As the Philippines listened to President Benigno Aquino III last State of the Nation Address (SONA) on Monday, he emphasized that his administration provided a way for the country to be deemed "first world."
In a report by business and economics correspondent Chris Schnabel, the start of the Philippines' rise to developed status is represented by the Aquino administration, something that is not seen in many decades.
"Nakikita po ninyo, kung hindi tayo maaantala, kung magtutuloy ang Daang Matuwid, sa loob ng isang henerasyon, 'first-world' na raw po tayo," (should this straight road continues, we will be a first-world country within a generation)," Aquino said in his speech.
A "first-world" country is defined as a country "that has many industries and relatively few poor people, the rich nations of the world."
The Philippines, according to Aquino, can achieve the "first-world status" if the economic reforms will continue and other economies would "look up to the Philippines" and its accomplishments.
Among the achievements the Philippines enjoyed under the Aquino administration were a record-breaking 7.8 percent GDP during the first quarter of 2013, along with follow-throughs in the next quarters, which even had the Philippines as the discussion topic on business publication Bloomberg.
The previous administration reportedly had an average of 4.1 percent in terms of annualized growth rate.
"In the past three years, the Philippines has undergone a radical transformation: From a having a government that institutionalized corrupt practices... to nurturing a nation empowered and actively working together for greater opportunities for inclusive growth," the current administration's official website said.
With these in mind, the Philippines will continue reaping rewards especially that the Filipino people "now have greater confidence in themselves and the direction of the country," the report added, citing Aquino's statements.
Proofs in numbers
In his speech, Aquino outlined some proofs that this "first-world" status is possible such as the increased dividends of government-owned and controlled companies (GOCCs), which ticked at PHP 131.86 billion ($2.90 billion) under his term from the PHP 84.18 billion ($1.84 billion) under the previous administration.
The Philippines, under the Aquino administration, also reportedly saw a decrease in the unemployment rate at 6.8 percent in 2014, the lowest since 2005.
The report also pointed out the rise on domestic investment from PHP 1.24 trillion ($27.22 billion) from 2003 to 2010, to P 2.09 trillion ($45.88 billion) from the third quarter of 2010 to 2014.
Asia's rising star
The Philippines, during the Aquino administration, also earned nicknames such as "Asia's Rising Tiger, Asia's Rising Star and Asia's Bright Spot," as he said in his speech.
Schnabel wrote that the "most tangible aspect" of international recognition is because of the Philippines gaining high credit rating upgrades when Aquino assumed office.
The report enumerated the country receiving investment grade status for the first time from agencies such as Fitch, Moody's, and Standard and Poor's.
"This is just the beginning, you haven't seen anything yet," Aquino said.
