as a note to that, it might also help to know how the Philippines accumulated such massive amounts of foreign debt. it was during President-slash-dictator Ferdinand E. Marcos’ first two terms, when his government pushed for the industralization of the Philippine economy. the Marcos government had good intentions too, and they had the means back then – the Philippine economy was the second strongest in Asia – just behind Japan. however, they took a critical risk, knowing the fact that the process of modernization would take gazillions from your national budget. not wanting that, Marcos opened bank accounts from all over the world and borrowed tons of cash from other countries, thinking that the large investment for modernization would pay back at least double. however, that risk backfired, thus leading to the morbid situation the Philippines is in today.

– Labor market efficiency
– Health and primary education
– Infrastructure
– Goods market efficiency