I'm amazed at the same lies that are still said by similar "thought leaders" such as the members of groups such as Alliance of Concerned Teachers, Anakbayan, Bayan Muna, IBON Foundation, Kabataan Partylist, and League of Filipino Students making their lies about foreign direct investments (FDIs). One of the lies that they made is that foreign investors are there to invade, exploit, and steal away jobs from the locals. We have the Filipino First Policy by Carlos P. Garcia which sadly caused the Philippines to fail. The aim was to make sure that majority of those who own the businesses are Filipinos. However, a big challenging question is if there are enough Filipino businessmen to fill in the supply and demand.
I'm amazed some people quote from portions of the late Lee Kuan Yew's book From Third World to First. Yes, it's often quoted but only if they want to make the current incumbent president, Ferdinand R. Marcos Sr., look bad. I'm still one of the people who don't consider the father, Ferdinand E. Marcos Sr. to be a hero. Yet, we also have it where Singaporean Prime Minister Lee Hsien Loong congratulated Marcos Jr.'s victory. I think Lee Hsien Loong would've still congratulated Maria Leonor Gerona-Robredo would she have won the presidency. Then again, I also don't consider Carlos P. Garcia to be one other. There were quotes about the Marcoses by the great statesman, Lee Kuan Yew. However, the book also talked about the stupid view of development economists of that day.
Page 58 of From Third World to First also mentioned this thought by Lee Kuan Yew that should be applied to our economic "thought leaders" of today:
The accepted wisdom of development economists at the time was that MNCs were exploiters of cheap land, labor, and raw materials. This "dependency school" of economists argued that MNCs continued the colonial pattern of exploitation that left the developing countries selling raw materials to and buying consumer goods from the advanced countries. MNCs controlled technology and consumer preferences and formed alliances with their host governments to exploit the people and keep them down. Third World leaders believed this theory of neocolonialist exploitation, but Keng Swee and I were not impressed. We had a real-life problem to solve and could not afford to be conscribed by any theory or dogma. Anyway, Singapore had no natural resources for MNCs to exploit. All it had were hard-working people, good basic infrastructure, and a government that was determined to be honest and competent. Our duty was to create a livelihood for 2 million Singaporeans. If MNCs could give our workers employment and teach them technical and engineering skills and management know-how, we should bring in the MNCs.
People can say that it's because Singapore wasn't a country rich in natural resources that it opened the economy. Yet, we can also see how the late great Communist, Nguyen Duy Cong, embraced the Singapore economic model even if Vietnam still remains a Communist country ran under a One-Party State. Vietnam learned from Singapore. Nyugen (also nicknamed Do Muoi) made the Doi Moi program. that's why it's no surprise that Vietnam has defeated the Philippines economically. A sad state that the Philippines is supposedly a democracy yet it practices economic dictatorship in the form of "Filipino First Policy".
Singapore today has its businesses developed. Many countries followed its model. Instead, Singapore has provided the jobs that many Filipinos need today. Singaporeans now have more jobs than they had. Besides, it's really becoming more blatant that FDIs only provide jobs for their home countries in other countries is a lie (read here). Singapore has no 60-40 policy regarding share ownership. Yet, the majority of the workforce members in Singapore today are mostly Singaporeans. Once again, that's why the challenge for those anti-FDI naysayers is, "Go tell that to Singapore's government."