More lessons from Vietnam

From the 1960s to the 1970s, the Philippines had the highest per capita GDP in Southeast Asia, surpassing countries like Thailand, Indonesia and Malaysia.

- BOO CHANCO

Vietnam was not even in the picture because of the raging war.

In 1985, Thailand's per capita GDP overtook the Philippines.

In 1993, it was Indonesia's turn to overtake us.

In 1994, Malaysia surpassed us.

In the 1980s, Vietnam was grappling with the challenges of post-war reconstruction and the implementation of socialist economic policies, which proved disastrous. Our GDP per capita during this period was approximately $761 compared to Vietnam's approximately $91.

But by 2020, Vietnam left us eating its dust.

By 2021, Vietnam's per capita GDP further increased to $3,409, while the Philippines' remained at $3,328, solidifying Vietnam's lead.

According to ChatGPT, four factors enabled our neighbors to overtake us.

Political instability (1970s-1980s): The Philippines experienced political turmoil, including the declaration of Martial Law and the coddling of Marcos cronies. Several coup attempts after the People Power Revolution by Gringo Honasan and company also affected economic stability. Overly corrupt politics, rent-seeking economic elites and iffy rule of law became par for the course.

Economic policies: Some ASEAN countries implemented more effective economic policies that promoted industrialization and foreign investment. We were happy with OFW remittances.

Infrastructure and education: Investments in infrastructure and education in neighboring countries contributed to their economic growth. Our public education failed. Our youth became dumber and dumber with the World Bank declaring a 90 percent learning poverty.

Globalization: Certain ASEAN nations capitalized on globalization trends, attracting foreign direct investment and expanding their export markets. Enshrined in our Constitution is our fear of foreign investments (FDI).