MANILA: A Philippine official says the country no longer deserves to be branded the “sick man of Asia” after its economy grew more than 6 per cent for a third consecutive year.

Hampered by natural disasters, growth of the $300 billion economy slowed to 6.1pc in 2014, but still outpaced most other countries in Asia, officials said Thursday.

The 2014 performance ranks the Philippines as the second fastest growing Asian country behind China, which posted 7.3pc growth, and ahead of Vietnam’s 6.0pc growth, Socio-Economic Planning Secretary Arsenio Balisacan said. The Philippine economy grew 7.2pc in 2013.

“Our country can no longer be called the sick man of Asia,” Balisacan said.

“Our economic growth is becoming more competitive with our East and Southeast Asian neighbours.”

The Philippines has been blighted by decades of corrupt governments and the archipelago nation is also vulnerable to frequent natural disasters such as typhoons and floods.

Investor perceptions of the country have improved under the government of President Benigno Aquino III, who was elected in 2010 with promises to combat endemic graft and poverty.

“The numbers tell us that we are moving in the right direction,” Baliscan said.

“Clearly the economic policies and strategies we are implementing to achieve sustained and inclusive growth are bearing fruit,” he said.

National Statistician Lisa Bersales said the “robust performance” of industry, particularly manufacturing and construction, lifted growth in the fourth quarter to 6.9pc from 6.3pc a year earlier.

Published in Dawn, January 30th, 2015

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