Move Over Thailand, the Philippines is Southeast Asia's Strong Man

From Bloomberg:

Move Over Thailand, the Philippines is Southeast Asia's Strong Man

"Thailand's manufacturing prowess has taken a hit in recent years from the record floods of 2011, smaller R&D investments compared to regional rivals and obsolete technology, particularly in electronics, the Bank of Thailand has said. Thailand’s ranking for innovation in the World Economic Forum’s Global Competitiveness Index fell to 67 in 2014 from 33 in 2007, while the Philippines climbed."

"Philippine exports of items including electronics and apparel have been climbing, with shipments rising about 12 percent last year. In contrast, Thailand's exports fell last year for a second straight year, the first time that has happened in at least two decades, as investors look to diversify to cheaper, more politically stable alternatives from Vietnam to Indonesia."

Worse to come, perhaps?