Since last year, the Philippines and its currency (the Philippine Peso) are among the better performers in the Asia-Pacific region in keeping a comfortable external liquidity as per the global credit-rating firm Moody in its latest report, “Asia Pacific Outlook.”

The firm’s Investors Service cites the financial system and external liquidity of the emerging economy, which has remained “stable”,  virtually unharmed by the global financial crisis. With its strong external payments position and stable financial system, the Philippine government has time for the  return to fiscal consolidation as soon as the effects of world recession fade.

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