Economic growth in the Philippines over the past year has seen the country be described as the new bright spot of south-east Asia. In the fourth quarter of 2012, its gross domestic product growth was 6.8%, which paved the way for the country to reach its full-year estimate of 6.6%. Such strong performance, in the midst of an uncertain global economy, means that the Philippines is increasingly gaining attention from the international community.
“All the ingredients are there: solid growth, improved governance, prudent fiscal policy, macroeconomic stability, and a strong external position,” says Amando Tetangco, governor of Bangko Sentral Ng Pilipinas, the country’s central bank.
