S&P says Philippine economy a 'rare bright spot'

Manila (Philippine Daily Inquirer/ANN) - The economic forecast for many countries these days ranges from shaky to dismal, especially among industrialized countries. Yet, the Philippines and Indonesia stand out as rare examples of emerging Asian economies with positive rating outlooks.

According to a report titled "Two Emerging Asian Economies Stand Out With Positive Outlooks Amid Sobering Economic News Elsewhere," just published on RatingsDirect, Standard & Poor's Ratings Services said that these two countries were among only 10 in the world that have positive rating outlooks, and none were industrialized economies.

Generally, the bond markets are treating the Philippines and Indonesia pretty well. And the cost to insure the two countries' debt using credit default swaps also illustrates the favorable treatment the credit markets are giving the two countries.

Meantime, Southeast Asian countries have reaffirmed plans to integrate their economies by 2015, carrying hopes the move will make the region a key growth leader for the global economy.

At the end of the three-day World Economic Forum for East Asia held in Bangkok Friday, member-countries of the Association of Southeast Nations (Asean) committed to pursue the Asean integration plan as scheduled by 2015.

Under the economic integration plan, their financial systems and capital markets will be interconnected, trade will be easier through the elimination of many tariffs, and freer movement of labor across borders will be allowed.

In a statement released by the World Economic Forum (WEF), Southeast Asian leaders cited the benefits of an integrated region. "Leaders of four Asean countries reaffirmed the 10-member grouping's commitment to form the Asean Economic Community as scheduled in 2015," WEF said in the statement.

WEF said Asean members also raised hopes the group would be joined by other Asian countries in the future.

The economic integration by 2015 is expected to transform Southeast Asia into a major growth force in Asia and the world, together with China and India.

The Philippines is supportive of the region's integration, saying doing so would help accelerate growth of member-economies. The country's economic officials believe the integration will help member-countries pursue the goal of "inclusive" growth.

Economists said that while the Philippines and other emerging Asian countries were cited for their respectable growth rates despite problems hounding advanced Western economies, they continued to suffer from growth that was not inclusive.

"Inclusive" growth is one that actually translates to poverty reduction and does not benefit only the rich. In the Philippines, poverty incidence remains high even as the economy has consistently grown over the years. With a report from Reuters

Loading...

Editor’s note:Yahoo Philippines encourages responsible comments that add dimension to the discussion. No bashing or hate speech, please. You can express your opinion without slamming others or making derogatory remarks.

  • Sandigan OKs hospital stay for GMA co-accused
    Sandigan OKs hospital stay for GMA co-accused

    The Sandiganbayan has allowed a government official, accused with plunder along with former President and now Pampanga Rep. Gloria Macapagal-Arroyo to undergo a medical procedure at a hospital tomorrow. The anti-graft court permitted former Philippine Charity Sweepstakes Office (PCSO) board member Benigno Aguas to undergo a cardiopulmonary/endocrine clearance at the St. Luke’s Medical Center in Quezon City. …

  • Appeal for convicted Pinay in Indonesia continues – Palace

    The Aquino government is doing everything possible to save a Filipina facing execution in Indonesia for drug smuggling, a Palace official said yesterday.Deputy presidential spokesperson Abigail Valte said the government was moving within Indonesia’s legal framework to spare Mary Jane Veloso from death.Foreign Affairs Secretary Albert del Rosario continues to exhaust all legal avenues to save Veloso from execution, Valte said.The Indonesian Supreme Court on Wednesday denied the government’s …

  • Sandigan recommends executive clemency for ex-envoy
    Sandigan recommends executive clemency for ex-envoy

    The Sandiganbayan has recommended executive clemency for a former Philippine ambassador to Nigeria who was sentenced to 52 years for malversation of public funds. The Sandiganbayan First Division found Masaranga Umpa guilty of misusing the Assistance-To-Nationals Stand-by Funds totaling $80,478.80 in 2007, but the anti-graft court said the former assemblyman from Lanao del Norte should be pardoned. …

  • Bulacan, Bataan are top Lenten destinations

    MALOLOS, Bulacan – With the expected Holy Week exodus of Catholic devotees to various pilgrimage sites in Bulacan, Bataan and other provinces near Metro Manila, local and provincial officials have coordinated with security and emergency response teams to address the influx of visitors.Among the pilgrimage sites in Bulacan that are often visited by travelers are the Divine Mercy Shrine in the town of Marilao; the procession of saints in Baliwag; the Banal na Bundok with the Stations of the Cross …

  • Stargazing at the mall highlights Earth Hour
    Stargazing at the mall highlights Earth Hour

    It was a night of stargazing in 58 SM Supermalls all over the country last night as these establishments participated in Earth Hour, an annual worldwide movement encouraging communities and establishments to switch off lights for one hour to raise global awareness of overuse of non-renewable resources. The Philippines has been an active participant of Earth Hour since 2008. Last night, in the province of Bulacan, for instance, all parishes, diocesan institutions, schools and household …

  • Payanig privatization hit
    Payanig privatization hit

    BLEMP Commercial of the Philippines, Inc. (BLEMP) denounced the recent announcement of the Presidential Commission on Good Government (PCGG) to privatize the 18.4-hectare “Payanig sa Pasig” property. In a statement sent to The STAR , BLEMP lawyer Dennis Manalo said the PCGG has no right to auction the property because it has no valid title and is not in possession. The PCGG has not paid a single centavo in real property taxes for the property, he said. He narrated that it was in the early …

  • New species of tarantula found
    New species of tarantula found

    Scientists from the Museum of Natural History (MNH) of the University of the Philippines-Los Baños have discovered a new species of cave-dwelling tarantula on an island off the coast of Quezon. The new species of the spider, Phlogiellus kwebaburdeos, was described in the recent issue of the Philippine Journal of Systematic Biology by MNH curators for spiders Aimee Lynn Dupo and Alberto Barrion along with their former student Joseph Rasalan. The tarantula was discovered by Rasalan during …

  • Palm Sunday: Do not add to suffering of others
    Palm Sunday: Do not add to suffering of others

    As Christendom enters Holy Week today, Palm Sunday, an official of the Catholic Bishops’ Conference of the Philippines (CBCP) yesterday called on the faithful not to add to the sufferings of their fellowmen. Jerome Secillano, executive secretary of the CBCP-Episcopal Commission on Public Affairs (ECPA), said that while Palm Sunday is oftentimes remembered as the glorious arrival of Jesus Christ in Jerusalem, it also signals the start of the Holy Week that tells of His suffering, death and …

POLL

Should Aquino be held accountable over the Mamasapano operations?

Loading...
Poll Choice Options