THE ASIAN CENTURY
PHILIPPINES OFWS. The Philippines is one of the fastest growing economies among the ASEAN 5. And, in 2010, it showed such sterling results that the IMF even predicted it to be the fastest growing economy in ASEAN, second only to Thailand. Today, whilst the economy is growing at a modest 6%, investor and consumer confidence, according to market analysts, continue to soar. A new golden era for the Philippines? Maybe. Maybe not. That is because against all the "hoo-hah", unemployment rates are still climbing and the Philippines continues to carry the disgraceful mantle of "The Sick Man of Asia. " There are now about 1 million OFW’s (Overseas Filipino Workers) and 11 million overseas Filipinos worldwide. "People, it seems, are the Philippines best export. ". But, of late, there are signs that the Philippines’ overdependence on remittances has created long-term cracks in the social fabric and an economy that is fragile in the face of a global crisis.
