MANILA — In the upscale business district of Manila, a midweek crowd spills out into the street. The New York-themed Borough restaurant is pulsating to the beat of a Bon Jovi song, while young, hip Filipinos take shots of tequila from a passing tray and sing in unison.

“Whoa-oh, we’re halfway there!” the crowd sings. “Whoa-oh, livin’ on a prayer!”

The revelers have reason to celebrate. Times are pretty good in the Philippines if you are young, skilled and live in the city. Young urban workers are helping to give the country its brightest prospects in decades, economists say.

With $70 billion in reserves and lower interest payments on its debt after recent credit rating upgrades, the Philippines pledged $1 billion to the International Monetary Fund to help shore up the struggling economies of Europe.

“This is the same rescue fund that saved the Philippines when our country was in deep financial trouble in the early ’80s,” said Representative Mel Senen Sarmiento, a congressman from Western Samar.