The Philippine fundamentals are intact. Friends, this is not a cliché. It is not meant to be a bumper sticker. It is a statement that I hope you would not take lightly. On one hand, Q1 2013 GDP grew at 7.8 percent.
Divorcing from the fact that this was the highest Q1 growth in the region (better even than China’s), this growth was supported by capital formation and public spending on infrastructure. In other words, the economy is being buoyed by expenditures that would cement the growth to a sustainable level.