Posting an economic growth of 6.1 percent last year, the Philippines is no longer the “sick man of Asia,” the country’s chief economist said on Thursday.

“Overall, the Philippine economy’s performance in 2014 and the preceding years starting in 2010 shows how our country can no longer be called the ‘sick man’ of Asia,” said Socioeconomic Planning Secretary Arsenio Balisacan.

The economic growth in 2014 marked the second consecutive year the country posted the fastest rate in the region after China.

“Our economic growth is becoming more competitive with our East and Southeast Asian neighbors. We have avoided the dreaded boom-and-bust cycle that has hounded our economy for decades,” said Balisacan, also director general of the National Economic and Development Authority (Neda).

In his presentation at the 5th Ayala-UP School of Economics Economic Forum, he said the country’s growth rate of 6.3 percent in 2010-2014 was the highest five-year average during the past 40 years.



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