The reform agenda of the current president of the Philippines, Benigno Aquino III, has been credited for much of the improvement in the country’s economic outlook. The country’s finance secretary, Cesar Purisima, says that 40 years ago, the Philippines was identified by the World Bank as one of the economies most likely to succeed, along with Myanmar. “Fast-forward and we are not one of the most successful Asian economies – we are among the bottom? Why?” he asks.
On paper, the Philippines has a lot going for it – its population speaks English, it is in a favourable location, and its natural beauty lends itself to tourism – but the country has up until now lagged behind its Asian neighbours. To these criticisms of his country, Mr Purisima says: “You should not use the past as a predictor of the future.”
