Phl gets fastest economic growth award

MANILA, Philippines - The Philippines has been bestowed the “Fastest Economic Growth in Asia” for 2014 award by Malaysia’s Top10 of Asia magazine.

The Philippine embassy in Kuala Lumpur said yesterday the award was given based on a research survey conducted by the magazine in which each country was rated on positive outlook, stability, political maturity and robust economic growth. 

The country was ranked first among 10 short-listed countries during the magazine’s 2nd Corporate Ball on Nov. 21 at the Palace of the Golden Horses in Kuala Lumpur.

Embassy Charge d’Affaires Medardo Macaraig received the award on behalf of the country.

“The award is a testament to the country’s impressive economic growth, which is due to both good governance and macroeconomic fundamentals being practiced by the Philippine government,” Macaraig said.

Other countries cited were Maldives, Asia’s Best Island Nation; Singapore, Asia’s Most Inspiring Platform for Business; Uzbekistan, Asia’s Best Nation for Agro-Industrial Development; Vietnam, Asia’s Most Attractive Nation for Manufacturing; Thailand, Asia’s Most Attractive Tourism Destination; and Malaysia, Asia’s Most Livable Nation and Asia’s Top Country for New Opportunities in Foreign Investment.

Last year the Philippines was cited by the magazine as Asia’s Most Tourist-Friendly Country.

Top10 of Asia is an English language magazine owned and published by the RHA Media Sdn. Bhd. It showcases Asia’s excellence in all its diversity and reaches up to about 100,000 readers each month both online and in print.

The Corporate Ball 2014 hosted some 900 distinguished CEOs, business owners and personalities across Malaysia and Asia. 

It was organized by the Top 10 of Malaysia and Kuala Lumpur-based Top 10 of Asia Initiative.