Once widely dubbed “the sick man of Asia”, the Philippines has turned into another Asian tiger, says Karl Lester Yap on Bloomberg. The World Bank thinks the economy will grow by more than 6% a year in the eight years to 2019.
So what’s gone right? Former president Benigno Aquino curbed corruption, improved the tax-revenue collection system, and tackled overspending and borrowing. The government owes 42% of GDP, down from 70% in 2003. A well-educated, English-speaking population has carved out a niche for itself in business process outsourcing (back office administration) and high-tech manufacturing. The [...]