he Philippines’ economy grew 8.3% in the first quarter of 2022, as domestic demand started recovering from pandemic headwinds. Newly elected president Ferdinand “Bongbong” Marcos Jr., son of the former dictator, who was ousted in 1986, pledged to keep up the growth momentum. Nonetheless the pressures of inflation, rising commodity and energy prices as well as reduced exports to China dragged the benchmark stock index down 6% from 11 months ago when fortunes were last measured. The peso also plunged 12% over the same period. As a result, the combined wealth of the country’s 50 richest dropped to $72 billion from $79 billion last year.