The Philippines has been ranked by the London-based business magazine, the Economist, as the 6th emerging economy with a high level financial strength in the world for 2020.
“The Economist said Philippines is the sixth among emerging economies with a high level financial strength in the world,” the Malacañang said, May 4, attributing the recognition to President Rodrigo R. Duterte and the economic team.
Even the Bangko Sentral ng Pilipinas (BSP) said, the economic strength of the country was brought by the administration's strong leadership and well-crafted economic plan, close coordination and competence of Duterte's economic team.
The Economist ranked 66 countries using four indicators of financial strength including public debt, foreign debt, cost of borrowing, and reserve cover.
The list was led by Botswana followed by Taiwan, South Korea, Peru, and Russia. The list continued with Thailand, Saudi Arabia, Bangladesh, and China, placing seventh to 10th, respectively.
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