Malaysian magazine hails PH economy

source: www.abs-cbnnews.com

MANILA, Philippines - The Philippines was given the award for fastest growing economy in Asia by a Malaysian magazine.

Top 10 of Asia magazine gave the "Fastest Economic Growth in Asia" for 2014 award to the Philippines, during an awards ceremony in Kuala Lumpur.

The award was given out based on the magazine's research survey where each country was rated based on positive outlook, stability, political maturity and robust economic growth.

The Philippines was ranked first among 10 countries.

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

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

The award was given out after the Philippine economy posted a lower-than-expected 5.3 percent growth in the third quarter. The Philippines now has the fourth fastest GDP growth rate in Asia in the third quarter, behind China, Vietnam and Malaysia.

The magazine also gave out various awards based on its survey.
Maldives was named Asia’s Best Island Nation; Singapore was named Asia’s Most Inspiring Platform for Business; and Uzbekistan as Asia’s Best Nation for Agro-Industrial Development.

Other awards were given out to Vietnam for Asia’s Most Attractive Nation for Manufacturing; Thailand as Asia’s Most Attractive Tourism Destination; and Malaysia for 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.

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