Table 2 Financial situation indicators Non-financial companies 2008  2012  Capital Adequacy Ratio Median 23,0 Weighted Average  39,3 Interest as a % of Cashflow  24,0 36,4  Median 18,3  10,7  Weighted Average  49,1 63,7 Financial Debt as a % of EBITDA  Median Weighted Average  281,0  367,1  670,6  1172,6  Source: Banco de Portugal (Central Balance-Sheet Database)  Portuguese companies’ high leverage ratios, when compared to those of companies in most mainland European countries, lead to a double fragility among our companies: financial fragility, as companies are particularly vulnerable to alterations in financing conditions, both  3  Bloom, N., Sadun, R., Reenen, J.
These sound fundamentals have put the Philippines on a favorable footing relative to its peers. Earlier this month, the prestigious publication, The Economist surveyed 66 emerging economies and concluded that the Philippines is the 6th most robust country when the health crisis started, as characterized by ample level of foreign exchange reserves and relatively lower debt-to-GDP ratios.