When it comes to emerging markets benefiting from low oil prices, China and India command most of the attention and rightfully so. Based on pure heft and oil import data, those two emerging markets goliaths are benefiting in significant fashion from lower crude prices.

India imports 70% of its consumed oil and the bulk of its trade deficit is attributable to oil imports. However, oil’s slide has muted inflation there and allowed the central bank to surprisingly pare interest rates twice this year. Some market observers see a 1% boost to India GDP thanks to oil’s tumble. [Cheap Oil Powers China, India ETFs]

Other emerging Asia markets and the corresponding ETFs are benefiting as well with the iShares MSCI Philippines ETF (NYSEArca: EPHE) being a prime example. In the case of the Philippines, the country imports nearly all of its oil use, meaning EPHE is one emerging markets ETF benefiting from low oil prices. The lone Philippines ETF is up 10% this year or more than five times the average gain for the Vanguard FTSE Emerging Markets ETF (NYSEArca: VWO) and the iShares MSCI Emerging Markets ETF (NYSEArca: EEM). [Asian Tiger Roars in 2015]

“The Philippines has favorable prospects for strong economic growth, and as a net oil importer, stands to benefit from a prolonged period of lower oil prices via lower inflation and a compression of its import bill,” according to Moody’s Investors Service.

Moody’s also said that the outlook for Philippine banks remains positive on the back of its robust economic growth and strong banking-sector fundamentals and that government spending on infrastructure projects will provide the tailwind for higher growth, according to Emerging Equity.

The bullish outlook on Philippine banks is constructive for EPHE because the ETF allocates 39.5% of its weight to the financial services sector.