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Looking ahead in the Philippines
Long referred to as the "Sick Man of Asia" for its less than impressive economic performance and often volatile politics, the Philippines has shown record GDP growth in excess of 6% over the last 6-8 years. Under President Rodrigo Duterte, the country has launched an ambitious "Build, Build, Build" infrastructure program and a strategic pivot to China. But how much has really changed? Unlike many of its neighbours, the Philippines economy is still dominated by consumption and services and remains controlled by a handful of big family enterprises. The sudden lockdown of metro Manila and southern Luzon during the COVID-19 crisis will no doubt send the economy into strongly negative territory. Dane Chamorro is joined by Dereck Aw, Control Risks Senior Analyst for the Philippines, to discuss the outlook for the country in the months and years ahead.