The Philippines' economic "sweet spot" may offer protection from the next wave of concerns over when the U.S. Federal Reserve will begin to taper its asset purchases.
Emerging markets have stabilized after a bout of volatility over the May-to-September period as fund outflows on concerns the Fed would begin to taper its $85 billion-a-month asset-purchase program have reversed. After the Fed surprised markets with its decision not to begin tapering at its September meeting, many analysts pushed their tapering expectations back to early 2014.
While the tapering concerns hit countries needing to finance current account deficits the hardest, the Philippines has been running a current account surplus.
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"Even if there's an outflow of capital, the balance of payments would still be expected to show a positive balance," Amando Tetangco, governor of the Philippines' central bank, Bangko Sentral ng Pilipinas (BSP), told CNBC.
In addition, "the external debt of the country has been manageable," he said. "Our gross international reserves, which are now the equivalent of about one year worth of imports of goods and services, are higher than our external debt. The external debt is just about a fifth of gross domestic product," he said.