RATING agency Standard & Poor's said the positive outlooks for the Philippine and Indonesian economies are "rare bright spots", amid dismal economic prospects for most countries.
S&P recently cited the Philippines and Indonesia in a report "Two Emerging Asian Economies Stand Out With Positive Outlooks Amid Sobering Economic News Elsewhere."
"The economic forecast for many countries these days ranges from shaky to dismal, especially among industrialized countries. Yet, the Philippines and Indonesia stand out as rare examples of emerging Asian economies with positive rating outlooks," S&P said, in a statement.
The Philippines and Indonesia are among only 10 countries that have positive rating outlooks.
"Generally, the bond markets are treating the Philippines and Indonesia pretty well. And the cost to insure the two countries' debt using credit default swaps also illustrates the favorable treatment the credit markets are giving the two countries," S&P said.
On Thursday, the Philippines posted impressive first quarter figures, growing at its strongest pace in 2 years. Some analysts have said the faster-than-expected growth could bring the Philippines close to the investment grade rating the government says is overdue.
However, some analysts raised questions whether the Philippine economy can maintain its growth momentum, amid the euro zone crisis.
Indonesia, whose economy is the largest in Southeast Asia, also posted strong first quarter numbers, growing at 6.3%. Foreign direct investment in Indonesia surged by 30%, as the country regained coveted investment grade credit status. (Reuters)