INQUIRER.net: Philippines’ elite swallow country’s new wealth

INQUIRER.net Philippine News for Filipinos

Philippines' elite swallow country's new wealth Mar 3rd 2013, 05:02 MANILA - Optimism is soaring that the Philippines is finally becoming an Asian tiger economy, but critics caution a tiny elite that has long dominated is amassing most of the new wealth while the poor miss out.   President Benigno Aquino has overseen some of the highest growth rates in the region since he took office in 2010, while the stock market has hovered in record territory, credit ratings have improved and debt ratios have dropped.   "The Philippines is no longer the sick man of East Asia, but the rising tiger," World Bank country director Motoo Konishi told a forum attended by many of Aquino's economic planning chiefs recently.   However economist... Keep on reading: Philippines’ elite swallow country’s new wealth Media files: world-bank.jpeg (image/jpeg)

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