After decades of languishing economically, the Philippines has, during the past two years, seen an unexpected economic rebound. A recent report in The Wall Street Journal pointed to the Philippines's economic growth rate, which is expected to be its highest since the early 1990s. The report also cites a resurgence in foreign investment, sparked by the nation's young population - an average age of 22 - and its widespread use of English. "The Philippines could be the next India in terms of its ability to surprise," says Adrian Mowat of J.P. Morgan Securities in the Journal. The nation has seen a strong demand for call centers, some of which were initially in India, and several global corporations are moving in, including Nike, Starbucks, and Nokia. The Journal reports that much of the credit for the turnaround is due to Gloria Macapagal Arroyo, president of the Philippines, whose widely opposed tax hikes sent a signal internationally that the nation was ready to make necessary changes to its economic policies.
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