlook for 2026 is one of cautious optimism. However, it will be a rocky start, with the first few months proving to be an uphill climb depending on how the “floodgate mess”—the biggest news of 2025—unfolds.
Advance Happy New Year. Cheers!
Talk back to me at [email protected]
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