Is a credit bubble building in the Philippines?

The surge in credit that has been going on across much of Emerging Asia since the global financial crisis has been getting some well-deserved media attention recently. But while we have been flagging up concerns in a number of economies for some time now, we also think some commentators have been too hasty to sound the alarm on others. In particular, while credit has been growing quickly in the Philippines in recent years, it is one country that does not look to be at much risk of an imminent crisis.