Changing fortunes of Philippines

IN the recent flight in foreign funds in many emerging markets, the Philippines was left the least unscathed. This is particularly due to it having relatively low levels of foreign investment in its bonds and stocks.

Also, the lack of raw materials compared with countries like Malaysia and Indonesia means it is less vulnerable to falling commodities prices. Even though China has become one of its fastest growing trade partners, the Philippines is still not as exposed as other Asian emerging markets.