The Aquino administration has received much praise from foreign and local institutions for the “spectacular” performance of the Philippine economy in 2012. The International Monetary Fund, World Bank, Asian Development Bank and private think-tanks have all been bullish on the Philippines. Thus, many were surprised by the release last week by Malaysian credit-watcher RAM Rating Services of its inaugural sovereign ratings for five leading Southeast Asian countries. In brief, it showed the Philippines as the laggard among the region’s major economies.
CIA apologizes for spying on US Senate