RISE AND SHINE WITH THE

PHILIPPINES

• Economic growth is strong, social programs successful, and transparency improved.

• The Philippines is becoming more than just a picture-perfect vacation spot.

• The current President of the Philippines Benigno S. Aquino III, son of well-loved former president Corazon Aquino, has been steadfast in his campaign to serve his real “boss”, the people of the Philippines.

• After years of practically uncontrolled corruption in the Philippines, he certainly has his work set out for him; however, he views corruption eradication as key to solving another pressing problem.

• Perhaps due to its recent instability, the Philippines has lagged behind its neighbors in terms of foreign investment. From 2000 to 2011, FDI only totaled $25.59 billion. In contrast, Malaysia attracted $114.56 billion and Thailand, $146.12 billion.

• The Philippines has decided to take China to a UN arbitral tribunal to resolve a territorial dispute in the South China Sea, a move that many countries unbiased support.

• The South China Sea has been a certain bone of contention between the Philippines, China and their ASEAN neighbors for a number of decades.

• The reason for the territorial dispute is simple: much of the trade between Europe, the Middle East and Asia passes through these waters, acting as a crucial international shipping lane.

• Thanks to robust GDP growth, the number of bank loans has increased, while asset quality has improved, says the report. In early May, after receiving the second upgrade, Finance Secretary Cesar Purisima said, “We are very pleased that S&P, along with Fitch, has also now affirmed the Philippines’ strong economic and fiscal gains.”

• Highly respected and widely regarded as one of the best banks in the Philippines, the Bank of the Philippine Islands, BPI, has received a multitude of awards in the country’s banking industry that have been designed to support entrepreneurism and spur socio-economic development through private-sector enterprise.

• The corporate social responsibility initiatives at the bank are handled by the BPI Foundation. Established in 1978, its programs and activities are based around improving Philippine life in three core areas: entrepreneurship, education and the environment. Its drive to take a more active role in strengthening the capabilities of the nation’s entrepreneurs led BPI to be the first commercial bank to support microfinance institutions (MFIs) through the provision of developmental loans.

Read the Country Report here