i believe there's hope. 380 is still in the top 500. As an analogy: parang belong pa rin sa top 500 companies in the world. Medyo nagulat lang ako sa pagbaba ng Ateneo at DLSU.
i read negative comments about UP students and alumni in the thread. well, i am so sad about it. but i still believe UP still produces quality, excellent and moral graduates and leaders (nakakainis lang na merong mga baboy na leaders na graduate ng UP). academic freedom inside UP campus is still one of the best characteristics of the university - although some people just don't know what true freedom really means.
i went to foreign universities, and when people hear "University of the Philippines", most of them still think it is a top school --- e.g., they will say "oh it is the Todai (Univ of Tokyo) of the Philippines, you must be smart kid!". Well, bawasan lang sana ng UP students ang kayabangan na ipinamumukha sa kapwa pinoy from other univs. yet, in reality, most pinoys would agree that UP is still the flagship school in the Philippines, wag na lang sana magpaka-bitter ang iba. we know most of the best students wish to study here. and the rank of UP in terms of Academic and Employer reputation is still high (still in the top 200 in the world, i think).
Last note: UP needs to be a truly global university to compete with the foreign schools, but always remember: UP should also be local --- servicing the needs of our fellow Filipinos. UP should win the local arena before winning the global battlefield. :)