Here's why the Philippines' oligarchy system does not work in balancing supply and demand. Can an archipelago of 7,107 islands be supplied properly with just TWO ISPS, one-two power plants per region and so on? Sad to say but the Philippines is pretty divided by its waters and values. Failipinos and enlightened Filipinos make the worst of foes in a Filipino Civil War. Sad to say but 60/40 policy is very restrictive towards the Philippines. Putting a non-flexible joint venture system will not work because it's very self-centered. The Philippines for a democracy is sadly left behind by some Communist countries where the economy is more open, high level of employment and a serious war on crime.
China as a Communist country had used its common sense to keep its grip on the people. For example, if it started to open up its economy, started to take problems of its pollution seriously, started to punish corrupt officials, will not investment be better? For a bunch of Commies, China's opening up its economy by allowing 50% minimum to 100% maximum foreign ownership (although it's more joint venture based) has improved its economy by doing so aside from executing corrupt officials. Hopefully they will be more sensible with their population policies. The results was for a Communist country, China has indeed emerged as a powerful Communist country. By allowing more foreign investments around the world, this Communist state has stood up longer than the Soviet Union and has corrected Mao Zedong's crude policies. It has become a more powerful Communist state than most Communist states around the world. On the other hand, it should really relax its one child policy to provide itself more labor.
Meanwhile, the Philippines is supposedly a democracy but by the rule of retardation. The problem of democracy for the Philippines can be rooted on bad values. The people keep voting for bad people because of their belief of "As long as it's majority, it's right." Protectionism got pushed from the late Ferdinand E. Marcos Sr. Marcos dictatorship and continued until the Benigno Simeon "Nobita" C. Aquino Presidency. Worse, what's keeping up the 60/40 is the value of Pinoy Pride... that is embrace everything even when it's garbage because it's Pinoy. It's nationalism gone wrong. Is the Philippines already Asia's next miracle? Only according to biased networks like ABiaS-CBN and ANC (which is ABiaS-CBN's news network). They don't want competition and sad to say, political families own services for Internet, water and everything needed for business.
This is a real challenge to the Philippines. The Philippines needs to consider that if China which was a country poorer than the Philippines during Maoist rule became a powerful economy, it can also do it too. But the problem is the wrong value of Pinoy Pride which can be translated as "Pinoy ethnocentrism", "Pinoy patriotism gone wrong" and many more. It's all about their Pinoy Pride which won't help the Philippines. Just think what if the Philippines started opening up its economy? Certainly, every region can use some foreign investments to generate more jobs especially in Luzon and Mindanao. It will reduce the need for OFWs, start to get rid of manpower for dirty criminals and it will certainly create a better Philippines.