Building to last

摘要

FOR DECADES economists wondered why the Philippines was doing so badly compared with its less gifted, more tigerish neighbours. In recent years, they have wondered how it was doing so well. The economy has grown briskly, without intolerable inflation or too much borrowing from abroad. And it has done so despite stagnant investment, lousy infrastructure and a narrow manufacturing base. Economists have long urged it to "walk on two legs", expanding industry rather than placing all its weight on services. Instead it has kept hopping-but with impressive speed and balance.