Makati City in the Philippine could give you the impression that this country is insulated from the global economic crisis that is faced by the rest of the world. Dubbed as the financial capital of the Philippine, this city is one of the 16 cities and municipalities which form Metro Manila.
With the shopping centres full of people, and one of the largest shopping centre in the world is close to this city, the vibrancy of activities in Makati and Manila at large could lead one to believe that there is no economic problem in the Philippine.
It fact the Philippine was once one of the leading economies in Asia. The Asian Development Bank and the Asian Institute of Management are institutions which reflect the iconic stature of this country in the past.
However, being in the pole position does not guarantee a country to be prosperous forever. When competitiveness and governance are not maintained and enhanced, slowly other countries which are more hungry and innovative to overtake any complacent leaders. Myanmar and Indonesia are examples of other countries which went through this path.
Philippine is now very involved in business process out-sourcing industry as well as benefiting from the remittance from its talents who are working abroad.
It is not a surprised when the Asean Federation of Accountants held its 97th Council Meeting in Manila recently and one of the major topic discussed was the Asean Mutual Recognition Arrangement Framework on Accountancy Services signed by the Asean leaders recently.