The Wealth of the 10 Most Richest Filipinos

MANILA, Philippines - If the combined wealth of 10 of the richest Filipinos represents the income of more than 20 million wage earners, then what inclusive growth is President Benigno Aquino III talking about? "A workers' group on Friday assailed the chief executive's assertation before the World Economic Forum (WEF) on East Asia that the Philippines, through the Filipino people, had made inclusive and remarkable growth doable. The group said that while there might have been progress, this failed to trickle down to the poor. Partido ng Manggagawa (PM) chairman Renato Magtubo said that based on his group's study, the estimated US$45.3 billion combined wealth of the country's 10 richest people is equal to the annual income of 21 million miniumum wage earners - a proof that economic growth does not translate to substantial poverty reduction as its benefits remain concentrated in the hands of a few. "The Philippines is not a fantastic story of economic miracle but an old testament to this kind of regional growth pattern where a handful of business elites control more than half the economy," said Magtubo. “The Philippine government cannot claim ‘inclusive growth’ until this ratio of inequality is effectively reversed,” he added. Basking in the international acclaim of one of the region’s most astounding “economic miracles,” Aquino on Thursday attributed the country's remarkable growth to the collective effort of the Filipino people. "When many of you have praised the achievements of the Philippines, we always point out that the pursuit of large-scale reforms in every aspect of governance is the achievement of the Filipino people," Aquino said in his speech at the opening of the WEF in Manila. "They made the goal of achieving inclusive growth doable, and it is also they who will make it irreversible," the President added. But Magtubo countered Aquino's statement, saying that any mention of the word "people" at the WEF, "won’t go beyond the context of market – open markets for corporate products and cut-price and flexible labor markets for their efficient operations." “Thus the WEF cannot brag about wonders and miracles when Asia remains the biggest home to the world’s poorest people epitomized by workers in vulnerable employment,” said Magtubo. The Asian region has the highest rate of informalization in the world, according to PM. "As defined, informal workers are the own-account (self-employed) and unpaid family workers combined. They also include workers in irregular (contractuals) or seasonal employment," Magtubo explained. He said that recently, informal workers had been labelled as precariats or workers living in precarious working conditions. The group said the International Labor Organization (ILO) had estimated the Asia-wide “vulnerable employment” in 2007 at 1.1 billion people or 62.2 percent of all workers in the region, while informalization in the Philippines is estimated to be between 41 and 77 percent." In the meantime, I asked it before, I ask it again: Have any of you ever met a Filipino who got to be FILTHY RICH for believing that God is BAD? So how come millions of Filipinos are FILTHY POOR and yet they all believe that God is GOOD! Poch Suzara Twitter# Facebook# Google#