Philippines is the Lone Star Amidst Asian Gloom
An employee counts 1,000-peso banknotes at the Manila Electric Co business centre in Manila. Money sent home by expatriates increased 5.6 per cent to $12.1 billion in the first half from a year earlier.
It’s more what the Philippines doesn’t have than what it does have that’s making the country Southeast Asia’s safe haven amid an emerging-market rout.
Relatively low levels of foreign investment in its bonds and stocks are shielding the Philippines from an intensifying selloff, while a comparative lack of raw materials means it’s less vulnerable than Indonesia or Malaysia to sliding commodities prices.
Stability under President Benigno Aquino stands in contrast to Thailand, ruled by the military since May 2014, and Malaysia, where the prime minister is facing calls to resign amid a political scandal. Details
