It’s natural to draw parallels based on rising debt and social spending, but the Philippines and Venezuela differ greatly in history, institutions and economic structure. You can compare certain indicators debt-to-GDP ratios or budget priorities, but here are two reasons we won’t become Venezuela:

• The Philippine economy is far more diversified and boosted by large remittance inflows, which help stabilize consumption and foreign-exchange reserves.
• The central bank enjoys stronger independence and credibility, keeping inflation relatively in check compared to Venezuela’s monetary collapse.