When a sleeping tiger wakesUnder president Fidel Ramos, the Philippines has undergone massive economic liberalization and is now on a steady growth course. The challenge is to remove remaining bottlenecks and position the country as Asia's next tiger economy. By Ben Davies in ManilaThe Asia Pacific Economic Cooperation (APEC) summit in Manila last November was a crowning point in president Fidel Ramos's four-year term. Summit participants included president Bill Clinton as well as leaders from the other 17 APEC member states. And in waiting were countless businessmen hoping to break into the latest Asian country seeking to achieve tiger economy status. "The APEC summit marked the Philippines' debut alongside the most successful economies in the region," says Jojo Gonzales, director and chief strategist at Jardine Fleming Exchange Capital Securities. "Four or five years ago, nobody could have dreamed we would host such a conference. This was a stamp of approval." Four years into his presidency, Ramos has plenty to be proud about. GNP growth, 0.5% in 1991, surged to 5.5% in 1995 and estimates for 1996 suggest it topped 7% at a time when growth was tailing off in Malaysia and Thailand. |
