The Philippine Economy from the Outside Looking In

If there is one thing that the Pacquiao-Hatton match has shown us, it's that middle class Filipinos still have money to burn. Last Sunday, cinemas and restaurants showing the match were still filled with Pinoys wanting to watch the fight live (instead of waiting until  3pm to see the knockout punch on free tv). And it's not cheap - prices range from P250-P750 per person.

So it is a paradox called the Philippines, wherein almost every country in the world is feeling the effects of global financial crunch, and yet the Filipinos' lives go on. 

Philip Bowring of the New York Times gives his take on the Philippine economy, and explains why the very things that keep us afloat are the very reasons why we have not advanced, and will not  advance, economically. Click here for the article.