Can Noynoy or anyone save the Philippines?

THEN, 1987

The late President Corazon Aquino gracing the cover of Time Magazine.

NOW, 2010

Now it’s her son’s turn. Can he or any of the 9 Presidentiables offer something new to resuscitate the ‘Sick Man of Asia’? Photo from Inquirer.net

From being the second richest country in Asia in the 1950s, it has dropped to among the continent’s poorest and least dynamic. During the Marcos years, key industries were turned into monopolies run by friends and allies, creating a culture of crony capitalism that still lingers. While Arroyo is generally praised for guiding the economy to stability during the recession, much of the growth in the country is the result of remittances sent back by a legion of Filipinos encouraged to work abroad — currently an estimated 9 million to 11 million people, or roughly 10% of the country’s total population. With little job creation at home, analysts point to the Philippines’ inability to grow its middle class. “The basics for success are here, at least in terms of human capital,” says Greg Rushford, a Washington-based expert on trade who has monitored the Philippines for over 30 years. “But there is a lack of seriousness in the political leadership — institutions are dominated by an uncaring wealthy class.” Researched by Kay S. Abaño

Read the complete text:  The Next Aquino: Can Noynoy Save The Philippines?