Recovery in China and Japan is likely to lift the Philippine economy and have a more profound effect than developments in the U.S., said Stefan Hofer, an emerging markets economist at Swiss-based Julius Baer. "The worst is behind China now. It's no longer a question of how bad it can get but where do we go from here," Hofer said. And in Japan, although "there's still a lot of skepticism as to whether [Prime Minister Shinzo Abe's economic policies] will work ... real estate prices, department store sales have been rising."
Published in Brief: