Deficits were, in fact, fuelled and paid for by foreigners who were massively industrializing Asia. But it's also unlikely that consumer profligacy will return to old levels. Thais, for one, appear to be moderating their taste for imported luxuries. So while the surplus will decline, it won't go away immediately. Despite this, developing Asia isn't likely to turn its nose at foreign funds for investments.
Foreign investors bring in needed skills and technology to move economies up the value-added ladder.
In short, Asia needs them. More, they nudge liberalization forward. The North-South Highway built during that time, stretching from the Thai border to Singapore, has spurred investment along that corridor. Asia needs more new and improved infrastructure. Manila can profit from a better defence against floods.