TWENTY years ago, when the red, white and blue flag of the new Republic of the Philippines was hoisted over the islands, replacing the Stars and Stripes, which had flown during 48 years of U.S. colonial rule, TIME carried a cover story on President Manuel Roxas and the problems facing his country. At that time, the future looked bleak. "There is no national economy, no export trade," we reported. Threatened by 150,000 Huk guerrillas, the "newest and poorest nation on earth could never hope to outlive its first free month" without massive U.S. aid.
Today, under President Ferdinand Marcos, the Philippines stand...
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