VIETNAM OVERTAKES PHILIPPINES, LIKE INDONESIA AND THAILAND

Vietnam has now overtaken the Philippines in terms of GDP per capita and unless the politicians wise up, the country's "younger generations" may see the "economy continue(s) to sink.

This is the troubling insight that top business columnist Boo Chanco stressed as he lamented the way the economy has turned up because of bad policy decision.

"Every two decades or so, an ASEAN economy’s GDP per capita moves ahead of the Philippines," Chanco said.

"In 1983, Thailand surpassed the Philippines $824 to our $743. In 2003, Indonesia overtook the Philippines $1,186 to our $1,063. Last year, 2020, Vietnam was set to surpass the Philippines, $3,498 to our $3,373," he stressed.

"Which country will overtake us next?" he added.

He cited the misgivings of Ambassador Benedicto V. Yujuico, president of the Philippine Chamber of Commerce and Industry on why the Philippines has gone to this miserable economic state.

“I agree that the Philippines can and must do much better than Vietnam (and other ASEAN countries). It is regrettable that our country has competitive advantages that are way underutilized.

“In 2011, I was invited by the Vietnam Chamber of Commerce and Industry to visit the nascent Ho Chi Minh Stock Exchange and factories. Today, Vietnam’s stock exchange is larger than the PSE. The same regrettable situation has happened in many other production facilities as well.

“In order for our country to achieve ‘Ambisyon 2040’ – when the Philippines is no longer poor and all Filipinos can enjoy a good life – many things need to change now. Otherwise, when 2040 comes, some clever pundit will suggest changing 2040 to 2060.”

Chanco said: "There are many reasons why we are eating Vietnam’s dust. Bad politics nurtured by blood sucking politicians is a major reason. Vested interest groups insisting on economic protectionism. No sense of nationhood and the common good among us."

"Here we are now, being overtaken by a badly war-torn Vietnam and not too many of our leaders or people are the least bit concerned. Our failure, while rooted in the Marcos years and earlier, mostly happened post-EDSA," he added.

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