Today one discovers that the Philippines is lagging among the top five Asean nations with sizeable populations. A recent Southeast Asia Economic Forecast in 2036 (CEBR*) reports that the Philippines GDP at that time would be behind Vietnam and Thailand, which have smaller populations.
Between the 1970s and early 1980s, the Philippines was forging ahead of most Asean nations in modernization despite strong geopolitical and geoeconomic headwinds. The 621MW Bataan Nuclear Power Plant (BNPP) construction showcased this. Its cancellation by the succeeding governments caused the plague of energy crises that afflict the Philippines to this day.
Today, there is a clamor to revive the BNPP due to extremely high electricity cost and shortages. Over 30 years of privatization of the energy sector has not delivered on promised low prices and sufficient supply. High power costs are the main culprit in the country’s continuing investment shortage, foreign and domestic.