The Philippines is going to be severely affected by the worsening global economic situation which is expected to continue deteriorating until 2010 and even beyond. The country is more vulnerable than it should be because of accumulating neglect from past decades of poor development policies. Yet it is still possible to mitigate the effects on the country’s growth and development. More importantly, it is possible to emerge from this period of crisis with an economy that is on the way to genuinely strengthening and moving forward.