After the Second World War, many experts believed that the Philippines would become the economic powerhouse of Asia, not Japan. It was an American ally, it was a stable English-speaking country with a capable workforce, and it had natural resources. By the 1960s it had a per capita income that was double that of Thailand and it seemed destined for greatness – however today the opposite has happened, and Thailand now has almost twice the per capita income of the Philippines. - source: economywatch.com
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