Invigorating manufacturing
It has been said that our economy “leapfrogged” from being agricultural to services-led, bypassing the industrialization stage that launched the takeoff in today’s rich economies. Some thought that to be a good thing, as the textbook economic development story sees a services-led economy as the “mature” stage of development that an industrialized economy “graduates” to, ...
The narrative presents a strong case for the Philippines' economic lag due to delayed industrialization and protectionist policies, contrasting it with the success of its ASEAN neighbors. The strongest version of this argument highlights the missed opportunities in global trade integration and the persistent inward-looking policies that stifled growth. However, the analysis also acknowledges recent positive developments, such as the Pax Silica initiative and foreign investments, which could sign...