Filipino kids wither while super rich get richer under Aquino
Filipino kids wither while super rich get richer under Aquino
Research group IBON called attention to the worsening state of Filipino children’s health amid reports that the Philippines’ super-rich had continued to grow even richer under the Aquino regime. The stark contrast underscores the exclusiveness of hyped growth, the group said.
The burgeoning wealth of 11 Filipino businessmen, amounting to US $41.5 billion or Php1.95 trillion combined, have qualified them to be among the world’s richest according to a 2016 listing by Forbes Magazine. Henry Sy (with a US $12.9 billion net worth) tops the list of local billionaires joining the global roster, followed by John Gokongwei (US $5 billion), Lucio Tan (US $4 billion), George Ty (US $3.7 billion), David Consunji (US $3 billion), Andrew Tan (US $3 billion), Tony Tan Caktiong (US $3 billion), Enrique Razon, Jr. (US $2.4 billion), Lucio and Susan Co (US $1.6 billion), Robert Coyiuto (US $1.6 billion) and Manuel Villar (US $1.3 billion).
Along with the Aboitiz family (with a net worth of US $3.6 billion in 2015) and Jaime Zobel de Ayala (US $ 3.5 billion), these very names comprised the 13 richest Filipinos in 2015 and are behind the country’s major sources of growth, namely real estate and business process outsourcing, construction, finance, wholesale and retail trade. They are also in key sectors and services such as telecommunications, media, power, water, mining, food and beverages, transportation, health and education. The combined net worth of the country’s 15 richest grew by 8.4% from US $52.35 billion in 2013 to US $56.75 billion in 2015, according to IBON.
Comments (0)