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The industrial sector was growing rapidly and the country had one of the highest per capita incomes in Southeast Asia. There was much to look forward to on the economic and business front.
So what happened? Well... a lot of things. The 1950's saw the spread of the power of the traditional oligarchs from their original economic base on the haciendas into all sectors of the Philippines economy for historical background and discussion). The 1960's and 1970's up to 1986 were dominated by martial law and the veritable looting of the Philippine economy by Ferdinand Marcos and his buddies. Throughout these long and trying decades, the Philippines followed a path of dependent development that failed to build domestic capital or pave the way for healthy and balanced development...
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