THE Philippine economy remains “the strong man of Asia” because of solid macroeconomic fundamentals that will offset investors’ cautious sentiment amid the negative international media coverage in the country, Australia and New Zealand Banking Group Ltd. said in a report Friday.
ANZ maintained its favorable assessment for the Philippines, saying foreign investors were responding to negative media coverage rather than to economic developments and overlooking these strong fundamentals.
“For the time being, foreign investors have been reacting more to the negative media headlines, and the risk of further withdrawal of foreign investment remains. Admittedly, the contribution of foreign capital to the Philippines is low with net foreign portfolio flows posting a monthly average of $96 million in the last three years,” ANZ said.