A few months ago, I made a post about potential new emerging market plays, focusing specifically on the Philippines. The case was made that there were a number of positives for the economy as a whole as it moves to modernize and industrialize its still relatively agricultural economy. Since that post, the Philippines market index has jumped 13% and is up 40% YTD.
Marketwatch.com also picked up on the topic a few months later, making similar points.
Today, Bloomberg reported:
Gross domestic product increased 7.1 percent in the three months through September from a year earlier, compared with a 6 percent gain in the previous quarter, the National Statistical Coordination Board said in Manila today. The pace exceeded all 22 estimates in a Bloomberg survey, whose median was 5.4 percent.
President Benigno Aquino is increasing spending to a record this year while seeking more than $17 billion of investment in roads and airports. The Southeast Asian nation is forecast to be among the 10 fastest growing economies in 2012, according to a Bloomberg survey, making it less likely that Bangko Sentral ng Pilipinas will cut its benchmark interest rate again in December.