This socio-economic outlook is framed not only by the COVID-19 “black swan” but also by the recognized need to shore up the Philippines’ policy reform agenda toward sustaining and enhancing productivity and social equity. Prioritization of reforms taken in combination, in critical areas such as social protection, public health, foreign direct investments, supply chains and logistics, telecommunications/digital transformation reform and regulation, among others, can ultimately create the long-awaited architecture of resilience. This can be accomplished while building in flexibility attuned to the dynamism and unpredictability of the new environment and improving the capability to respond effectively and efficiently under the broadest range of risks and uncertainty. This report examines the following aspects of the country’s future outlook: mix of hope and caution in inoculation’s role in economic recovery; growth prospects amid the pandemic and the need for sustained structural and policy reform; causes and adverse effects especially on the vulnerable and the poor of elevated inflation under COVID-19; persisting social vulnerabilities; and recurring narrative of power shortages.