This document provides a summary and analysis of internal and external factors that could influence the economic development of the Philippines. It first provides an overview of the Philippines' history, politics, economy, and key challenges like corruption, tax avoidance, poverty, and inequality. It then analyzes important internal factors like culture, demographics, and the economy. External factors examined include the potential impact of growing rivalry between the US and China on the Philippines. The conclusion evaluates whether the Philippines has inclusive or extractive institutions and discusses reforms like anti-corruption efforts that could support stronger, more sustainable economic growth over the long term. The potential economic impacts of different geopolitical scenarios involving the US and China are also assessed.