"The trouble in Cyprus is going to cause risk aversion, " said Daniel Martin of Capital Economics in Singapore.

NPR: Asia Stocks Mixed After Cyprus Vote On Bailout

Desmond Supple of Barclays Capital in Singapore is especially worried about Indonesian banks.

CNN: Suharto's Gamble

"Expectations are lower than a year ago, but they are still not sensible, " says Anil Thadani, a longtime Asian investor who is chairman of Schroder Capital Partners in Singapore.

FORBES: What bubble?

More developed economies, such as South Korea and Singapore, where both the rate of investment and the capital-to-labour ratio are relatively high, are probably not underinvesting.

ECONOMIST: Economics focus

The outcome is being widely seen as a significant maturation of civil society in Singapore, which has grown into a financial capital and aspires for cultural leadership as well.

FORBES: One Party But Not Just One Outcome

It doesn't hurt that Singapore has some of the lowest taxes in the world, including none on capital gains and most foreign dividends.

WSJ: Wealth Over the Edge | WSJ.Money Spring 2013

"The investment grade rating substantiates all the progress Philippines has made in terms of fiscal sustainability, reforms, and improved growth outlook, " said Prakriti Sofat from Barclays Capital in Singapore.

BBC: Philippines upgraded by Fitch to investment grade