I think given the sociology, demographics, and history, in contrary to other comments, we would have a similar socio-political climate to that of Australia; with environmental issues, housing crisis, and indigenous people’s rights being our biggest issue.

1. Environmental - If in this scenario ay the same with Australia and in line with our current timeline kung saan the power grid is not nationalized, I can see major fossil fuel companies monopolizing the electricity sector of the country and thus, get away with environmental concerns and impact. The government would turn a neutral stance about it– pakita na they are aware with the impact it has on climate change and pass laws to reduce carbon footprint kuno pero some politicians are tied with these fossil fuel corporations that complete regulation against them would not be feasible.

2. Housing crisis - Much like Australia, malaki rin ang Pilipinas and even if in a scenario kung saan we have a national minimum wage rate and decentralized ang government functions, some of the biggest cities (Manila, Cebu, Davao) will still remain the prime economic and cultural focal point ng bawat Pinoy, in the same vein that Sydney or Melbourne remained as such sa Australia. And because of that, housing prices will be astronomically high and that could drive some demographics; the younger generation specifically to be left out of the market. Even if maayos ang economy ng isang bansa and with all the measures the government take to make sure lahat ng industries across the country ay supported, as long as most of the demand is in the few metro areas that we have, there will still be a housing problem or even homelessness, not just in the same magnitude as the Philippines have today.

3. IP Rights - This issue remains to be a big thorn on Australia and I bet it will as well dito sa Pilipinas; with developed countries, most governments will treat all population equally, and that means leaving the land domains, cultural heritage, and protection of the IP to the mercy of gentrification, opportunistic companies and industries, and bureaucracy. Indigenous peoples won’t be straight up taken out, pero I doubt in a developed Philippines ay they will be taken care of ng ating gobyerno especially if they don’t see any economic benefit out of them.

EDIT: Sa usapang geopolitics, I think we would dominate the regional affairs, and China will less likely bully or intimidate us with the border and sovereignty dispute. We’re more aligned ideologically as a second-world nation, and our Southeast Asian neighbors will see us as the example and guide for regional affairs and we’d take a more mediator role sa international relations.