Jaime Augusto Zobel de Ayala II says that demographics mean that exporting jobs or workers is becoming a vital part of doing business in a global economy.

The Philippines did not suffer from the Asian crisis as badly as its neighbours. Ironically, the result has been a banking system that has taken longer to recover.
Many banks are still dealing with non-performing loans (NPLs) – arguably the highest in the region – that are about 10% of the system. Although down from their peak of 18% in 2001, a comparison with the 5% in 1997 is a better indication of what still needs to be done.

While political drama grabs the headlines, Philippine reform efforts are paying off in the form of economic gains, and intentions for further improvements remain intact. Karina Robinson reports from Manila.

Philippines President Gloria Macapagal-Arroyo gives Karina Robinson a glimpse of the tenacity that is now keeping her in power.
“She has a PhD in politics,” says a top official about President Gloria Macapagal-Arroyo of the Philippines, when discussing whether the youthful 58-year-old with a 1985 doctorate in public finance is a technocrat or a politician.

The Philippine government is taking significant steps to improve the country’s economy. But much still needs to be done. Stephen Timewell reports.