The Philippine economy appears to be sitting pretty, remaining on track for solid growth, but some concerns are emerging that a bust could be on the cards.
So far, the archipelago has certainly racked up a laudable performance, with the economy expanding 7.2 percent in 2013, among the world's best performers despite a devastating typhoon, which struck the country in November.
At the same time, inflation has remained relatively manageable at 4.2 percent on-year in January, with the central bank recently reducing its 2014 forecast to 4.3 percent from 4.5 percent.
"There has been plenty of arguing that huge structural improvements explain this sweet spot, not least the Philippines central bank," Michael Wan, an analyst at Credit Suisse said in a note Wednesday. "We do not subscribe fully to this view."
Wan doesn't believe the structural improvements have been enough to improve the growth potential as much some analysts and the central bank expect.
(Read more: Five reasons to be positive on the Philippines)