Makati City, the Philippines' premier business district
Things seem to be looking up for the Philippines. After recording a 6.4% growth rate in the first quarter of 2012, reports from international observers are mostly optimistic. The most recent is an article by the New York Times dubbing the Philippines as “Asia’s bright spot”. The August 27 report makes an interesting case in favor of the the country’s high population growth rate, calling it “a driving force for economic growth.” Other positive signs include recent credit upgrades, a 4-year high record of the peso against the dollar, and the continued growth of the country’s Business Process Outsourcing (BPO) industry.
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