The economy is strong–despite the President

“The economy is doing well, even though he’s really incompetent.”

That was how a multinational executive summed up the Philippines and its leader in a talk with a Southeast Asian business and political consultant visiting Manila recently on his regular assessment trips around the region. Despite the failings of President Benigno Aquino 3rd, growth is high, macroeconomic fundamentals are sound, and businesses are upbeat. The executive says he can’t explain the discrepancy.