The annualized inflation rate in the Philippines hit 12.5% inAugust, the highest rate in 17 years.
The main drivers were soaring food and energy costs, of course, but it hasn’t stopped the Philippine economy by growingby 4.6% in the first six months of 2006.
One industry the Philippines has been stealing from the U.S. and even India is the telephone-delivered customer servicecalls.
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