Does the discovery of oil can turn the Philippines into a wealthy country again?

[strongstylekarate]

The oil discovery can be probably turn Philippines into "Switzerland of Asia",

Maybe Philippines may become wealthy again.

 

[strongstylekarate]

Will this be a possibility?

 

[flashNsmash]

meanwhile in china:

they probably don't call it 'slant drilling' though

 

[Not A Theist]

The oil discovery can be probably turn Philippines into "Switzerland of Asia",

Maybe Philippines may become wealthy again.

Wouldn't it be more of Norway of Asia? I mean, people in Norway used to be so poor they would boil a sheep's head for their Christmas feast - now they're one of the world's wealthiest countries per capita. This pretty much all comes from oil. Unlike Switzerland, if oil tanks, Norway likely tanks as well.

(I may be overthinking an offhand comment)

 

[Law Talkin’ Guy]

The oil discovery can be probably turn Philippines into "Switzerland of Asia",

Maybe Philippines may become wealthy again.

The Switzerland of Asia? But Switzerland isn’t a petrol based economy.

Also, lots of Asian countries have a lot of oil, like Malaysia. It’s not Switzerland like.

 

[moreorless87]

Wouldn't it be more of Norway of Asia? I mean, people in Norway used to be so poor they would boil a sheep's head for their Christmas feast - now they're one of the world's wealthiest countries per capita. This pretty much all comes from oil. Unlike Switzerland, if oil tanks, Norway likely tanks as well.

(I may be overthinking an offhand comment)

Norway invests massive amounts of its oil income into a long term development fund so they'll likely be ok when the north sea runs dry, meanwhile in the UK that money was used to prop up successful short termist neoliberial governments.

 

[Plutoburn]

Oil =/= wealthy country

Just look at Venezuela. I think Philippines has the potential to be China/Korea/Japan's Caribbeans all by itself. Boracay and Cebu are already quite well known, I was in Bohol for five days just two weeks ago and I had a blast.

 

[Rjay]

Watch how quick it lines the pockets of corrupt officials with zero trickledown to the population in general.

 

[Not A Theist]

Norway invests massive amounts of its oil income into a long term development fund so they'll likely be ok when the north sea runs dry, meanwhile in the UK that money was used to prop up successful short termist neoliberial governments.

I am aware of their long term development fund. Their high tax/high spending/high savings and investment model is great for the long term as long as they have a significant income to keep the ability to levying those high taxes, providing those expensive services, without depleting their savings. If the high income - oil - runs out, then that savings fund only lasts a certain amount of time. Add to this that Norwegians are addicted to an extremely spending heavy government and the democratic system they have and, if oil runs out/devalues, they'll likely be voting in leaders who promise to spend highly without the income to back it up. That fund starts to deplete then.

In principle you're right, but only for a certain amount of time if their income runs out. Once they start running deficits that fund gets picked apart - and right now, they only thing keeping them from running deficits is massive oil income.

 

[TidWell]

The oil discovery can be probably turn Philippines into "Switzerland of Asia",

Maybe Philippines may become wealthy again.

The philippines will only be come a wealthy country if they let usa or some developed country take them over, and establish a real legal system to fight corruption, that country is corrupt just like all other third world countries and just like Africa all those billions of donation money were pocketed by the politicians there, none of the poor people recieved any of the donation money to build homes, some politicians got caught buying homes in beverly hills worth 20 million with that tyhpoon donation money. i heard they have no middle class its either filthy rich or poor in many areas, the only places you find a middle class is manila or something like that.

They still have people living in cardboard boxes.

 

[Pliny Pete]

And just like that Dutartes vicious policies and oppression of his people become unacceptable to the US and must be stopped!

 

[HunterSdVa29]

way too much corruption there

doubt it

 

[moreorless87]

I am aware of their long term development fund. Their high tax/high spending/high savings and investment model is great for the long term as long as they have a significant income to keep the ability to levying those high taxes, providing those expensive services, without depleting their savings. If the high income - oil - runs out, then that savings fund only lasts a certain amount of time. Add to this that Norwegians are addicted to an extremely spending heavy government and the democratic system they have and, if oil runs out/devalues, they'll likely be voting in leaders who promise to spend highly without the income to back it up. That fund starts to deplete then.

In principle you're right, but only for a certain amount of time if their income runs out. Once they start running deficits that fund gets picked apart - and right now, they only thing keeping them from running deficits is massive oil income.

Looking at Wiki the fund is worth over $1 trillion and owns 1.3% of all stocks and shares world wide and has actually been increasing in wealth rapidly even as oil revenue has declined. At that level I'd imagine it has the potential to maintain value by returns on investment.

That's in stark contrast to the way the same north sea oil money was used in the UK to prop up the Tory government,

 

[steve38]

One oil can will defintely make a big difference....if they can find it!

 

[OverCoronavirus Pressure]

First they need leaders who won't bleed the country dry.
Maybe they've got that?

 

[steve38]

First they need leaders who won't bleed the country dry.
Maybe they've got that?

They dont. They will just steal the profits, give a tiny bit to the filipino people, and be declared saviours by the retards that keep electing the same corrupt politicians....because they get $10 for their vote.

 

[Zazen]

Oil =/= wealthy country

Just look at Venezuela. I think Philippines has the potential to be China/Korea/Japan's Caribbeans all by itself. Boracay and Cebu are already quite well known, I was in Bohol for five days just two weeks ago and I had a blast.

I'd argue that it already is. Couldn't believe how many Asian tourists there were last time I went, mostly all Koreans. Some of the girls were gorgeous though so I'm not complaining.

 

[OverCoronavirus Pressure]

They dont. They will just steal the profits, give a tiny bit to the filipino people, and be declared saviours by the retards that keep electing the same corrupt politicians....because they get $10 for their vote.

Have you seen my awesome shoe collection?

 

[Plutoburn]

I'd argue that it already is. Couldn't believe how many Asian tourists there were last time I went, mostly all Koreans. Some of the girls were gorgeous though so I'm not complaining.

Dude, Philippines is in Asia, and you can't believe how many Asian tourists are there? Are you high?

Beach vacation is still not as popular in Asia, the idea of tanning scares the shit out of most Asians. The economy/society especially in China need to progress further where being tanned is not a stigma (farmer/field laborer) but a sign of wealth (having the time to go on vacation). Also, Philippines has a lot of contenders, Vietnam, Indonesia, and Thailand just to name a few.

 

[steve38]

Have you seen my awesome shoe collection?

Corrupt as fuck. Regressing back to the Marcos era....time to jump ship......It's going down.