Business Optimism up in The Philippines

10th February 1997

The Philippines is the new darling of the press as strong economic and business growth outshone many of its neighbours in late 1996 and early 97. Written off by many investors and commentators for the past decade, President Fidel Ramos has managed to turn around an unhealthy economy, and more importantly less dependent on the US.

Several feature articles have appeared in the press recently. Asian Business Review reports:

While the Philippines economy showed a robust performance in the second quarter of 1996 with GNP growth accelerating to 7.7 % and inflation falling by 2 percent, the trajectory remains one of steadily rather than rapidly strenghthening growth.

The recent big profile failure of the Malaysian deal to buy the historic Manila hotel at the last hurdle may have increased fears of overseas investors, however, the mood is of cautious optimism.