Despite economic uncertainties in Europe and the United States and a weak global economic environment, an economic expert says that the Philippines is now one of the best performing economies in the region.
In a recent interview with Bloomberg, Michael Spencer, Deutsche Bank AG’s chief economist for Asia said that the Philippines is the “strongest-performing economy” in Asia today.
Spencer also pointed out that this development is despite the fact the Philippines has been historically identified as dependent on U.S. and European economies which continue to face gloomier projections and uncertainties.
The country’s economy improved by 6.4 % for Q1 or the first quarter of 2012; this, according to economic experts, is an improvement or a recovery from last year’s 3.7 % growth.
These figures helped propel the Philippines to no. 2 among the fast growing economies in Asia, second only to China which posted 8.1 % growth.
