PHILIPPINES

Philippines

PHILIPPINES

Region of Southeast Asia: Economic Strengths & Weaknesses

Southeast Asian authorities employed in the direction of stabilization and the United States enjoying good relations with these countries, American enterprises and investors have been at the forefront of investment activity. This has assisted fuel important economic growth, as the 10 constituents of the Association of Southeast Asian countries (ASEAN) experienced a mean 5.0% boost in GDP since the start of the 21st century. The following table displays each country's approximated financial development in 2006:

The United States relishes different kinds of trade affirmations with Southeast Asian countries, encompassing a Free Trade affirmation with Singapore and, actually, and FTA discussion with Malaysia and Thailand. In August 2006, the United States and the 10 members of ASEAN signed a Trade and Investment Framework Arrangement (TIFA) in an effort to expand trade relations and reduce trade barriers between the U.S. and ASEAN members. The U.S. is the premier swapping colleague with the Philippines and Malaysia, and the second-largest swapping colleague with Thailand. The joined States has furthermore consistently been the biggest foreign shareholder in Malaysia (over $30 billion) and the Philippines' ($3.3 billion). (Williamson, 2007)

Strengths and Challenges of Philippines

The Philippines government is having adversity in getting the venue prepared in time for the hosting of the ASEAN Summit. This was accused on the fact that because Myanmar was “not prepared” to seating this year, Philippines has to stepped in and hence lost 12 months lead time in preparing for the summit. There have been doubts as to whether the initial venue of the ASEAN summit, Cebu worldwide accepted Centre in Mandau would be ready. The Philippines government has prepared a new venue- the Shangri-La Hotel on Mac tan isle as an alternate venue.

The Philippines economic and financial systems have continually been one of the strongest in the world and one of the top few in Asia for quite some time. Like all industries and economies, their financial system has had its share of declining states as well, however the Philippines has consistently been a strong market in Asia. The current Filipino financial system has been in place for the last 73 years and is constantly and consistently growing. It has shown that it can sustain terrible recessions like the one it felt in the late 90's and has been holding steady during this current recession, relative to other comparable Asian markets.

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