After years of being dismissed as a regional laggard, the Philippine economy is starting to motor. GDP growth came in at 7.2% last year, and should reach 7% this year. Credit-ratings agency Standard & Poor’s now deems the country’s public debt a safer bet than India’s or Brazil’s.
Political stability and improved governance have been the key factors behind the upswing. A peace deal with Muslim secessionists was reached last year.
A clampdown on corruption, and reform of the internal revenue service, has improved the public finances, while inflation is under control. Public debt has fallen from [...]