Why bull market will last till 2015

( 1st of two parts )
IF THE Philippines is getting a lot of attention these days from global financial markets, just credit that to the country’s fundamentals.
This Southeast Asian country is getting stronger than ever these days and things are still rolling and moving forward —as long as President Benigno “Noynoy” Aquino sits at Malacanang for the next two years.
That’s how Michael Oliver “Mike” Manuel, head of investments for Asia at Sun Life Assurance of Canada looks at this country today amidst the prevailing optimism on the booming economy.
Manuel had been going around the country, spreading the good news that “the Philippines will shine brighter this year” lecturing and making an impressive presentation to business groups and the media.
As simply as possible in laymen’s terms. Manuel explained the reasons why the Philippine stock market index, peso, dollar reserves, business confidence, etc have all gone up while inflation and interest rates have gone down.
“Business confidence is very high in Noynoy Aquino. His high approval rating, low inflation and low interest rates are attracting a lot of foreign investors in this country,” Manuel told a group of business writers and editors here over the weekend.
One “fundamental” cited by Manuel was the fast-growing US dollar inflows from overseas Filipino workers (OFW) and business process outsourcing (BPO) firms like call centers. In the year 2000, OFWs remitted a total of $5 Billion, while this year 2013, the total is now $24 Billion.
BPO firms on the other hand, earned $1.5 Billion in 2004, while this year, the earnings have ballooned to $16 Billion, according to Manuel.
Softening of inflation in this country was another fundamental cited by Manuel which is conducive to business growth. “We’re averaging only about 3.2 percent year to date and looks like it’s well anchored. This is good for business,” Manuel said.
Interest rates have dropped to historic lows, according to Manuel, making bank borrowing more attractive to businessmen and investors, boosting more plant expansions, new constructions of office buildings and condos and spurring a construction boom all over the country.
Overnite rates—the rates set up when banks borrow from each other—is now hovering at a historic low of 3.5% while prime lending rate which banks set up for  borrowers is also at a historic low of 5.3%, according to Manuel.