{
  "id": 15446246,
  "title": "Living on Hail Marys",
  "url": "https://urgent.news/2026/10/18/living-on-hail-marys",
  "topic": "business",
  "section": "Business",
  "published": "2026-10-18T16:00:00.000Z",
  "source": {
    "name": "Philippine Star Business",
    "slug": "philippine-star-business",
    "url": "https://www.philstar.com/business/2026/10/19/2564084/living-hail-marys"
  },
  "original_language": "en",
  "account": "The Philippines has a history of being saved by collective prayer during economic crises caused by political turmoil. In the 1980s, a debt crisis was averted when Ferdinand Marcos Sr. was overthrown during a prayer revolt. However, this was followed by more upheavals, including coup attempts and the overthrow of Joseph \"Erap\" Estrada, leading to the presidency of Benigno \"Noynoy\" Aquino III. Despite his popularity, his administration faced criticism for corruption and failing to address issues like Mindanao's plight and the police's handling of the Mamasapano massacre. His successor, Mar Roxas, was not well-received, and Rodrigo Duterte's unexpected charm led to a new political leadership that initially benefited the local business sector. However, this proved to be short-lived, marked by a pivot towards China and renewed corruption. The COVID-19 pandemic further complicated the situation, leading to another political alliance with the younger Marcos. Now, the country is facing an even more complex geopolitical crisis, with conflicts in various regions and the rise of artificial intelligence impacting its economic outlook. The government's fiscal deficit reached 5.8 percent of GDP in the first half of 2026, and public spending remains crucial for growth. However, concerns about international funding and inflation, driven by high global oil prices, pose significant challenges to the economy's recovery. Despite near-full employment and wage growth, recent data suggests a moderation in labor market momentum. Services exports continue to provide foreign exchange, but the geopolitical realignment and the rise of artificial intelligence make the economic outlook harder to predict.",
  "summary": "It is perhaps a good thing that we Filipinos are religious and that we believe in the power of collective prayer to save us from danger, because somehow — at least in my lifetime — there have been several instances when the country was on the verge of economic collapse because of political turmoil.",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}