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Laos, Cambodia, Myanmar could overtake the Philippines' GDP —CCPI
If the Philippines does not do anything, Laos, Cambodia, and Myanmar could overtake the country's gross domestic product (GDP) figures, the president of the Chamber of Commerce of the Philippine Islands (CCPI) said.
Back in the 1960s, the peso-dollar exchange rate was at P2 for every dollar, but this is now just a bleak memory of the past.
The market closed at P59.966 to US$1 on April 17, 2026.
According to the CCPI, it was also around the 1960s when the Philippine economy was performing at its best alongside Japan and ahead of its neighbors including Thailand, Malaysia and Indonesia.
In terms of GDP per capital, Singapore, Brunei, Thailand, Indonesia, Malaysia and Vietnam have already surpassed the Philippines, CCPI president Jose Luis Yulo Jr said.
"Today the leading per capital economy is Taiwan, South Korea, and Japan... China has overtaken the Philippines and we are now behind China," he added.
Poor governance and lack of quality education are just two of the reasons why the country has fallen behind, Yulo said.
"Because of many reasons. One, government corruption. Number two, we fail in getting best people... It's also an educational problem. Our educational system failed, religious, cultural upbringing failed, and corruption was nurtured," he added.
Yulo said it is not yet too late to bring back the Philippines to its former glory.
"If we had done right before, maybe if we revisit and redo what we did before, maybe we can take back our once glorious past," he said.
"If we don't do anything, Cambodia, Laos, Myanmar will overtake the Philippines. You can already see it in the numbers," Yulo said.
The CCPI on Saturday launched the conference dubbed "Actionize the Missions of Economic Compass Pillars 5."
Participants talked about ways to grow industries and the economy, improve governance, create better infrastructure, protect the environment, and improve the quality of education. —KG, GMA News
