"(The Philippines) has two structural developments, which are quite positive. The Aquino government is very keen on improving public finances and we've seen a good deal of expenditure restraint and a bigger improvement in the government balances," he said.
"Second is the BPOs, business process outsourcing, which seem to be providing a good spark for the domestic economy. So when you put them all together,we see the Philippines as one of the best performers in Asia."
However, the Philippines is not entirely insulated from any fallout from the euro zone debt crisis and a slowing global economy.
Gruenwald said the Philippines won't be as less vulnerable as Indonesia and India, which are domestic-driven economies.
But the country may be stronger than the more open economies of Singapore and Hong Kong.
"The Philippines is kind of in the middle of the pack. It's certainly important to see the euro debt crisis resolved. Europe is Asia's biggest trading partner, it's an even bigger trading partner than the US," the economist said.
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