A business website has named the Philippines as one of the “new tigers” in Southeast Asia, owing to the country’s recovery from the Asian financial crisis and its high potential for growth, a report on Yahoo! News.
Yahoo! News reported that according to Market Watch, the Philippines and Indonesia have “come of age” and are “poised to drive future growth and grab more economic power.”
The four Asian tigers are Hong Kong, Singapore, South Korea and Taiwan.
“In an economically vibrant Southeast Asia, Indonesia and the Philippines stand out as the region’s ‘New Tigers’ with the potential to leave a bigger imprint on global growth for years to come while the developed world struggles with excess debt and traditional regional heavyweights China and India lose momentum,” Market Watch said.
The business website cited the edge of Philippines and Indonesia over other countries in the region, including large and young labor force, an expanding middle class and elected governments with policies inspiring investor confidence, the Yahoo! report said.
Market Watch added that sturdy banks and enough foreign exchange reserves also put the countries at an advantage.
Yahoo! reported further that Market Watch noted that national debt remains low in the Philippines and Indonesia compared to countries in the West, “leaving both enough room to boost their economies in case of need.”
Market Watch also noted that since the end of 2008, the two countries’ stock markets have been among the world’s best performing, the Yahoo! report said.
Market Watch said that marking the two countries’ takeoff is their leap from borrower to lender status in the International Monetary Fund (IMF), with each pledging $1 billion to replenish the multilateral bank’s funds.