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Philippine economy is vulnerable but less so

January 08, 2009
Analysis of: RP less vulnerable to crisis, says Fitch (

This analysis is solely the work of the author. It has not been edited or endorsed by GLG.

Author of this analysis Contributed by a Member of the GLG Real Estate Councils

Implications: The Philippines is vulnerable to the global financial crisis but less so than other countries in the region, as its banks and external financial position are sound, the London-based credit watchdog group Fitch Ratings said Wednesday.

Analysis: As discussed in a previous real estate news analysis, the Philippine economy is still on track due to some positives -same Fitch BB stable rating due to healthy fundamentals -large foreign worker remittances -lower fiscal deficit -lower debt -sale of state assets -higher taxes -new middle class business process outsourcing -real estate, travel and tourism However, there are still several negatives contributors to economic growth -low infrastructure growth -tax evasion -smuggling -corruption The Philippines hopes to continue strenghtening its economy with several postive factors going for it but only in the medium to long term due to the negative factors stated above.

"In order to ensure that these questions are properly addressed, and that the interests of stakeholders are fully and carefully considered, Satyam has decided to broaden the scope of its deliberations beyond a possible buyback of its stock," its chairman, B. Ramalinga Raju, said in the statement.

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