The Philippines will never be in the developed status within 6 years, that is impossible to do. But with foreign investments, it can hasten the growth trajectory of the country in particular sectors by providing the necessary foreign capital, expertise, and competition for better services to the people. FDI will also provide more job options to the local populace, especially since we have an abundant demand of job seekers, but not enough job providers. There is also the accumulation of more foreign reserves to strengthen our currency; and an increase in our import buying power.
It should be noted that there is no universal parameter to measure if whether or not a country is developed. All we can look up upon are the HDI (Human Development Index), per Capita (GNI, GDP nominal, GDP PPP), and competitiveness index. In the succeeding years, it's just a matter of how fast we can improve within a specific timeframe.
We also need to keep in mind that Marcos Jr's visit to secure investments from other countries are only pledges; foreign chambers of commerce will also inspect some hindrance such as corruption perception, infrastructure, and bureaucracy in general, but these factors can easily be overcome as exemplified by Vietnam or Indonesia. It all boils down to the restrictions being hard-coded into our constitution. The current Philippine President can't do anything about it but to endorse the amendment proposal of the Chairman of Constitutional Amendments and Revision Codes, in which such restrictions are to be removed, and relegated to a legislation agenda instead for flexibility.
Here's the man (Lee Kuan Yew) who transformed Singapore into what it is today. It's all about the structure, and adopting to tried and true methods.
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