Makati City (Associated Press)
According to The Wall Street Journal, MANILA – Once regarded as the “sickman of Asia,” the Philippines has recently undertaken a series of governance reforms that have helped improve its bill of health and convince investors and credit rating agencies to take a fresh look at one of the region’s fastest-growing economies.
President Benigno Aquino III and his economic managers are taking much of the credit for the Philippines current stellar economic performance. They point to efforts to run a clean government and stamp out corruption as the main factors behind the investment-grade ratings awarded to the country this year by all three major international rating agencies.
Last month, following a scandal that sparked widespread protests, three senators and five former lawmakers were charged with corruption for misusing more than $200 million from state coffers – a move seen as part of President Aquino’s battle against graft. Those charged all deny wrongdoing.
Former President Gloria Macapagal-Arroyo, installed after a popular uprising that removed president Joseph Estrada on corruption allegations, is also facing several graft charges and is now in detention.
Now, the government is planning to take its reforms a step further.
Early next month, it will host a two-day “hackathon” with information technology programmers and designers to help spur the development of mobile or computer applications that will improve public services, particularly in the handling of public funds.
The Asian Century Report 