2. • Economic growth is strong, social programs
successful, and transparency improved.
• The Philippines is becoming more than just a picture-
perfect vacation spot.
• The current President of the Philippines Benigno S.
Aquino III, son of well-loved former president
Corazon Aquino, has been steadfast in his campaign
to serve his real “boss”, the people of the Philippines.
3. • After years of practically uncontrolled corruption in
the Philippines, he certainly has his work set out for
him; however, he views corruption eradication as key
to solving another pressing problem.
• Perhaps due to its recent instability, the Philippines
has lagged behind its neighbors in terms of foreign
investment. From 2000 to 2011, FDI only totaled
$25.59 billion. In contrast, Malaysia attracted
$114.56 billion and Thailand, $146.12 billion.
4. • The Philippines has decided to take China to a UN
arbitral tribunal to resolve a territorial dispute in the
South China Sea, a move that many countries
unbiased support.
• The South China Sea has been a certain bone of
contention between the Philippines, China and their
ASEAN neighbors for a number of decades.
• The reason for the territorial dispute is simple: much
of the trade between Europe, the Middle East and
Asia passes through these waters, acting as a crucial
international shipping lane.
5. • Thanks to robust GDP growth, the number of bank loans
has increased, while asset quality has improved, says the
report. In early May, after receiving the second upgrade,
Finance Secretary Cesar Purisima said, “We are very
pleased that S&P, along with Fitch, has also now affirmed
the Philippines’ strong economic and fiscal gains.”
• Highly respected and widely regarded as one of the best
banks in the Philippines, the Bank of the Philippine
Islands, BPI, has received a multitude of awards in the
country’s banking industry that have been designed to
support entrepreneurism and spur socio-economic
development through private-sector enterprise.
6. • The corporate social responsibility initiatives at the
bank are handled by the BPI Foundation. Established
in 1978, its programs and activities are based around
improving Philippine life in three core areas:
entrepreneurship, education and the environment.
Its drive to take a more active role in strengthening
the capabilities of the nation’s entrepreneurs led BPI
to be the first commercial bank to support
microfinance institutions (MFIs) through the
provision of developmental loans.
Read the Country Report here
