MANILA — The country’s chief economist on Thursday declared that the Philippines is no longer the “sick man of Asia” following an economic growth which reached 6.1 percent last year.
Socioeconomic Planning Secretary Arsenio Balisacan highlighted the country’s economic performance to back his claim that the Philippines is “the sick man of Asia” no more.
“Overall, the Philippine economy’s performance in 2014 and the preceding years starting in 2010 shows how our country can no longer be called the ‘sick man’ of Asia,” he said.
“Our economic growth is becoming more competitive with our East and Southeast Asian neighbors. We have avoided the dreaded boom-and-bust cycle that has hounded our economy for decades,” said Balisacan, also director general of the National Economic and Development Authority (Neda).
The 2014 data marks the second year that the Philippines posted the fastest rate in terms of economic growth next to China.
Balisacan added in his presentation at the 5th Ayala-UP School of Economics Economic Forum that the 6.3 percent growth rate of the country in 2010-2014 marked the highest five-year average in the past 40 years.
Growing better than the 6.3 percent in the same period last 2013, the country’s economic rate increased to 6.9 percent in the fourth quarter of 2014.
The country’s Gross Domestic Product (GDP) expansion in the fourth quarter was the third highest recorded rate in the region next to China with 7.3 percent and Vietnam with 7 percent.