WE may not probably see it, but the Philippines, according to most financial and economic publications and analysts, remains resilient.
In fact, Nikhilesh Battacharyya, Moody’s Economy.com analyst said in February that, "The Philippines, branded the sick man of Asia because of its relatively slow growth in recent years, will out perform many of its neighbors."
There is no doubt that the global financial crisis has hit most countries, even those which were once regarded as "invicible." In the United States, unemployment, foreclosures and bankruptcies are in a historic high, making the government step in to save those who are most affected.
One would think that the Philippines would fare worse, realizing that a huge chunk of dollar remittances come from the US. Although the exporting industry has been affected by the global recession, analysts said that this would be temporary due to the uninterrupted remittances and other robust businesses, such as the business process outsourcing (BPO) industry.
Still, the country has remained stable and the reason could be is that the Philippine government has opened new doors to forge and strengthen ties with other Asian markets, as well as other countries.
Yes, the Philippines may not be spared from the impact of the global financial downturn already affecting most economies of the world, but thankfully, the local economy has shock absorbers prepared to soften its damage. Growth may be slow, but at least, for now, it is not reeling from the effects of the crisis. (AJPress)
( Published on March 28, 2009 in Asian Journal Los Angeles p. A12 )
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