2026 was meant to be the Philippines’ year—yet the country remains stuck in an ‘recurring cycle of underachievement’
Source: Fortune ·
What was meant to be a breakout year, highlighted by the Philippines’ turn as ASEAN chair, has instead become a case study in how it keeps falling short.
From the source
When the Philippines took over from Malaysia as chair of the Association of Southeast Asian Nations (ASEAN), expectations ran high that the country could use its one-year term to attract investment and catch up with the more successful neighbors driving the region’s growth story. With two months left in 2026, those hopes have been dashed. The country has been Southeast Asia’s worst-hit by high energy prices since the U.S.-Iran war began in February. “For decades, the Philippines has been described as a country of enormous promise. It has a young population, a large domestic market, a strategic location, and a highly capable workforce,” Ruben Carlo Asuncion, chief economist of the Union Bank of the Philippines, says. “Yet it has often struggled to convert these advantages into sustained gains in investment, productivity, and competitiveness.” He notes that the start of 2026 brought expectations for strong growth supported by easing inflation, lower interest rates, resilient household…
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