PH no longer ‘Sick man of Asia’ – Sen. Gatchalian

Sen, Win Gatchalian / Photo from CNN Phils. (ctto)

Sick man of Asia no more!!!

Fresh from being hailed as the “Best country to invest in,” Senator Sherwin Gatchalian made that bold statement- that the Philippines is no longer the sick man of asia.

The senator who is affiliated with Presiden Rodrigo Roa Duterte stressed that the achievements of the country for the past years are making up for the lost time that we should have been advancing as a nation.

"Over the past few decades, the Philippines came to be known as the 'sick man of Asia' due to its disappointing economic performance in comparison to its Asian neighbors. Fortunately, international recognition of the country's vibrant economic outlook through rankings such as these indicates that the sick man of Asia is nearing full recovery," he said.

The senator from Valenzuela  is referring to the recent Best Countries 2018 report, a comprehensive ranking released by US News & World Report in cooperation with Y&R's BAV Group and the prestigious Wharton School of the University of Pennsylvania.

Under the Best Country to Invest In category, the Philippines earned the top score among 80 countries. 

According to the US News website, the ranking was generated from the input of more than 6,000 "business decision makers," who scored their perceptions of each country regarding eight attributes: "corrupt, dynamic, economically stable, entrepreneurial, favorable tax environment, innovative, skilled labor force and technological expertise."

Gatchalian, who heads the committee on Economic Affairs in the Senate, expressed optimism that the policies of President Rodrigo Duterte’s administration would "keep our economy moving in the right direction."

The Duterte administration’s ambitious BUILD BUILD BUILD project has been cited by the respected economic ratings firms in forecasting a bullish Philippine economy for 2018 and 2019. 

In December last year, Fitch Ratings upgraded the Philippines’ Long-Term Foreign-Currency Issuer Default Rating to BBB from BBB-.

Fitch Ratings forecasted that “the Philippines will have a real gross domestic product (GDP) growth of 6.8 percent in 2018 and 2019 due to expected higher infrastructure spending.”

The global leader in credit ratings added that the Philippines’ expected 6.8 percent GDP growth in the next two years would maintain the country’s place among the fastest-growing economies in the Asia-Pacific region.

In the last quarter of 2017, Asian Development Bank (ADB) raised raised its Philippine GDP forecast for 2018 from 6.7 percent to 6.8 percent.

In its report, the ADB said its upgraded outlook for the nation’s economy “assumes that growth in the government's infrastructure program will accelerate, supported by improvements in budget execution, with more large investment projects underway."

Source: PNA

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