The Philippines is the only country in Asia not affected by the economic crunch that sweeps across the globe. This is according to Sen. Juan Miguel F. Zubiri. He adds, “the country even managed to post a one percent economic growth rate despite the global economic crisis. The neighboring countries of Malaysia and Thailand felt the brunt of the crisis since last year.”
As regards the report of the World Bank (WB) showing a drop in the country’s ranking in ease of doing business, Senator Zubiri refuted it saying that in Metro Manila alone, “the values of real estate properties are going up, and this indicates that there is money circulating and the economy is good.” (PIA)