So before we ask the inevitable political question—Whose fault is this?—perhaps we should ask something more basic:What exactly is happening to the Philippine economy? Investment mattersForeign direct investment net inflows also fell sharply, to just $210 million in May, about 65 percent below the previous year’s level. We need investment again. Most of all, we need growth that produces jobs and incomes faster than the cost of living rises. Understanding what is happening is only the beginning.