This topic was suggested by the BSP during the 2021 planning workshop. ?This study aims to examine the impact of the COVID-19 pandemic shock on Philippine firms. This relates to the 8-point Socioeconomic Agenda, which aims to reduce vulnerability and mitigate economic scarring, and the PDP 2023-2028 (see Chapter 1 on “A plan for economic and social transformation”). Economic scarring includes not just the harm done on human capital but also on business capital (e.g., through bankruptcies and business closures). The paper fills a research gap, as there are still only few firm-level studies on the effects of the pandemic apart from quick-impact (online) surveys conducted in the country at the height of the pandemic, (mostly) by international financial institutions such as the World Bank and the Asian Development Bank. There is, however, an available firm-level study on the ASEAN-5 that includes the Philippines (Ardiyono 2022).?