![]() ![]() And last year, the World Economic Forum moved the Philippines up ten points to the top half of its global competitiveness ranking for the first time in its history. ![]() Last month, Fitch Ratings (one of the world's three major credit rating firms) upgraded the Philippines to a "BBB-" with a stable outlook - the first time the Philippines has ever received investment-grade status and a huge vote of confidence in the Filipino economy. That growth is projected to continue over the next few years, in part because Filipinos are in a "sweet spot" demographically: the Philippines has the youngest population in East Asia, which translates into lower costs to support a younger workforce and less economic drag from retirees. At 6.6 percent, the Filipino economy's current GDP growth rate is the second highest in Asia, behind only China's. In a neighborhood of so-called "Asian tigers," the Philippines has quietly emerged as the region's newest economic darling. Skyrise buildings are seen amidst a residential district near Manila's Makati financial district on May 3, 2013. ![]()
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