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.
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.