Amongst the Doom and Gloom.....

[lastlid]

"MANILA - The Philippines can hardly be described as having one of the hottest economies in the world. But for the first time in decades there is a little positive buzz about the impoverished island nation whose most famous export until now has been its genial, industrious people.

The economy here grew by 3.7 per cent last year. While not great by Asian standards - and less than the government had hoped for - those figures are still better than those posted by any European country, or by Canada and the U.S., for that matter".


"......even as Arroyo's trial, the impeachment of the country's top judge and territorial squabbles with China dominate media coverage, news that the economy may finally be perking up and that foreign investors are having a look has many in this deeply religious country hoping and praying that happier days lie ahead"



Read more: http://www.canada.com/news/Fisher+Economic+rise+hopes+soaring+long+impoverished+Philippines/6535849/story.html#ixzz1tN8NyUCq

Interesting news article from Canada.....well worth a read.........

[bigmarco]

3.7% Growth, No signs of recession there. Would be nice to think that if they are experiencing a boom and attract more foreign investors that the money would be put to good use to enable more people to come out of poverty. But as with most booming economies I fear not.

[andy222]

Its not hard to understand why. Low cost of living and low labour costs.