Philippines: Establishing Stability
Historically plagued by stunted growth and corruption, the Philippines in recent years has emerged as one of the fastest-growing economies in Asia. The archipelago also has much to gain in terms of job creation from the formation of the AEC, but transitions in political leadership could pose a threat as to whether the country is ready for the bloc.
Once regarded as the laggard among the newly industrialising countries of Southeast Asia, the Philippines has seen a marked improvement in its economic performance over the past decade. The country’s new-found status is still being consolidated — economic gains have not been equally distributed, hampering efforts to rein in poverty and corruption, despite noteworthy improvement efforts, remain a problem. As the 2015 deadline for the ASEAN Economic Community (“AEC”) approaches, the Philippines is expected to benefit from regional integration, provided certain conditions are met.