World Bank hails Philippines as next Asian \\\'miracle\\\'

World Bank president Jim Yong Kim on Tuesday described the Philippines as the next ‘Asian miracle’ and a global model in fighting corruption, as it emerges from decades as a regional economic laggard. Kim heaped praise on Aquino's anti-graft fight, which has seen the president's predecessor and three sitting senators charged with corruption, as well as the impeachment of a Supreme Court chief justice. Kim said the Philippines, where one quarter of the roughly 100 million people live in deep poverty, had huge potential. He cited its strong macroeconomic fundamentals, prudent monetary policies and young workforce. He said the World Bank expected the Philippines' economy would expand by 6.6 per cent this year, maintaining its status as one of the fastest growing in Asia. The economy grew by 7.2 per cent last year, second only to China. Aquino has insisted the two issues are separate and that his administration is largely free of corruption. He said on Monday he would appeal to the Supreme Court to reconsider its ruling, and in a speech alongside Kim on Tuesday again defended the stimulus programme. ‘We had to act. We knew that, if we were to bring about inclusive growth sooner rather than later, we needed to be proactive and pump-prime the economy,’ he said. The Philippines was last year ranked the 94th most corrupt of 175 countries by anti-graft group Transparency International, according to AFP.