A spate of positive external and internal assessments in late October upheld the growing and widespread belief that the economy is likely to be in the throes of becoming a “tiger economy” in the current decade, according the to the First Metro Investment Corporation (FMIC) and University of Asia & the Pacific (UA&P) market report.

The International Monetary Fund (IMF), World Bank (WB), and Asian Development Bank (ADB) have raised their forecasts for the country’s economic growth this year with the best prognosis provided by ADB at 5.5 per cent. Moody’s has recently raised its credit rating for the country’s foreign-denominated debt papers to a just a notch lower than investment grade, putting its evaluation at the same grade as those of Standard & Poor (S&P) and Fitch Ratings.

FMIC and UA&P noted that domestic economy has recovered from the devastating floods in August, as evidenced by the slight uptick of electricity sales in September, albeit slower than expected as the destruction had been greater due to a reprise of the heavy rains and flooding in the later part of August.

reports Manila Bulletin