On the beautiful Sunday of 22 April 1962, 64 years and 18 days ago, my first wife, Maria Luz, and I spent the whole day on the iconic Escolta, vibrant with its mix of sights, sounds and the architectural grandeur of Old Manila.
The country was enjoying a high literacy rate, a strong agricultural base and a fast-growing manufacturing sector. These strengths helped build up the image of the Philippines as Asia’s rising star and one of its most promising economies.
In the 1960s, the Philippines and Singapore stood on the same starting line. Both were independent developing economies with strategic maritime locations and young populations with leaders who spoke of modernization and progress.
The Philippines was in a more advantageous position with established democratic institutions, American-style universities and a vibrant manufacturing sector.
Singapore was just a small city-state with no natural resources and uncertain prospects.
Sixty years later, Singapore has left the Philippines far behind.
Singapore’s nominal per capita GDP exceeded $90,000, placing it among the world’s wealthiest nations. The Philippines, despite periodic bursts of growth, has a nominal per capita GDP below $4,000 and continues to export millions of workers abroad while struggling with poverty, infrastructure deficit and institutional weaknesses.
To transition to a developed country, the Philippines needs a structural overhaul that transcends electoral cycles, specifically focusing on institutional consistency, uncompromising anti-corruption frameworks, state-backed industrial modernization and merit-based civil service.