Thursday, 30 August 2012

A Youthful Populace Helps Make the Philippines an Economic Bright Spot in Asia


Floyd Whaley
New York Times
Read full article: http://www.nytimes.com/2012/08/28/business/global/philippine-economy-set-to-become-asias-newest-bright-spot.html?_r=1&pagewanted=all

MANILA — In the upscale business district of Manila, a midweek crowd spills out into the street. The New York-themed Borough restaurant is pulsating to the beat of a Bon Jovi song, while young, hip Filipinos take shots of tequila from a passing tray and sing in unison.

Times are pretty good in the Philippines if you are young, skilled and live in the city. Young urban workers are helping to give the country its brightest prospects in decades, economists say.

With $70 billion in reserves and lower interest payments on its debt after recent credit rating upgrades, the Philippines pledged $1 billion to the International Monetary Fund to help shore up the struggling economies of Europe.

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