In coming weeks, the world will discover whether the Southeast Asian country's recent impressive political and economic gains mark the beginning of a new chapter or, alternatively, represent a fortunate yet short-lived deviation.
No longer seen as the "sick man of Asia," the country is now the toast of the town among international investors.
But all of this could change -- for better, or worse.
Autocratic nostalgia
Meanwhile, Ferdinand "BongBong" Marcos Jr., the only son of the infamous former dictator, is in an equally strong position to win the second-highest elected post in the government. If successful, Marcos is widely expected to run for presidency in 2022.
Both Duterte and Marcos have actively tapped into growing social discontent over the lack of inclusive growth, chronic corruption, lack of law and order, massive infrastructural bottlenecks, and the perceived absence of decisive leadership in the country.
Contrary to the incumbent, they have also promised more engagement with China, with Duterte even suggesting that sovereignty disputes in the South China Sea are negotiable. Similarly, they have expressed doubt in existing democratic institutions.
Frustrated with the shortcomings of democratically-elected governments in the past, a growing number of Filipinos are giving into democratic fatigue and embracing autocratic nostalgia.
What is at stake isn't only recent gains under the Aquino administration but the whole elite democracy -- a political system dominated by few major political families -- that supplanted the Marcos dictatorship.
The strongman syndrome
Even established democracies such as the U.S. are falling for the strongman syndrome -- the misguided belief that a single strong leader can save the whole nation -- as most pronounced in the rise of Donald Trump.
However, the Philippines is more of an oligarchy disguised as democracy, with elections largely a clash of political families.
Up to 70% of Filipino legislators hail from political dynasties, and the economic picture reveals a similar tendency. In 2011, for instance, the 40 richest families swallowed up to 76% of newly-created growth in recent years -- the highest rate of growth-concentration in the Asia-Pacific region.
No wonder then that in the Philippines, as in other troubled democracies, there is a growing yearn for change -- for better or worse.
In a country where forgetfulness and forgiveness are interchangeable and there is collective mental bias for the immediate present than the distant past, Marcos' blitzkrieg campaign of "historical revisionism" has proven increasingly effective, especially among the youth and those who are critical of the Philippines' oligarchy.
A race to the end
A former American citizen, she barely survived a constitutional challenge on the grounds of citizenship to her presidential bid, and could still face disqualification if she wins in the upcoming elections.
In recent weeks, however, her perceived affiliation with oligarchs such as Danding Cuajuangco and the endorsement of former president and convicted plunderer, Joseph Estrada, have partly undermined her authenticity and reformist appeal.
At this point, in a single-round, first-past-the-post race, Duterte seems to be the candidate most likely to win, leaving Poe as the only other candidate with a realistic chance of defeating the frontrunner.
With vast financial resources and an impeccable machinery, Marcos is very much still the candidate to beat.
What is clear is that a rising tide of "grievance politics" is taking over the Philippine political landscape, empowering outside-the-box candidates like Duterte and Marcos.
This could very well mark the beginning of the end for the Philippines' elite democracy system.