The country's improving fiscal position is another positive, the note said, with the debt-to-GDP ratio falling to less than 40 percent from its peak of 70 percent in 2003.
Not only does this mean the chances of a sovereign debt crisis are diminished, with the country now rated at investment grade by the three main ratings agencies, but less money is also being spent on debt repayment, Leather said.
"The government has more resources to spend on infrastructure, education and healthcare, which can raise productivity and drive long-run growth," he said.
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A third positive is the archipelago's "demographic sweet spot," he said. While many regional countries, such as South Korea, face an aging population and declining workforce, the Philippines' working-age population is expected to rise by over 40 percent from 2010-2030, Leather said.
In addition to boosting the economy's productive potential, as the number of dependents relative to workers falls, the savings rate should rise, supporting investment and boosting long-term per capita growth, Leather said.