Thailand’s Economy Grows Faster Than Philippines

[george]

Thailand’s economy grows faster than the Philippines

Thailand’s economy has grown faster than the Philippines after the Asian financial crisis, with prices of Thai real estate reverting to the precrisis levels as a result of the surge in investors’ demand.

In bilateral discussions of the central banks of the two countries, Bangko Sentral ng Pilipinas deputy governor Amando Tetangco Jr., said that Thailand, Southeast Asia’s second largest economy, got back on its feet after the foreign capital inflows allowed it to increase its dollar reserves and strengthen its currency.

Since the crisis, Tetangco said Thailand’s real-estate prices have galloped with strong investors’ demand, eventually regaining 1997 price levels. On contrast, the Philippines moved at a slower pace and only recovered half of the price it lost as a result of the Asian crisis.

“In our case, we experienced the capital inflows only recently. So we’ve seen a significant improvement of inflows and this is one of the factors behind the improvement of the peso-dollar exchange rate,” Tetangco said.

Rising demand was one of the reasons behind the Bank of Thailand’s (BoT) decision to follow the tack of United States Federal Reserve when it raised its interest rates.

The US Feds, the benchmark of central banks in the world, increased its rates five times last year and the BoT had done the same, albeit at a much slower pace. The Philippines’ BSP, on the other hand, kept its rates steady since July 2003 and maintained the recent sharp rise in inflation rate was caused by supply-side factors and not driven by demand.

-- ABS-CBNNEWS, Philipphines, 2005-02-25

[snoophound]

No surprise.

I was amazed at how behind thailand the Phillipines was on my last visit.

Compared to Bangkok Manila is a real dump.

Wonder if a thai movie star stood for PM he would get in??

Thailand’s economy grows faster than the Philippines

Thailand’s economy has grown faster than the Philippines after the Asian financial crisis, with prices of Thai real estate reverting to the precrisis levels as a result of the surge in investors’ demand.

In bilateral discussions of the central banks of the two countries, Bangko Sentral ng Pilipinas deputy governor Amando Tetangco Jr., said that Thailand, Southeast Asia’s second largest economy, got back on its feet after the foreign capital inflows allowed it to increase its dollar reserves and strengthen its currency.

Since the crisis, Tetangco said Thailand’s real-estate prices have galloped with strong investors’ demand, eventually regaining 1997 price levels. On contrast, the Philippines moved at a slower pace and only recovered half of the price it lost as a result of the Asian crisis.

“In our case, we experienced the capital inflows only recently. So we’ve seen a significant improvement of inflows and this is one of the factors behind the improvement of the peso-dollar exchange rate,” Tetangco said.

Rising demand was one of the reasons behind the Bank of Thailand’s (BoT) decision to follow the tack of United States Federal Reserve when it raised its interest rates.

The US Feds, the benchmark of central banks in the world, increased its rates five times last year and the BoT had done the same, albeit at a much slower pace. The Philippines’ BSP, on the other hand, kept its rates steady since July 2003 and maintained the recent sharp rise in inflation rate was caused by supply-side factors and not driven by demand.

-- ABS-CBNNEWS, Philipphines,  2005-02-25

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[HarryHacker]

No surprise.

I was amazed at how behind thailand the Phillipines was on my last visit.

Compared to Bangkok Manila is a real dump.

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True, BKK is so advanced with regard to any business practice, a great pity the country has been raped by its leaders for decades.

[Oleg_Rus]

True, BKK is so advanced with regard to any business practice, a great pity the country has been raped by its leaders for decades.

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yes, very pity indeed. poor philies...