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How did Chinese immigrants become so successful in Philippines while many Filipinos (Not all) themselves are trapped in dire poverty, shabu addiction, random vicious drug-related crime, huge families, teen pregnancy. What was Henry Sy’s secret?
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When you start from the bottom of economic ladders you have to work hard. Foreigners have to get Philippines citizenship. Currently you can not work(even professionals educated and got their degree in Philippines but do not have Philippines citizenship) or own businesses in Philippines unless you have Philippines citizenship. The secret is hard work. No quick rich mentality from the start. Some unsucessful local businessmen have quick rich mentality and price their merchandise higher than others even though they get their merchandise from the same wholesalers. Thats what happened in Argyle, USA where a lot of stores were owned by Filipino for decades but after the Vietnamese boat people and Chinese came it decades later, the Filipino stores slowly folded up due to not willing to compete with the prices of Vietnamese and Chinese stores or restaurants even the iconic Barrio Fiesta and other name brand Filipino stores. In the Philippines when you have the monopoly of business due to citizenship there is no incentive to compete. Thats what make the difference between Philippines OFW abroad as opposed to locals. Filipino OFW abroad have to compete as opposed to those residing in Philippines. The 40/60 rule make Filipino businessmen complacent since being Filipino is their capital. The mentality also affect the STEM. Philippines professionals and businessmen do not have competition due to citizenship requirement. In USA you have to compete and can not rely on citizenship.
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Chinese business in all industry are successful due to diligence. Some in small store, selling foods on the streets. They're so thrifty and savers so expanded their business to become multibillionaire. Pilipino Chinese hold the economy of the whole Philippines!