Philippines: Growth shows we're no longer sick man of Asia
MANILA, Philippines (AP) — A Philippineofficial says the country no longer deserves to be branded the "sick manof Asia" after its economy grew more than 6 percent for a thirdconsecutive year.
Hampered by natural disasters, growth ofthe $300 billion economy slowed to 6.1 percent in 2014, but still outpaced mostother countries in Asia, officials saidThursday.
The 2014 performance ranks the Philippines as the second fastest growing Asiancountry behind China, whichposted 7.3 percent growth, and ahead of Vietnam's 6.0 percent growth,Socio-Economic Planning Secretary Arsenio Balisacan said. The Philippineeconomy grew 7.2 percent in 2013.
"Our country can no longer be calledthe sick man of Asia," Balisacan said."Our economic growth is becoming more competitive with our East andSoutheast Asian neighbors."
The Philippines has been blighted bydecades of corrupt governments and the archipelago nation is also vulnerable tofrequent natural disasters such as typhoons and floods. Investor perceptions ofthe country have improved under the government of President Benigno Aquino III,who was elected in 2010 with promises to combat endemic graft and poverty.
She said services contributed 3.4percentage points, industry 2.5 percentage points and agriculture 0.2percentage points to the 2014 GDP growth of 6.1 percent.
Business process outsourcing was one of thecontributors to the expansion of services, according to Balisacan. Outsourcingcurrently employs 1.052 million Filipinos and the industry is targeting 1.3million full time employees and $25 billion in revenue by 2016.
Being second to china in terms of growthrate is good enough. Perhaps we can overtake china in the coming years.
The only way to bring PH out of poverty isto stop having many kids. Otherwise, they are still sick man of Asia.