THE SHOCKING TRUTH ABOUT THE 9 RICHEST FILIPINOS
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The United States' strong union movement, in the 20th century, was responsible for the growth of a large middle class. If labor was permitted to organize, the Philippines would see a similar development, imho.
@@timgeist1574 The corporate globalist has finally managed to slowly but surely destroy the unions in America by importing foreign labor into the country and their exporting and offshoring jobs and businesses into foreign countries, so, so much for a strong middle class that no longer exist in America.
No, it was not.
@@ninjastriker6761 Read
Increasing taxes on the rich would help. But wherever you go, the rich also control most of the political power. So this is unlikely to happen. Perhaps one day, it will be considered "cool" among the rich in the Philippines to donate billions to schools and hospitals, rather than simply buying themselves ever more stuff.
Thus the golden rule whoever has the gold makes the rules 😢
Big chunk of their wealth that should have gone to their employees.
As a longtime visitor to the Philippines it's not shocking that disparity between the very wealthy 9 people is greater than that of 55% of the entire population of the Philippines. What is needed is a fair method of that wealth opportunity and distribution. The fact that the nine wealthiest people are so far out front does not mean that they should be in any way be vilified because they earned such great wealth. In a democracy that's how it should work but of course it's far from achieving that lofty ideal. The playing field is not even but neither is life so Government should close all loopholes, in Tax collection. More equitable tax application should also be applied. Even in our US society we struggle with this issue. Lastly corruption at every turn must be stamped out.
I think like in any country, the road to riches is to own your own business. This applies to pretty much any country in the world. The scale of that business is what matters in the end. When it comes to the distribution of wealth, IMO the biggest issue is the wages in the philippines. If you look at a retail formula, rent is your biggest expense with staffing being the second but in the philippines, with wages being so low, it makes a much smaller dent in expenses. This means when you sell a pair of pants in the west, the wages eat a big part of the proffits and end up back to the citizens, where if you sell the same pair of paints in PH for the SAME PRICE a lot of the times, since the wage portion is so small, the profits are larger and that ends up in the pocket of the owner. I know this is a very simplified look at it and the issues go a whole lot deeper than this but with wages being so low, it helps to perpetuate that time does not equal money attitude seen in PH and all the issues that come with that as well. Better education and better work etihic with proper scaleable wages, eventually end up with more money in the hands of the population.
The rich get richer, just like elsewhere.
Funny how the lowest on the list has the most impact on the PH's infrastructure, which will contribute to our economy and the masses. Even though Ramon Ang's PPP projects are still considered private and most of the income will go to his pocket, at least he's giving it back to the people by investing in infra. Which is very reversed to the one and only politician/business family and no less on the top of the list, the Villars. How shrewd that is!
Income Tax Increased on the 1% would help but the only real way to increase the middle class is by providing more Jobs especially tech type jobs but also manufacturing type jobs and until the gov't starts collecting higher property taxes the infrastructure will be lacking also imo
Pay one guy to dig a hole, then pay another guy to fill it, pay a third person to supervise them.
Voila, the government just created three jobs.
There are a lot of manufacturing companies in the Phils but most of them or almost all are in Luzon island.
Exactly what shocked me on a recent visit. Obviously there are many families with extreme wealth. However people in shacks and carrying water a few steps away. Obviously lack of social support for failing families rendering future generations into poverty. Though the land and sea are rich and enable many a basic living but it seems to lack a safety net for modern expectations. Higher taxes to fund services and facilities is definitely needed from a northern European view point. Love thy neighbour?
Good video, thanks for the education!.
Those richest families, especially the Chinese sounding ones; are the main beneficiaries of the contractualization of labor, union-busting, and underpayment of labor wages, nonpayment of overtime, etc.
Getting rich off the fat of the land.
It's no accident that wealth is concentrated in a few. It is a deliberate choice by the government patterned on the South Korean chaebols (Samsung, LG, Kia, Hyundai, etc.) to rapidly industrialize by creating monopolies with sufficient size and influence to be globally competitive to support a rapidly expanding young workforce. I only hope we do not suffer the same fate, a collapsing demographic with insufficient wealth to ensure long term stability that SK seems doomed to. Hopefully we can achieve a state at least as sustainable, or better, than Japan's, i.e., get rich before we get old.
Great video
Trivia: Most of those billionaires particularly Fiilpino-Chinese were immigrants or descendants of immigrant parents from China who came to the PH and these Chinese immigrants were very, very poor but since they are naturally good at business and handling money so they succeeded with the support of the Filipinos. Without the Filipinos or our money supporting them or their business, they will not thrive or become successful. In other words, it is the Filipinos who made these Chinoys rich, not the other way around.
7 of the 9 richest Filipinos aren't Filipino. 4 Chinese, 3 Spaniards and 2 filipino
Spaniards? Ayala and Razon? They are the original filipinos. The term filipinos originally referred to spaniards born in the Philippines. Natives were indios
You have a understand that there is so much corruption in the Philippines, especially with business protection , for example in most provinces outside of Manila not many competing businesses like fast food, also ex military generals and politicans own the best land and sites
Wealth inequality in the philippines is criminal level.
Andrew Carnegie, Cornelius Vanderbilt --- rich people in USA now money are GONE -- high TECH like AI will change everything ---- Nvidia founder "Jensen Huang" started from nothing now $3 - trillion worth.
❤❤❤😊😊
how to get a near accurate census is Philippines ?
Hey this is just the beautiful amazing system and structure of capitalism gone wild
No duh 😒
I guess Marcos family is number one. 😅 Followed by other politicians. Like Duterte, Macapagal, Enrile, Binay, Chavit, Aquino, Cojuangco, Roxas, etc... then followed by businessman, In the Philippines the only way to get rich is by joining politics, and become celebrity then followed by business. 😅
Viva la revolution! Viva Che! Viva Fidel! (My tiny contribution to needed change)
Need to focus on corrupt politicians. They are pocketing taxpayers’ money instead of using it to help the poor. Also, the POGOS need to go. Other countries have kicked them out because they are bad for the country. Examples are Bamban and Porac POGOS. They were raided and illegal activities were discovered such as scamming, human trafficking, torturing… (my contribution to a needed change😊)
How is this different to the situation in any other country? The rich are rich. My wife and I are not rich; we are comfortable. We own about USD$ 1M in property. We have property, a business and an income of around USD40,000 p.a. We are content. The kids are doing fine.
Is there another country where the 9 richest people have the wealth of more than half the country?
@@WatchCaliforniaExpatVlad Putin
@@WatchCaliforniaExpatInteresting question, I'm not sure, perhaps a few countries in Africa have similar wealth inequality.
definitely an oversupply of potential workers in the Philippines coupled with little or no protections for workers. i.e. if a worker at Jollibee mistakenly pours a coke instead of a coke zero for a customer, the cost of the drink will be deducted from their measley wages. and even worse if a customer does not want their change from a purchase and worker puts it in the cash drawer, the overage amount will be deducted from their pay. and as to overtime, many are forced to work extra hours and days with no additional pay. And at SM, the workers who help carry your purchase to your car cannot accept tips, (give paper money so they can hide in their briefs)
No problem... I don't like red onions. 😁
Have you tried them pickled?