It just couldn't get things going despite its highly educated, Roman Catholic, English speaking population.
Until the last 3 years when the current President ran on a platform of stamping out corruption (the previous president Arroyo has been indicted for corruption ).
1) The Philippines has brought down her debt to sustainable levels and is on track to be rated INVESTMENT GRADE by the rating agencies.
2) From a net IMF debtor, she has become a net IMF creditor ( which means ironically, she will be lending money to Europe and her former colonizer -- Spain ).
3) The Philippines has all but overtaken India to be the call center capital of the world.
4) Unemployment ( although still high ) is dropping quickly as the economy grows by an average of 7%. At this rate, average income will double in 10 years.
My point is this -- If a third world country can control her debt, so can we here in the USA. Unfortunately, we are going the OPPOSITE direction.
I’d pay good money for some lumpia right now.
Armscor is doing great things
I’m still trying to get my hands on a Rock Island 9mm/.22 TCM 1911
Quite honestly I wish I could get in on Armscor stock, but apparently they are privately held.
They produce more 1911’s than anyone on the planet
Hmmpf! I lost my job 3 years ago because they sent our work to the Philippines. They didn’t have to pay them very much, and even gave their workers lovely row houses/s to live in. I imagine it was similar to the old plantations where the slaves worked for their food, room and board in lovely little shacks.
That is great news. I remember the days when the Philippine Country was a disaster. Glad to see they seem to be digging themselves out of the mess they had. Hopefully we will do the same. It is amazing to me how obvious it is to fix our financial health....everyone knows what to do but nobody wants to do it. Both sides suck big time!
Panama Economic Growth Accelerated to 10.6% in First Quarter
By Eric Sabo - Jun 15, 2012 5:12 PM ET