AN ANALYST AT a US investment bank is cutting about the Philippines government. “They have no credibility,” she says. “They are so bad that I can’t even bring myself to listen to them any more. And my clients are losing faith.”
Unfortunately for the Philippines, this is not a lone renegade voice condemning the performance of president Gloria Macapagal Arroyo’s administration. It’s a view echoed by many. The head of global markets at another bank with pan-Asia coverage says: “On paper the players look technically very impressive, and they give the best Powerpoint presentations, but they continually fail to deliver.
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