Only three decades ago, the Philippines was recovering from the aftermath of a dictatorship, plagued by external debt accounting for 95.2% of gross national product and suffering from devastatingly poor finance management. Today, it promises to be one of the stars of the Association of South-east Asian Nations (Asean).
When talking about bank expansion in Asean, Indonesia is the market everyone is trying to squeeze into. However, some observers are noting that banks would do well to consider the Philippines just as assiduously.
