The Philippine Monetary Authority just flagged a sobering reality for 2025—a projected shortfall hitting 3.2% of national GDP. That's no small miss. For anyone tracking emerging markets and their impact on crypto adoption rates, this kind of fiscal pressure tends to reshape capital flows. When economies face contraction signals like this, you often see three things happening simultaneously: local currency volatility spikes, foreign investment gets cautious, and alternative asset classes (hello, digital assets) start looking more attractive to retail investors seeking hedges. The Philippines has been one of the more crypto-friendly markets in Southeast Asia. A GDP shortfall of this magnitude doesn't just affect traditional finance—it ripples through the entire emerging market investment thesis that's been fueling blockchain adoption in the region. Worth keeping an eye on how this plays out across Q1-Q2.