wo-thousand and seven came and went in a flash! But it was a year of significant events. The few that come to mind are: Oil prices which started that year at $58 a barrel later topped a $100; the Philippine general elections which where relatively peaceful-by Philippine standards and marked a resounding victory for the United opposition; Former President Estrada was convicted of plunder then got an unconditional pardon from President Arroyo; the Glorietta mall experienced a deadly explosion, as did the Batasan Pambansa; The Peninsula Hotel saw a "short-time" occupation by misguided rebels; and while Paris Hilton headed off to jail, convicted child molester Romy Jalosjos and Pablo Martinez—implicated in the murder of Ninoy Aquino both receive "get out of jail" passes. But probably most significant event for OFWs the world over is the Philippine peso which hovered close to fifty-to-one at the start of 2007 is stands at around forty-one pesos to the US dollar!

Now, looking ahead, what does 2008 have in store for the Filipinos? Will the Philippine economy finally turn into the long-sought-after but ever-elusive tiger economy predicted during the Ramos years? And will the country ever regain a bit of its former glory and preeminence in Southeast Asia?

On the bright side, we expect to see an uptick in 2008, Economists are predicting healthy growth and almost all sectors of the economy, including exports—despite the strong peso. And that should help alleviate poverty as well as provide funds to improve the country's dilapidated infrastructure.

But will we see the kind of economic growth necessary to propel the country to the status of a tiger economy? We think not! For while the Philippines has a lot going for it, it also has a lot going against it. First and foremost is its poorly educated citizenry—made worse by the departure of highly qualified, well educated Filipinos who migrate to other countries in search of higher-paying jobs. Second is a population that is exploding out of control; far beyond the ability of the land or the present infrastructure to sustain it. Third is the the pervasive corruption that can be found in all levels of Philippine society: from the very rich down to the very poor. Last but not least is the inability of most Filipinos to transcend their parochial instincts to see beyond just the family, the clan, the barrio or the province.

Tackle the above issues and the Philippines might truly be on its way to a prosperous future. Otherwise, the most we can expect are inch-sized steps that will put the country progressively further behind the rest of the developed world.