Why is the Philippine is called the sick man of Asia?

There's no such thing as sick man of Asia...or it could be describe as such at some point during the martial law days, but the Philippines has since moved out of that stigma when martial law was lifted.

When the financial crises first hit the "healthy" countries of the world during the Ramos administration, Philippines was the only nation in South-East Asia that keep its currency from devaluation...it may not be performing well that time, but it has kept its economy steady unlike its neighbors.