The Philippines scored a major win against powerhouse China as the United Nations Arbitral Tribunal ruled in October that it has jurisdiction over the sea row between the two countries. The UN court will release it decision on the case challenging Beijing’s claims to all of South China Sea (West Philippine Sea) in 2016 as the second round of oral arguments concluded.
While the Philippines’ hosting of the Asia-Pacific Economic Cooperation summit have inconvenienced thousands of commuters due to road closures, the country also reaped economic gains at the sidelines of the international conference through various bilateral agreements, among them the United States’ donation of two warships for the Philippine Navy amid territorial disputes with China.
Eyeing economic integration, Southeast Asian leaders formally announced a unified Asean Economic Community (AEC) in the populous and diverse region. The establishment of the AEC was declared at the Association of Southeast Asian Nations (Asean) summit held in Malaysia and hailed as a landmark feat especially because it has been thirteen years since the idea was first proposed.
The Philippines’ Gross Domestic Product (GDP) grew at its fastest pace so far in 2015 by six percent at the third quarter of 2015. This was third-fastest growing economy in the region after China and Vietnam. Growth was attributed by the government to “improved” spending which exceeded the dismal 5.3-percent GDP growth posted by the country in the same period last year.
To combat climate change, 195 countries signed in Paris a legally binding agreement to cap the global temperature rise to “to well below 2 degrees Celsius above pre-industrial levels,” with ambitious plans to pursue a lower target of 1.5 degrees. The Philippines, as current chair of the Climate Vulnerable Forum, was at the forefront in pushing for the lower limit.
The Philippines received the highest credit-rating from major global debt watchers as the Japan Credit Rating Agency Ltd. (JCR) upgraded the country’s credit score from BBB to BBB+, just a notch below the minimum in “A” category sovereign rating. Credit ratings agency Fitch Ratings said that the Philippines can get an upgrade next year if the economy continues to improve.
For the second straight year, Palawan was hailed as the world’s best island destination by award-winning US travel magazine Conde Nast Traveler, besting other world-famous islands such as Bora Bora, Bali, Santorini, and Maldives. Boracay and Cebu also made it to the annual list. Palawan was also the top island in 2014 while Boracay was at number 12.