It seems hard to believe now, but Filipinos on the average were twice richer than South Koreans back in 1965. Data from countryeconomy.com show average income (GDP per capita) in the Philippines
then at $211, and $108 in South Korea. Our total GDP was $6,517 million, more than twice South Korea’s $3,102 million. In 2021, 56 years later, South Korea’s total GDP of $1.798 trillion was 4.6 times our $394 billion. Their average income was nearly ten times ours .
And now there’s Hallyu or “Korean Wave,” their systematic drive to turn Korean pop culture into a global multibillion dollar earner, which I wrote about two weeks ago. It should inspire us to similarly jockey Filipino talent and creativity into generating great wealth and substantial jobs, and possibly attain the same “soft power” Korea now flexes in the global arena.
And rebrand it did. K-pop music, K-dramas, Korean beauty products, Korean cuisine, and more have captured the hearts and palates of people of all ages around the world and helped the country rise above the image of a crisis-battered economy. And none of it came by accident.
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