The Philippine economy grew at the slowest pace in more than a year last quarter, with damage from Super Typhoon Haiyan further crimping the outlook for full-year expansion before a reconstruction boost.
After Lyn Lyn Rael’s three-room house was swept away by Super Typhoon Haiyan, leaving her husband and five children homeless, she borrowed 25,000 pesos ($570), the equivalent of two months’ wages, from her employer in Singapore to send to her family.
By noon on a recent weekday, Nguyen Thi Hanh hadn’t sold a single mooncake at her sidewalk kiosk set up for the Mid-Autumn Festival on a busy street in Hanoi. She squatted on the ground to tend to her embroidery, instead.
The Philippines won a rating upgrade from Moody’s Investors Service, completing the nation’s ascent to investment rank as President Benigno Aquino leads a growth resurgence that’s outpacing the rest of Southeast Asia.
The Philippines is poised to join the world’s 10 fastest-growing economies this year and next as Filipinos buying goods from dresses to condominiums cushion a faltering in exports that’s hurt the rest of the region.
Philippine bonds rose, with the 25- year yield dropping to the lowest in at least a decade, amid speculation the central bank will add to this year’s two reductions in the rate paid on special deposit accounts.