The administration’s policies have ensured that the profit-seeking interests of big business are met
The country’s few rich became richer while wages and incomes remained low for millions of working Filipinos in the last five years. This would be one of the clear legacies of the Aquino administration, research group IBON said.
What government claims to have been inclusive growth benefited only a few families and corporations. The wealth of the 10 richest Filipinos has more than tripled at 250% from Php650 billion in 2010 to Php2.2 trillion in 2015. Twelve Filipino billionaires have joined the world’s billionaires listed in Forbes Magazine, among them Henry Sy who rose from 97th a year ago to 73rd wealthiest in the world in 2015.
The net income of some 260 firms listed in the Philippine Stock Exchange rose 33% from Php438 billion in 2010 to Php583 billion in 2014. The gross revenues of these firms doubled at 106% in the same period. These firms are in the property, financials and holdings sectors which include property and construction. These have been the country’s sources of economic growth.
But the wages and incomes of millions of workers nationwide have remained low. The real value of the average daily basic wage increased by less than Php9 between 2010 and 2014. In nominal terms, the average daily basic pay is only Php367.35 for all industries, with workers in private households and agriculture receiving the lowest pay. Meanwhile, the increase in average daily basic pay for all industries was only 8.8%, which is not even one third of the increase in the net incomes of the largest corporations.
In the middle of Aquino’s term, the combined net worth of the 25 richest Filipinos was equivalent to the combined income of more than 70 million poorest Filipinos.
According to IBON, the administration’s policies have ensured that the profit-seeking interests of big business are met. Through its PPP contracts, for instance, profit guarantees are given to firms using public funds. (end)
|Net Worth (in billion Php)|
|John Gokongwei Jr.||67.66||258.37|
|Enrique Razon Jr.||43.98||231.64|
|Tony Tan Caktiong||44.21||120.28|
|Lucio and Susan Co||50.67||102.46|
|Robert Coyiuto Jr.||13.98||80.18|
|Jaime Zobel de Ayala and family||63.15||151.46|
|Jon Ramon & Enrique Aboitiz (Family Aboitiz)||23.01||160.37|