In the April 8 meeting, Morales noted the rapid growth trajectory of the Philippine economy from 2010 until 2014. In his presentation, he emphasized that the country’s economy grew by 6.1 percent, making it the second fastest-growing economy in the region after China.
He said various factors which contribute to the sharp growth include the country’s large but young population, the various anti-corruption measures that have been established by the current administration, as well as structural changes taking place in the economy caused by good economic fundamentals.
“According to UN population projections, the Philippines will hit, in 2015, a ‘demographic sweet spot’ that will approximately last for the next 35 years. Countries in such conditions post an average yearly growth of 7.3 percent,” cited Morales.
The ambassador said that the Philippines “can no longer be labeled the sick man of Asia due to the favorable economic conditions and is now savoring an unprecedented level of confidence from the international economy.
“For the first time in the country’s history, the Philippines is ranked investment grade by the major credit rating outfits—Moody’s, Standard and Poor’s and Fitch. In the latest World Bank-IFC Ease of Doing Business Report, the Philippines jumped to 95 out of 189 countries worldwide, an improvement of 13 places from a rank of 108th last year,” added Morales.
“We still need to address poverty and try to make the economy more inclusive and sustainable in the long term,” Morales said.
Program directors of APEC economies were also present in the meeting.