In another piece of good news, another international debt watcher hailed the Philippines for being able to post huge economic growth despite the global financial crunch. Moody's Investors Service branded the country as a "rising star" that could attain more growth in years ahead even in a gloomy world economy.
Moody's said the Philippines could attain up to eight percent growth in its economy in 2016 if economic reforms and policies implemented by the government will continue. For this year and 2014, Moody's expects the country's economy to grow 6.5 percent to seven percent, well within the government target for both years.
"The Philippine has been among the brightest part of a generally gloomy global picture," Moody's senior economist Glenn Levine was quoted in the Philippine Star as saying in a report. "Some low-hanging fruit has already been picked, but if development and reform continue near their current pace, the Philippines' rate of growth will rise towards eight percent by 2016," Levine explained.
Last month, Fitch Ratings raised its credit rating for the Philippines to investment grade after the country managed to post a 6.6 percent economic growth last year. The major credit rating agency noticed that the country has gained a stable financial status that enables it to manage its debt.
All these commendations are always a welcome development in this time of worldwide economic crises. That the Philippines managed to beat the odds to outshine its neighboring countries in economic performance is by far its biggest achievement in its effort to be the next Asian tiger.
However, amid the praises and admirations, the big question is, can the country translate this economic progress into a real development enjoyed by all sectors?
With all this vaunted growth, we have yet to see improvement in the lives of the poor. Dissatisfaction still dominates the air as many still complain about high prices of basic commodities.
One does not have to be an economic wizard to know that the economic growth is failing to benefit the majority.