Typhoon Haiyan, which swept through the central Philippines hurling makeshift homes and shacks through the air like so many matchboxes, should remind us of something pretty basic. The Philippines remains an extremely poor country.
In recent years, the southeast Asian country of nearly 100m people has deservedly gained the attention of investors. It has gradually shed its image as the basket-case of Asia and attracted serious inflows of foreign capital. Since 2010, it has had a president, Benigno ‘Noynoy’ Aquino, who has put in place the most credible administration in a generation.
Mr Aquino has made genuine, if imperfect, efforts to tackle endemic corruption, to improve infrastructure and to crack down on tax evasion. The economy has grown fast, expanding for 58 straight quarters. In the first half of this year, it grew 7.6 per cent, bucking a downturn in much of the region and challenging China as the fastest-growing Asian economy. Read more