Philippines No Longer 'Sick Man of Asia'

Philippines Socio-Economic Planning Secretary Arsenio Balisacan says the country no longer deserves to be branded the "sick man of Asia" after its economy grew more than 6 percent for a third consecutive year.

Hindered by natural disasters, growth of the $300 billion economy slowed to 6.1 percent in 2014, but still outpaced most other countries in Asia, officials said Thursday.

The 2014 performance ranks the Philippines as the second fastest growing Asian country behind China, which posted 7.3 percent growth, and ahead of Vietnam's 6.0 percent growth, Balisacan said. The Philippine economy grew 7.2 percent in 2013.

"Our economic growth is becoming more competitive with our East and Southeast Asian neighbors," Balisacan said.

"The numbers tell us that we are moving in the right direction," Baliscan said. "Clearly the economic policies and strategies we are implementing to achieve sustained and inclusive growth are bearing fruit," he said.

National Statistician Lisa Bersales said the "robust performance" of industry, particularly manufacturing and construction, lifted growth in the fourth quarter to 6.9 percent from 6.3 percent a year earlier.

She said services contributed 3.4 percentage points, industry 2.5 percentage points and agriculture 0.2 percentage points to the 2014 GDP growth of 6.1 percent.

Business process outsourcing was one of the contributors to the expansion of services, according to Balisacan. Outsourcing currently employs 1.052 million Filipinos and the 

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