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“The Philippines’ economic performance has entered a structural shift to higher growth, accompanied by low inflation,” Moody’s said today. “The new growth path is being reinforced in part by improved fiscal management.” The move puts the Philippines on par with Turkey and Spain.
The $250 billion Philippine economy, which was more than twice the size of Malaysia and 10 times bigger than Singapore’s in 1960, was termed “the sick man of Asia” as it lagged behind its peers in following decades. Now, the World Bank forecasts growth will exceed 6 percent every year until 2015.
Expansion (PHGDPYOY) held above 7 percent for a fourth quarter in the three months through June, defying a regional slowdown as the nation remained one of Asia’s best performers. The Asian Development Bank yesterday raising its growth forecast for the Philippines for this year to 7 percent and to 6.1 percent next year, even as it cut its predictions for developing Asia.
The World Economic Forum ranks the Philippines 59th in its 2013-2014 Global Competitiveness Index, up from 65 the previous year. Fujifilm Corp., a maker of cameras and medical equipment, and Sonion A/S, which makes high-end microphones and components for audio headsets and hearing aids, are among companies that began production at new factories in the Philippines this year.