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    Posted May 23, 2014 by

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    Philippines 'sick man' no more?

    RECENT economic accomplishments of the Philippines shown to participants of the World Economic Forum on East Asia (WEF-EA) could have erased its tag as “sick man” of Asia, the state-run Philippines News Agency (PNA) said Friday.
    Department of Budget and Management (DBM) Secretary Florencio Abad said the country was able to present to the delegates and the world the unprecedented achievements of the country not just on the economic front but other sectors as well.
    Abad said the Philippines’ hosting of WEF also allowed the Filipinos to see the broader picture of the improvements in the country.
    He said Filipinos are not recognizing the fact that the world is all praises on how the country recovered from the devastation caused by typhoon "Yolanda" (Haiyan) last November.
    He explained that international aid organizations “are very impressed on the way we have been able to address the challenge of relief, recovery, and reconstruction.”
    “And I think it’s important for us to see that to be able to appreciate all the efforts that are being done to respond to Yolanda,” he added.
    Abad pointed out that “it’s also important for Filipinos to appreciate the fact that we have done so much in such a short period of time and the world is recognizing this.”
    “And I think that appreciation actually resulted in very specific concrete gains. For example, credit rating upgrades, more FDIs (Foreign Direct Investments), less interest on loans. It helps everybody, not just the government but also businesses and citizens for that matter,” he added.
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