Report by the Philippines

Despite the crisis, however, the Philippine economy sizzled to its highest annual GDP growth in the post Marcos era of 7.3% in 2010. GDP growth rate increased from 5.0% in 2005 up to 7.1% in 2007. Thereafter, it declined to 3.7% in 2008 with the advent of the global financial crisis, and recorded its lowest level at 1.1% in 2009. Behaving similarly, GNP accelerated to a 7.2% growth in 2010. GNP increases ranged from 5.4% in 2005 up to 7.5% in 2007, declining to 6.4% in 2008, and also recording its lowest level at 4.0% in 2009.