"The strongest-performing economy in the Asia today is the Philippines," Michael Spencer, chief economist for Asia at Deutsche Bank AG, said in an interview with Bloomberg on Thursday.
On its first quarter Philippines recorded an impressive 6.4% growth, making it the best performing economy next to China with 8.1%.
"What’s driving growth [in the Philippines] today are exports, surprisingly enough for them," Spencer said.
Philippines might be in law trade exposure to the U.S and Europe, both suffering from global crisis; it is safe to invest in the Philippines.
"Historically it's at least been very less dependent on the U.S. and Europe. Although what's really been driving growth today is exports [which is] surprisingly enough for them," said Spencer.
"There seem to be exports to Japan. I suspect there's something of a Japan outsourcing after the earthquakes last year from the Philippines. They've suddenly have discovered a billion dollars a month almost is the last two or 3 months. For them it's huge," said the chief economist.
Hopefully everyone helping each other and the government continue their good deeds to uplift our economy, soon Philippines is the capital of investment in Asia.