Why don't nations with low taxes and no minimum wage have a booming economy?

I went to the philippines and it only costs them $5 dollars a day for staff, they don't even pay their employees on time, there's no minimum wage, almost no social security, no dividend tax, and many more rules that make torts unheard of. Why don't the businesses swim in money? Why don't they hire many more workers so that the economy can boom? I mean there's a huge unemployment rate their that makes the US rate look pretty good, and there's a massive problem with attracting investors... but why not in this land of milk and honey?