It just happens that Donaire is gifted with vicious power and that will stay for a lifetime. Although he still needs good reflexes, speed, and timing in order to hit his target. So as long as Donaire can land his bombs inside 12 rounds then his chances of winning remain alive in every fight. Even the great Inoue was badly hurt and shaken. And it leads to the conclusion that if that was a prime Donaire it would've ended Inoue because the speed and stamina are still there to follow up and the Japanese will never recover.
The problem is, Nonito Donaire was much older when he fought Inoue for the 2nd time that's why the difference were so vast and clear that even made the fight end in just mere two rounds leaving the public in surprise, including me because I thought Donaire can somehow make a difference but unfortunately, even Donaire himself was shocked by what happened as he truly did not expect that Inoue will evolve like that since their first encounter.
I cannot remember the exact WBC rankings but I believe Santiago is ranked high since he got the chance to fight for the vacant belt? As far as I remember, #1 Moloney went the WBO route, #2 is Donaire, and #3 had a fight schedule last February which made him not available since the mandatory was issued that same month. I think it was Gaballo at #4 or #5. Santiago should be right there.
Not really the case for Santiago since he is not from the Top 5 and IIRC, he's not even in the Top 10. It's just that Donaire was desperate enough to find himself a foe to make the fight happen while increasing his chance to be a champion once more by picking a boxer outside the Top 10.