Third world simply indicates that the living conditions for the majority of the population are lower than those in the first world. Infant mortality is a good indicator, because it correlates closely with the availability of clean water, sewage systems, garbage collection, and electricity for refrigeration. Countries lacking in this infrastructure will have high infant mortality, in many cases simply because of dehydration caused by diarrhea (it is hard for us here to believe but when you’ve visited the small towns in these countries you’ll understand). I don’t have a number for the Phillipines, but here are the numbers for the US, Mexico, China and India (in deaths per 1000 live births):
It is true that all of these countries produce lots of great talent in many fields; it’s also true that they’re unlikely to have a significant effect on our housing market here in SD. Even a married couple making $200K combined income and raising a couple of kids will have to stretch to afford a $700K house once you figure in maintenance, taxes, HOA fees, etc…