Reading all the 'too soon' comments got me thinking; it's all about perspective, and I think it's kind of like the 'one hit wonder' thing.
For example, Nena in Australia and the USA is a one-hit wonder with 99 Luftballons (99 Red Balloons). In Germany, the band is huge, with multiple hits and to call them a one hit wonder would get you laughed out of the room. Mention the band Hoodoo Gurus in the US, and unless you were into the College music scene around 1984/85, or were a huge Bangles fan and knew Michael was going out with a member of this Aussie band, odds are you have never heard of them. But in Australia, the Hoodoo Gurus have been around for 30-odd years, had a lot of success and have been a big influence on a lot of other musicians. Don't know that we'd go so far as to make a statue, (at least, not unironically) but if some place decides to re-name a street 'Hoodoo Lane' or something, I wouldn't be surprised and I wouldn't think it was over the top.
Ask a 30-50 year old American if they've ever heard of a band called Journey, and they'll give you a look like 'of course, are you dumb or something?' Ask the same thing to a 30-50 year old Aussie or New Zealander and you'll probably get a blank look.
The bottom line is - most 'old time' Journey fans (for want of a better term) had never heard of Arnel Pineda until he became linked to Journey. But he's been a successful, professional musician in Asia for around 20 years. The whole rags-to-riches story might be new to us, it isn't in the Philipines; he has a history, a well known past, his work with street kids didn't just start overnight as some caring label to stick on his persona, it's something he's been doing for a long time, and now with Journey, he's reached a new pinnacle, a new height in a career that has been steadily building for
20 years. He might be the new boy in Journey, but his own fame, in his own country, isn't something new.
Personally, I find the idea of a statue to an individual during their life time is a bit grandiose and over the top. But based on what a few others have said about it reflecting Pinnoy pride, I guess I can see it as kind of being like the statues representing the famous raising of the flag at Iwo Jima; it's more about a nation looking to the acheivements of the few, taking pride and hopefully striving to acheive more, than glorifying one individual. Or something

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Why treat life as a journey to the grave with the intention of arriving in an attractive & well-preserved body? Get there by skidding in sideways, a glass of wine in one hand, chocolate in the other, body totally worn out, screaming WOOHOO! What a ride!