Philippines raises ability to cope with storms

MANILA: The Philippines, the former “sick man” of Asia, has fortified its economy, positioning it to weather storms engulfing the region’s vulnerable emerging markets and to snap back faster when global growth recovers.

For sure, the June sell-off that battered Asian markets inflicted damage in Manila as foreign investors unloaded billions of dollars in Philippine shares. On June 25, the benchmark index was 22% below a May 15 peak while on June 21, the peso was down 7% for the year against the US dollar.