Statistical data indicate that the Philippines has recovered post-2002 from the east Asian financial cataclysm. Recovery has been spurred by services and overseas workers' remittances, but the share of agriculture has declined and the industrial sector has been stagnant. There is also the view that the growth rates of recent years have been overestimated and the effects of the crisis have not been completely erased. This paper points out that there is a need for prudent macroeconomic policies that will help avoid vulnerability and prevent a déjà vu.
