As BRIC Slips, PHIKOTHAI is the Acronym to Watch

Published: Oct 21, 2013 06:24:49 AM IST
Updated: Oct 17, 2013 05:11:59 PM IST

As BRIC Slips, PHIKOTHAI is the Acronym to Watch
Not too long ago,  the BRIC nations—Brazil, Russia, India and China—were the cynosure of global investors. But the centre of gravity has begun shifting in favour of a new bunch of markets.

While Brazil and India have been grappling with a slew of problems, ranging from high current account deficits to rising inflation and sliding currencies, The Philippines, on the other hand, has delivered the highest returns in the past one year, at 16 percent, topping the charts among key emerging markets (see table).

As Filipino stocks touched all-time highs, the country earned investment grade rating in March 2013.

Clearly, the Philippines, South Korea and Thailand are now serious contenders for investor attention.

So, before anybody thinks of a new acronym, why not go with PHIKOTHAI?

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(This story appears in the 01 November, 2013 issue of Forbes India. To visit our Archives, click here.)

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  • Dr.a.jagadeesh

    Excellent article. Yes. Countries like Korea,Thailand and Philippines are advancing. Indonesia is another country. Why not INDOKOTHAIPHI ! Dr.A.Jagadeesh Nellore(AP),India

    on Oct 26, 2013
  • Virgil Bierschwale

    Better yet, how about we put an end to this game of musical countries that is destroying each of our countries. As an example, let me show you a portion of a article I recently wrote at Keep America At Work. Sadly I realize that I should have named it Keep The World At Work article follows --- The Second Great Depression in Videos It took me a long time studying economic reports before I realized that this is a game of musical countries being played at the expense of each country to enrich a few people. I say musical countries because first it creates a middle class like it did in America and Europe, and then it destroys it by playing god. The U.S.-based CEO of one of the world’s largest hedge funds told me that his firm’s investment committee often discusses the question of who wins and who loses in today’s economy. In a recent internal debate, he said, one of his senior colleagues had argued that the hollowing-out of the American middle class didn’t really matter. “His point was that if the transformation of the world economy lifts four people in China and India out of poverty and into the middle class, and meanwhile means one American drops out of the middle class, that’s not such a bad trade,” the CEO recalled. This now creates a middle class in China and India and then, they play the game of musical countries again. “We have been seeing wage inflation over the past several months,’’ said Chris Ruffle, who helps manage $19 billion as China co-chairman of Martin Currie Ltd. Rising salaries may prompt businesses that operate plants in China to move to lower-cost countries such as Vietnam and Cambodia, Ruffle said You can view that article at Which will destroy the middle class in China and India as it did in America and Europe and then, create a new middle class in Vietnam and Cambodia. Until the game is played again, that is. Now that I understand what is happening, I want to show those that give a damn about people what we are doing in pictures. I do not have the skills, nor the finances to travel the world over taking these pictures, so I will attempt to show it here in videos, and if you know of any that I haven’t yet displayed here, please let me know about them. Thanks, Virgil p.s., There is a way to have global trade without playing this game It is OK to grow, raise or manufacture your products here in America and sell them to other countries and the same applies to those countries. It is OK to open retail or manufacturing branches in other countries to offset the shipping problems as long as you hire the locals to work in those countries. It is NOT OK to put the people in your country out of work, send the growing, raising or manufacturing to another country and then import those products back into your country. - See more at:

    on Oct 22, 2013