Sy family are indeed a billionaire cause the money circulate only to their created BDO banks. and even offer a low interest rate to those people who are planning to invest. plus their withholding tax.
Inequality is so well entrenched in the country that eradicating it is impossible. The best the Philippine Government could do is make sure that basic services such as healthcare are available to everyone and if the economic circumstance permit, provide universal basic income
As a Filipino, I don't think this is just an issue where the rich are hoarding all the money. I have seen literal people given opportunities to change their economic conditions but are too afraid or lazy to make risks. I have seen many children skip school even though donations and government programs are helping them. I have seen people squander tgeir potential because of alchohol, drugs, and family problems. There are deep societal issues that cannot be solved by giving poor people more money. There are a lot different jobs that requires more skilled workers and other jobs that have too many people already working in them.
In my opinion, it's a matter of minimizing bureaucratic system in the society which makes the rich and poor gap more complicated. More Career opportunities especially to the skilled and professional individuals in Public class🤔🤔🤔
@@eyes4257 iyak na nman Buti nga kahit may utang kita malaking project na pinagkagastusan samantalang Yung kulto niyo puro utang din Wala nman naipagawa project kundi rebulto nila 😜😜😜
lol No government is not corrupt. it is not corruption economic restriction to foreign investments and idiot laws make it harder to do business in philippines. also the centric system of government in NCR withholds the rest of the regions. imagine our tax in mindanao being sent to NCR then we ask for a budget for our projects. NCR then needs to approve it and send the money back to the local units. the more hands the money goes thru more of the money falls off to the pockets. the system itself promotes corruption.
The government should increase the taxes of the rich so that Filipinos can benefit on their wealth. Additionally, decreasing corruption can put our money to efficient use.
@@asahiorbit4565 they can only do so because most of our fellow Filipinos don't manage their money...rich people kept getting rich because aside from providing value to the masses they know where to put and how to make their money work for them. Yes taxes are good since everyone use public utilities and infrastructures but even if we do increase the taxes on them, they will soon find loopholes to reduce or even pay no taxes at all. After all, they pay a lot for financial managers and legal team who can do those things without breaking the law.
@@dilaleo1855 language itself is a very important subject...ung way of teaching lang most of the time discourages most people from learning them effectively. There are people willing to pay for individuals who know different languages. I know someone who earns millions just by being a translator and has learned another(making it four) to earn more. At the end of the day, it always depends on the individual kaya let's make sure we keep striving on making ourselves more valuable to our country.
The Filipino people do it to themselves by continually voting for rich families to run the country. They also need to have jury style courts, which the rich don't want.
The good thing about Vietnam is they able to develop their 5 great cities equally to each other not only thier capital Hanoi, they have Ho Chi Minh city in the South the largest city, Hanoi in the North, Da Nang, Nha Trang, and theres the other one i forgot city name in between so the income and job oppurtunity is fairly distributed, unlike Philippines we only have Manila as source of job opportinities outside Manila are small cities with provincial rate wages.
You do realize that only a few regions gives taxes to the national government? Instead of looking at Manila, look at your province and wonder why some of your services are sh*t. Some politicians deny permits to competing investors of their businesses in their province.
Because you always elect President from Luzon of course everything will be in Manila like our National language is Tagalog but there are more Bisaya speaking Pilipinos & don’t tell me that Tagalog is known worldwide it’s nothing but because the politicians were from Manila they choose Tagalog… duh!
First I visited Makati then BGC, I said it's developing then When I went outside of those area, My heart was broken ... sadly the disparity there is really high, the poor is going poor!
Only area owned & managed by private companies maintained well.. area managed by local government is like hell! Another thing is government structure of The philippines are not effective & efficient.. metro manila have 16 different cities each lead by 1 major, integration is hard because too many leaders with ego
BGC and all the other CBD in the Philippines is actually a bubble. It does not represent the general condition of the country. It is an islands of prosperity in a sea of poverty.
Vietnam will soon surpass the Philippines in terms of GDP and GDP per capita. It's really sad. Too many poor people being born and moving to the cities, causing lots of slums and no taxes being paid. On the other hand, educated Filipinos are setting up roots overseas, instead of creating new businesses in the country, which leads to higher tax revenues for building infrastructure, etc.
Let's just say one day it'll comeback to us bigger than expected. Actually it'll be a big loss for the world if Philippines improved. All of OFW will return specially the teachers and nurses. At the same time the demand for them would increase if they're really needed. What i mean is we could have demand more for sending our people overseas, it's just we can't because there's nothing for them to go back and they're trap to take the job or get nothing.
The pay for nurses is very low. But in USA they can earn $100k or more a year. No different than Mexicans working in USA and send money back to Mexico.
To create local jobs you need investments, but Philippines isn't attractive place for foreigners to invest primary because of its strict Filipino first economic restriction in the constitution.
The video is spreading fake news Diliwan evil Propaganda. We are currently in the Golden of Age of the Philippines due to the Presidencies of Tatay Digong Duterte and Prince Bongbong Marcos will release the last will & testament of Pres Marcos Sr which will release the trillion of gold bars that will save the world. #BBM #We Love Marcos
@@dionium5462 the dynamic of preys and predators, the natural laws, how you can’t control who your parents will be, which country we’ll be born etc. all of these were proofs that inequality is mostly innate in nature, the only ways the delusional utopians attempt to fight it is through taking from those on the top but mostly from those advantaged through chance, sometimes even to the point of scapegoating and demonizing, they were ironically unfair and unequal
More taxes on the wealthy will just be a burden to the poor, because all those taxes will make things expensive. People got rich because of corruption and drugs. But we're looking at a better future. Punishing the rich will not eradicate poverty. We need more opportunities, education and less corruption. People need to think rationally, the thing about us Filipinos, we think our hardship is a test from God. And God will suddenly conjure wealth if you hang on long enough. We need to be proactive.
if you did tax the wealthy hopefully they might eventually leave, honestly the philippines would still function without the wealthy and for the poor things can't possibly get any worse, only better.
@@bepitan the problem with the wealthy leaving, is that they will take their wealth with them. We will lose jobs. The government can't give that much money. The wealthy get tax breaks because the take the risks. We can't tax the wealthy in hopes that they will leave or the money will be spread to the poor. The poor don't even know how to handle money. That's why we need more education. I helped people, and I noticed ,you'll give them capital, after a few months, the business is gone. Why? Because they don't know how to manage it. They don't know how to separate the inventory. They get paid for the day and spend it on their basic needs and some. Then when the business is dead, they'd complain on how unfair life is. And it's another cycle. People need jobs, know how to "save" money and invest(grow) it.
Taxing the rich is the beginning. Add to this end corruption, change the voting system, and change the mindset of the voters who keep voting in the corrupt politicians and vote against their own self-interests. Republican voters do the exact same in USA. Filipinos voted for Bongbong Marcus son of Ferdinand Marcos reputed to have stolen billions from the treasury. What can you expect from the son? Not much, more of the same.
If only we have more law makers who's well versed in economics rather than famous personalities... This goes back to all Filipino people... Do not take for granted your right to vote and to choose... The power to change the current situation of our country is in our hand... And yet we do not take it seriously...
One reason is that Filipinos are very forgiving people, politicians can fvck them up many times and they forget about it next election. Filipinos are also die hard supporters, they can turn a blind eye on anything bad their idol politician does.
On top of the minimum wage in Ph, we also have a provincial minimum wage which is significantly lower than the national minimum wage. If we factor in the higher cost of living and higher utility cost in the province, the result is actually quite expected. People in the province is left with only 2 choices, go to work in Manila or go work abroad, a third option is stay and work in the province but that would mean that you and your family will have to starve and you will not be afforded an at least decent education which in turn means that your personal poverty now evolves into generational poverty.
The wealth gap is not the problem, the problem is Poverty rate It doesnt matter as much if your 1% population holds the money as long as your bottom 50% are well fed, dressed and educated, but the issue is 1 in every 4 fillipino is living in poverty. This has to change in the future. Much love to the Phillipinos
100% Agree. In addition to its success in poverty reduction, Vietnam has also passed the Philippines in terms of income per capita as well, and it will continue to accelerate more - maybe even double than the Philippines in the next 10 years. Vietnam's strategies of encouraging more healthy competition, job-generating export manufacturing and export industries, and more open investment + FDI laws worked. This means that there is more money going around in the Vietnamese peoples' pockets - whether in HCMC, Hanoi, Da Nang, Can Tho, Hai Pong, etc. (unlike the Philippines wherein a third of the total money is in Metro Manila). Much love to Vietnam, one of my favourite countries in the world in terms of culture and food - Filipino here btw.
1 out of 4 people are poor because they choose to be poor, almost most filipinos dont have any actual trade or skill hire a new college engineer from philippines he dosent know anyth8ng at all, just PC games.
to solve the inequality issue the govt should address the mass housing problem... ENERGY problem.. investment problem and Transportation problem.. these energy. investment. housing. transportation alone has multiplier effect..on the economy..
Population growth affects the GDP too, especially teens in poverty having at least 6 kids doesn’t help at all. We need to take advantage of our geothermal energy and provide access to internet across all islands. It’s the 21st century, our neighbours have overtaken us and we need to fix this country
@@Joshua-qe3bu ignorant ka talaga, kung ayaw mo mag admit na may kasalanan ang govt- walang magbabago. People like you bring our country to shame and lower the human development. Educate mo sarili mo bata
@@Joshua-qe3bu oh pero sino nga sa tingin mo ang responsible sa education? Ang government. Parang di mo alam na ang funding through education is from government. Kung mahal mo talaga ang mga Pinoy di mag spread ka ng awareness, hinde mo naman alam kung bakit mahirap talaga ang buhay sa pinas, kaya nga masyadong malaki ang gap ng social structure. Wala masyado opportunity kaya mataas and rate ng corruption. Systematic yan, kung wala mag opposition sa government di pareho mangyayare or baka papatayin ka kung mag oppose diba?
Cut down corruption in the country. It is the main issue in every nation on earth. Plus you have to increase the wages of the working class and cut down income taxes. Singapore is a classic example where it is a leader in the ASEAN group since its founding in 1965 because it wages war on corruption , cut down income taxes. The government must also focus in building up her gold reserves and applying silver in their local currency. Central Bank of Singapore bought more gold in 2021.The local Philippine pesos took away COPPER out of the coin thus making it worthless. Fiat currency is not helpful especially when inflation is a major factor. Inflation is actually a hidden tax to the masses which makes the masses live in poverty!
Singapore is very easy to manage because they're freaking small. They're more like a city than a country. The PHL is an archipelago with 7000+ islands. It needs another level of management to handle this kind of a mess.
Might as well copy paste this. Removing 60/40 will allow the nation to have more jobs as foreign investors pump millions if not billions of dollars to the economy and will hire local talents, local consumers will win as they will have a lot of options to choose products/services. prices will go down services will be better as old monopolies will crumble(speaking to pldt) as companies compete.
it's not just politics but ideology is the biggest downfall of the Philippines, we don't have that one mindset that would make us support each other instead we go by our own groups. everyone is brainwashed that they have to be better than their fellow instead of helping one another, We are in the center of trade in the world but we are still poor and that is something that we have to question for ourselves, for example even overseas here in Canada if you look at Filipino festivals you would see different grous ie: Alumni of this school group, fraternity of this group, regional groups etc. Everywhere we go we still tend to go with our groups we associate with instead of Filipino people in general. Not all are like this but I do see this pattern. The only Filipinos who tend to be accepting of all types of Filipinos are the ones who were born here but majority of them can't even speak the language, they just look Filipino on the outside but ideology wise they are more western.
True. In fairness, tribalism exists everywhere but we Filipinos tend to be worse off than other nationalities. It's very pronounced among us. I could be wrong, tho. There is some kind of conscious and unconscious competition among us. It's a cultural thing and definitely unhealthy. I'm not sure if we'll ever get rid of that trait. Sad.
Actually this information is true, it's shows that the billionaires has a big deal with our GDP growth, But Philippines reaching middle income in 2 years, and the government aims is to reduce poverty into 9% by 2024, strengthen our farmers and fishing that could help reduce the poverty in provinces, Nationwide housing program for the poor and education will be given more support so that the poor kids may have a chance to study for free. We can't do much about the billionaires issues, the same with Singapore, Singapore has reached the peak of being wealthy but Singaporean remain poor, they just put its citizens into a flat so that poverty is not visible, watch CNA news people of Singapore begging for donations... Singapore is run by oligarchy and the government of Singapore is oligarchys. Philippine have a chance to have a better future than Singapore, if the government may correct the system today to avoid inequality and inbalance distribution of GDP growth with the oligarchy and the poor.... Actually our billionaires in Philippines is not the same in Singapore and Indonesia, our billionaires help the Philippines making rivers clean, creating more jobs and support government infrastructures.. The inequality and poverty is the efforts of the government or LGU how they support and eradicate the poverty, In what particular way and support, or make things happen to elevate livelihoods of its constituents, The best example of this is mayor isko Moreno of Manila, learn from him what he does to make tondo hashtag pagpag and entire Manila clean, housing and elevate the livelihoods of its constituents...
Filipino billionaires are probably the worst, they just make malls and housing projects sucking in dollars fron OFW's and investing it abroad thus contributing to capital flight and loss in foreign reserves. They don't even manufacture tradable goods that can earn from abroad, they are just leachers.
America has three times the population of the Philippines, so population is just an excuse. The problem is government control of economy. Those billionaires get their wealth because they bribed the government to keep their competitors away.
In malaysia profitable company own by goverment like banking,utilities,plantation and petroleum..the profit will return to people like subsidies and finacial aid for low-income household with these can reduce inequality problem.. but our population not big as Philippine..and of cause we also have corupt issue make it not clean.
The idea of giving back to the employees is excellent. Other than the salary they receive, it would be great to earn a house for being productive at work.
The employers in the PHL is mostly chinese the largest conglomerate is a chinese "sy". unlike the western employers the Chinese employers treated their employees like they're in a sweatshop rather than a workplace. They work 6 days a week 9hrs. per day with minimum wage (not living wage) of like $9 or $10 per day
To solve it, there is a need for Constitution Reform especially to Economic Restrictions and Unitary Government. The reason there is a inequality, that is Unitary style of Government and Economic Restrictions, known to us as 60/40 ownership and High Corporate Tax/ High Income Tax. If you are Foreign investor that want to establish a business here in the Philippines, you are subjected to the 60/40 rule that Pilipinos will be given 60% share of the business and to the foreign 40%. That means Our country is not attractive to the foreign investment. The Unitary style of government of the Philippines. Is the key driver of the inequality, if you are Pilipino and you aren't in the NCR the likelihood of your income is much lower than that in the NCR. There is a need for Reform
Actually, foreigners can own 100 percent of any business in the Philippines except those specific industries provided in the foreign investments act. Heck even this year foreign companies are may now own a hundred percent stake in public utilities. The reason as to why the Philippines is less attractive to foreign investors, at least compared to our asian counterparts is more complex than the foreign ownership restrictions and high corporate taxes. Bureaucracy, high electric bills, inefficient public transportation are also key factors.
@@kkjwdfjopwekfjopcdsxzdfsdf3967 yep, but in our constitution, that would be a violation. Yeah it's counter-intuitive for most of us. That is also can be destroyed by just simple lawsuit or challenge to law. But if we need to let's say a true change. I think Reform to the Constitution is the best way. Yep, you have a point on that one
@@llenokyleangelesg.926 Though I disagree that violation by the foreign investments act of the constitution is patent. I submit that indeed these restrictions to trade is truly hampering us from reaching our full economic potential. I do hope they also open up foreign ownership in more industries, one industry of which I feel would greatly benefit our country if it is open to full foreign ownership is the education sector..
How about Malaysia they are federal form of government yet Sabah is still poorer compare to other states? It's not about the form of government it's how the people in the government manage it's wealth
I don't think it will ever change unless Philippines implement a French Revolution tactics. It has to be a complete turnover for things to change at this rate. Almost all of the politicians in the Philippines are wealthy and self-serving. They would not want to change the current policies if it is in their advantage. Filipino people kept voting for them or they keep finding ways on winning the election so the country's wealth is really concentrated on a small number of individuals. It's not going to change unless the people's minds are completely changed.
The video is spreading fake news Diliwan evil Propaganda. We are currently in the Golden of Age of the Philippines due to the Presidencies of Tatay Digong Duterte and Prince Bongbong Marcos will release the last will & testament of Pres Marcos Sr which will release the trillion of gold bars that will save the world. #BBM #We Love Marcos
Sorry it's because of Cory Aquino who sell so many company in that time and Aquino sell Sabah to Malaysia? It's all Aquino that why' Philippines so poor now Btw from Japan here I know what happening in you're country because my boyfriend is Filipino Good by corrupt Aquino We still waiting to shine again the Philippines so that why Japan government helping Marcos president in Philippines to make Philippines better again thank to Japan government
The video is spreading fake news Diliwan evil Propaganda. We are currently in the Golden of Age of the Philippines due to the Presidencies of Tatay Digong Duterte and Prince Bongbong Marcos will release the last will & testament of Pres Marcos Sr which will release the trillion of gold bars that will save the world. #BBM #We Love Marcos
I think it will take at least a generation to fix the inequality of income among regions but we're headed in the right direction. For one, many BPO centers and ecozones are now located in major cities outside of Metro-Manila. Nationwide infra projects under PRRD have also created some economic opportunities for the locals. The billionaire clans in Metro-Manila have been investing heavily in major cities in the south in the form of real estate development and shopping malls. An increase in tourism revenues will add to the economic growth of the poorer regions.
Do Phillipine has bridges that connect every island in the contry? Or unlike every country, I would like to see Indonesia and Phillipine use water transport like no other country using it, more effectively.
@@tinienteabanil2922 Agree! Money grows money! The majority of debt is domestic anyway. The truth of the matter is, that the Philippines has a very low debt compared to the rest of the world. If the country has to attract investors, we need to invest and develop our infrastructure. We are way behind and cannot compete with our neighbors because of our crumbling infrastructures.
been able to speak with different walks of life. the main difference is the mindset. i have friends who are poor that i wanted to help because i have struggled myself and managed to get through but still grinding. when i teach them or give them advice they always have reasons. number one is confidence, next is they just dont admit it but they are already comfortable. not sure if it's because they have low self esteem or they think it's too stressful. when i say a lot i mean a lot. all of them have the same mindset. it's fascinating because they almost always have the same excuses
The poor sector of the Philippines tend to spend a substantial part of their income towards vices - alcholoic drinks, lotto, cigarrette etc. Imagine this, a stick of cigarette cost 8 to 10 pesos. Consuming 5 sticks a day or P1,500 a month could have neen save or invested for future income. It is not how much one earns, it is how much one saves.
Our world has a culture of "Matira ang matibay" and this culture must be eliminated. Filipinos are TOO COMPETITIVE people and only those tough will win. Example: at work, there is dominant boss and crab mental colleague, ofcourse kung mahina ka, magreresign ka nalang, ang ending wala kang trabaho o mag i start ka na naman. Habang ang malulupit na tao, sila ang masaya, may trabaho, at may pera. I hope this make sense. Dapat mawala na sa mundo ang too much competition, and so lahat ng taong masipag kahit hindi matalino, will have a chance to earn.
Why are most fresh Graduates not interested in applying for jobs inside the country. *Requirement for applicants Bachelor Graduate must have 1 to 2 years experience of work low salary overtime not well paid. see the standard is like WTF. employer want fresh Graduates with experience of 2 years? This are both problem for Public and Private.
Fact: the economy can not absorb all those university graduates. They therefore seek employment outside the country. The pay is nothing for nurses in PHP. But in US they could earn $80k or more per year! If you are not a nurse you are not Filipino!
The Philippines have a protectionist economic policy which discourages foreign investors which means the richest of Filipinod are the ones ontrolling the economy. Without any competition from foreigners is the lack of quality in services and salary. The unitary system further enables the economic gap between Manila and the regions, which is why there have been discourse on shifting to a federal structure and removing the protectionist policies in the Constitution as it is believed that development would be able to spread across the country since regions won't need to give away a huge share of their income to Metro Manila whilst foreign investors aid the regions towards a self-sustaining economy. It's worth noting that Vietnam have less protectionist policies due to the Doi Moi reforms while the Philippines has inherently been a capitalist country.
Hey, this is a well thought out analysis. Just wondering where you’re getting your sources from for this information? I especially liked how you examined the foreign investment predicament where the underlying protectionist policies embedded within the constitution infringes on socioeconomic progress.
The Philippines is poor because most of its wealthy class just don't care enough about the country. They're more exposed to Western culture than actual Filipino culture, and their ultimate dream is to live in a Western nation. Your average rich kid from Alabang or Loyola Heights probably knows more about Marvel movies, NBA, and Formula 1, than the Filipino language. This is what makes the inequality in the Philippines different and more difficult to solve. In other countries, there's also a divide between rich and poor but at least both the rich and poor speak the same language and live the same culture. In the Philippines, this isn't the case. The rich look down on the culture of the lower income classes, calling it "jeje," "squamy," "baduy," etc., while having no embarrassment about the fact that they themselves can't speak straight Filipino and are basically brown-skinned Americans. The Philippines is not their country. It's a temporary vacation spot before they ultimately move to a richer nation.
Problem is Poverty is still so rampant here in Philippines... It never did change even in the Rule of Duterte ... But Im still hoping that In Marcos era...the percentage of Poverty will go down a little... We have decent enough Senators to do their jobs. Improve education, give free education and Subsidies to those who are smart kids that are from the poor sector Give more jobs... And fucking increase the wages.
It is better if you have included the lawmakers as the major factor why these oligarchs becomes so rich. Just think of it, for example, the owner of the large telecommunication company in the Philippines has several news agencies in the country. He/She can control the politics in the country by having puppet politicians. To protect his/her interest in the telecommunication company, his/her news agencies can spread news in favor for the puppet politicians, in exchange for his/her business interests by making laws that will favor to his/her business interests but not for public interests.
Germany, USA European union each have its states members contributing economicaly unlike in the Philippines being centered only in metro manila.. If only each region has its own gross domestic product powerhouse.. Like every region must have each an industrial complexes like Germany then those power in metro Manila woild be scattered wealth.. And incomes..
I strongly agree with this. It has something to do with the traditional way Filipinos educate their kids. Kids are conditioned to respect their parents, and follow orders. They're not allowed to ask questions and give their opinions. They become spineless and vote for dictators. During his 6 years term, Rodrigo Duterte talked like a fkng idiot in front of other politicians... Not one single time we saw another adult trying to reason him or confront him. Nope, that's unthinkable. Our authoritarian President is always right about everything. What kind of crappy mindset is this?
You forgot the religious billionaires. Manalo family, the Catholic Church, other religious Corp. , the underground economy, the hidden wealth of politicians...
The 60/40 FDI restriction in the Cory Constitution should remove completely and the PH should shift to Federalism-Parliamentary. That's the only long-term or permanent solution to the long-standing issue, especially the overdeveloped NCR. The process may take a long time to complete.
The video is spreading fake news Diliwan evil Propaganda. We are currently in the Golden of Age of the Philippines due to the Presidencies of Tatay Digong Duterte and Prince Bongbong Marcos will release the last will & testament of Pres Marcos Sr which will release the trillion of gold bars that will save the world.
You do know that has been adjusted in a variety of industries already. What I’m interested with ChaCha fans is if they’ll allow media to be 100% Foreign owned. But that’s a sensitive topic for them.
The government should attract Millions of Investors to create more Job. It wont matter if the richest families are the ones possessing more than half of the Philippine Wealth as long as poverty would be reduced to at least only 5%. Due to the stupid restrictions when it comes to Foreign Ownership, Investors are hesitant to invest in the Philippines. Which empowers, the Filipino businessmen with Chinese descent to lowball majority of the Filipinos to a salary in which it is impossible for anyone to afford a comfortable living conditions.
There is an advantage to Vietnam's economic growth faster than the Philippines, In Vietnam, they do not travel a lot or transport from island to island via airplane, just like the Philippines with 7K plus island One thing more I want to share is that way back AQUINO"S admin the first women president talks about the most unaccepted words, and it's the start of the downfall of the nation: SHE SAID in the media: I WANT THE PHILIPPINES/THE PEOPLE TO SUFFER SO THAT THEY WILL HATE MARCOS This is the reason why Thailand overpasses us tremendously. and I think were more likely to be better than Thailand if this did not happen or were just close behind MALAYSIA.
That is why in Philippines there are many gated communities, thosnis to keep away poor people, similar in contrast on how the Spanish kept natives outside the walled city (Intramuros).
Yah, BA..i think youre right to your Observations to Our Country The Philippines i know that Richest Billionaire to our country has over they are huge income of wealth than Ours we are far thier lifestyle..Thank for your concern.
This is the cause of Cory's 60/40 FDI restrictions. Before a foreign company invests here, they should first partner up with a local Filipino. So basically they can't own a business here unless, they have a partnership with local businessmen. Sounds good for the country, right? But the case is, only rich people can benefit greatly with this since foreign investors will only partner with them. They control most of the big industries here. They continue to become rich, while the lower class are having a hard time finding jobs because of less investments since investors don't like this 60/40 FDI restriction. The other reason is that the distribution of development is not good. Most big projects and investments are only centered in NCR leaving other regions underdeveloped. It's actually cause of bad transportation system. Good thing, the Philippines already lift the 60/40 restrictions on many businesses that won't exploit us. The big problem now is the transportation system that will let Filipinos travel easily from one island to another. I think this will help in getting more investors and will help other regions to develop.
Comparing Philippines to Vietnam is a joke now. Vietnam has already surpassed Philippines in every way. Also this video is incorrect about the gdp. As of now Vietnam has already surpassed Philippines gdp and gdp per capita. So where is "Pinoy Pride?"🤣🤣🤣
Hahaha yeahhh your vietnam surpassed the philippines only for gdp🤣😝. How about your poverty and infrastructure? Hahaha there are many vietnamese in manila who work as sweeper, filipinos work in vietnam is professional and your people are not. How funny that your gdp is increasing but still your country is stock in poverty. Don't too much proud of your country because the philippines have many projects not just in manila but other places also. While yours only hanoi and ho chi minh are develop. Your country is still in the list of poverty and not part of the newly industrialized country😭😂😂. Omg you insult the philippines but you don't look your own country that poverty also is big. Don't too overproud and insult others because your country is still left behind and cannot surpass the singapore🤣🤣. Your country only surpass our gdp🤣🤣😜. And our countries who have many developed cities while you overproud and always racist against ph but the reality is your people are stock in the poverty line😉😜🤣
Because most businessmen here are half-chinese and they pay low salary to their workers even how their company grow a lot in terms of revenue. No incentives to their employees, no performance base salary.
If Metro Manila is a city-state country, like Singapore, Manila is rich, an upper middle income nation. With almost $120 billion nominal GDP and $8,888 GDP per capita.
It's meaningless. If without the human resources, natural resources as well as finance support from other part of Philippine, Manila would be just a normal city like other part of Philippine
Nope, Manila is at worst geography , singapore leverage their geography well as hub, but manila can leverage Philippines rich of natural resources the problem is.. can they? any geopolitical long term plan to increase GDP?
I do really hope that the new administration fixes this issue. In my own analysis (I am not an economist) what Im about to say are just based on my own observations. The real reason is that just like India we do have an impressive growth rate us w/ 6% and India 7% but the thing is our per capita income is way too low. There are many factors affecting it and I think that our wages are too low and cannot even support a family decently. That is why most Filipinos leave abroad to earn a decent living while leaving their children unsupervised. I hope that this issue of wage or salary here be improved. Can you immagine that we also have a law here differentiating the wages of key cities w/ the rural area. That should be abolished. That is why here the rich gets richer while the poor struggles for even the basic.
I doubt it, no matter who wins corruption is always there from National to locals. Rich people always take advantage and pay there workers like shit and treat the poor like slaves. It’s sad but it’s the reality.
For example, our Politicians in higher position is in higher salary than average employee. Plus thier a lot of politics who unproductive and still they are in the position. The inequality in company, where the company has increasingly earned an income every year but the salary in every employee is still at a lower rate. Plus the corrupt government in the lower position like in a province politicians. Inequality has a great effect in poor people in the Philippines.
Comparing the Philippines an Vietnam is not fair. The Philippines has larger logistic issues that Vietnam, and Vietnam is a the best example of a socialist country.
The inequality in the Philippines is by designed and not by nature. why? The Constitution of the PHL is restrictive and only the wealthiest of the country can afford big investment. 60/40 60% filipino and 40% foreigners if you're a foreigner are you willing to invest to a business where you don't have a full control over it?? of course not.. and when you're Filipino do you uave the money of 60% for investment of course not, and those that can afford it became the pioneer and masterminds of the inequality of the PHL. They dictate the salary, prices, school tuitions, Filipino working abroad, imports, lands, etc.
ok lng Yun sana lang Yung kalhati Ng Pera Ng lahat Ng mayaman sa pinas gamitn sa pagw Ng hospital kalsada at eskwelahan n Buhay nga pilipino Nung may lakdown ngaun pa kayang wala sana gamitn Nung mga bilyonaryo sa pautang Pera nla sa mahirap ipagawa Ng milyong pabhay
They took soooo much from us middle income earners (esp income taxes). But the ones who benefit are the poorest and the rich, in which the latter can do some magic and bending rules.
Most of those billionaires are sadly Chinese or mostly Chinese. And most of them, will always cut corners to a point where if it is legal to not pay employees, they would do that. 🤮
Most of those billionaires are sadly Chinese or mostly Chinese. And most of them, will always cut corners to a point where if it is legal to not pay employees, they would do that. 🤮 imagine if income gaps are closer, more spending power for more people, money will flow more, and so on.
its not like our poor people have studied entrepreneurship most of this poor family either been pregnant in their teenage years , and so failing to learn any possible small businesses, currently the government is looking on to support such SMES, now this is only one of the reasons for poor family in metro manila but in most provinces especially people from tribes they someimes exchange their childs, especially a daughter, in exchange for any monetary value objects or animals that could hep for farming dont belive me? there is. vloggerr boyaherong pugpod featuring marilyn in which her sisster is sold out by her mother in a young age of 10
Yeah early pregnancy is one of the problem why many Filipinos are poor.And there are many more for example. 1.Being lazy 2.Always play games that require money such as tongit. 3.Always rely on Government 4.Lack of resourcefulness; hustle; an angle or advantage; determination to thrive; discretion + competence + ability.In Tagalog we call it Diskarte. 5.We have Crab mentality
@@Stephen_Jabs sabah belong to Malaysia..Malaysia already recognized by the un. how can sulu take sabah from sovereign country (Malaysia) ?if sulu can claim sabah, then malaysia can also claim Singapore 😂
I personally still blame those countries who broke the Philippines. Yes, Spain and America wanted to have the Philippines so Filipinos suffered for several years because of them. That’s why after the Independence of Philippines, it is already a cracked glass
Wealth gap is one of the consequences of capitalists societies. The simple story is, whoever has bigger asset (capital) has better opportunity to grow that asset even bigger. Rich being richer. But for me, a communist society would no do good either. It should be a balance.
Legalize birth control including abortion. Educate people with the costs of raising a family responsibly. Encourage entrepreneurship and remove barriers to creating small businesses. Expand financial services so most Filipinos have bank accounts. Modernize tax collection to ensure the rich (including politicians) are paying their fair share of taxes, and to easily keep track of the wealth gained by politicians.
Again, this is irrelevant. Family planning is not the solution. It is a boondoogle of the past dictatorship's attempt at social engineering. Population growth can lead to wealth because it is economic productivity. Basic economics with more workers equate to more production, correct? The solution are well paying jobs domestic wise. The biggest export of Filipinos are its people and skills. This is how your country grows right now, surpassing your neighbors in many ways.
in the future you will come to realise that the philippine demographic will become an asset not a liability....china will probably entice many filipinos to emigrate to china to help with their shrinking population.
@@bepitan The only reason why Filipinos in the future would want to emigrate to China is if they are still poor. When a country gets developed, their citizens are less likely to emigrate. So your plan is to keep the Philippines poor so other countries can grow their economy on the backs of poor Filipinos????
Im worried for this country. No opportunities in tech or meaningful high paying jobs, only service work. So many children born into poverty. Very low quality education will in turn cause more poverty. I imagine in the next 50 years the Philippines will stay stagnant if nothing changes.
@@beastmood6635 doubt it. poverty is too widespread. take a look around the streets of manila and see all the streetwalker and squatters in the city. not to mention the widespread poverty in the provinces and the high birth rates and teen pregnancies.
@@hannahhotpockets5426 that's not a hindrance of a country to succeess. Because the government will manage it. Just wait till this country will grow higher, those who insult this country will not believe and their jaw will drop. Philippines will succeed not now but soon.
Most of the population is still young...but will give mucho problems in decades to come. Healthcare will be over the top. And having so many people in a square kilometers is a illusion they all can find work.
Yeah. Being poor is hard . we suffer from flood and there is a help in manila every family will get 1500pesos and didn't happen because when the money delivered they use the money in voting for mayor and when my parents check in barangay if they have the name listed and bad news theres nothing so yeah we got no help but rich neighborhood army nurse police got the money and they have connection inside the municipality its very strange why this people taking advantage of poor..
Wealth Tax. Tax incentives to those who create quality jobs and businesses/industries that our country needs. Tax incentives for those who will develop provinces.
![How Much do Filipinos Make and What Do They Do For a Living? [MANILA] | Street Interview](http://i.ytimg.com/vi/QLXTV7CdMBk/mqdefault.jpg)
How do you think the Philippines should fix its inequality issue? Let us know down below!
Sy family are indeed a billionaire cause the money circulate only to their created BDO banks. and even offer a low interest rate to those people who are planning to invest. plus their withholding tax.
Inequality is so well entrenched in the country that eradicating it is impossible. The best the Philippine Government could do is make sure that basic services such as healthcare are available to everyone and if the economic circumstance permit, provide universal basic income
As a Filipino, I don't think this is just an issue where the rich are hoarding all the money. I have seen literal people given opportunities to change their economic conditions but are too afraid or lazy to make risks. I have seen many children skip school even though donations and government programs are helping them. I have seen people squander tgeir potential because of alchohol, drugs, and family problems. There are deep societal issues that cannot be solved by giving poor people more money. There are a lot different jobs that requires more skilled workers and other jobs that have too many people already working in them.
In my opinion, it's a matter of minimizing bureaucratic system in the society which makes the rich and poor gap more complicated. More Career opportunities especially to the skilled and professional individuals in Public class🤔🤔🤔
One word "Zakat"
You are missing half of the story. Corruption😔
your right absolutely bro
Unity ng mga corrupt 😅
@@eyes4257 iyak na nman Buti nga kahit may utang kita malaking project na pinagkagastusan samantalang Yung kulto niyo puro utang din Wala nman naipagawa project kundi rebulto nila 😜😜😜
lol No government is not corrupt. it is not corruption economic restriction to foreign investments and idiot laws make it harder to do business in philippines. also the centric system of government in NCR withholds the rest of the regions. imagine our tax in mindanao being sent to NCR then we ask for a budget for our projects. NCR then needs to approve it and send the money back to the local units. the more hands the money goes thru more of the money falls off to the pockets. the system itself promotes corruption.
@@eyes4257 iyak ka ng 6 years
DepEd should try to include the subject of finance in primary and secondary schools...that should help most filipinos
but instead they cramp up useless subjects
@@handel1111 Like English and Filipino
The government should increase the taxes of the rich so that Filipinos can benefit on their wealth. Additionally, decreasing corruption can put our money to efficient use.
@@asahiorbit4565 they can only do so because most of our fellow Filipinos don't manage their money...rich people kept getting rich because aside from providing value to the masses they know where to put and how to make their money work for them. Yes taxes are good since everyone use public utilities and infrastructures but even if we do increase the taxes on them, they will soon find loopholes to reduce or even pay no taxes at all. After all, they pay a lot for financial managers and legal team who can do those things without breaking the law.
@@dilaleo1855 language itself is a very important subject...ung way of teaching lang most of the time discourages most people from learning them effectively. There are people willing to pay for individuals who know different languages. I know someone who earns millions just by being a translator and has learned another(making it four) to earn more. At the end of the day, it always depends on the individual kaya let's make sure we keep striving on making ourselves more valuable to our country.
hope the philippines will getting better in many aspects. love from indonesia
Indonesia is also a poor country.
The Filipino people do it to themselves by continually voting for rich families to run the country. They also need to have jury style courts, which the rich don't want.
As opposed to? All the candidates are rich. To be a candidate you would need education, and only the rich can afford education.
The good thing about Vietnam is they able to develop their 5 great cities equally to each other not only thier capital Hanoi, they have Ho Chi Minh city in the South the largest city, Hanoi in the North, Da Nang, Nha Trang, and theres the other one i forgot city name in between so the income and job oppurtunity is fairly distributed, unlike Philippines we only have Manila as source of job opportinities outside Manila are small cities with provincial rate wages.
Vietnam is under a communism so that's given.
You do realize that only a few regions gives taxes to the national government? Instead of looking at Manila, look at your province and wonder why some of your services are sh*t.
Some politicians deny permits to competing investors of their businesses in their province.
just like Indonesia Jakarta=Manila
@@nar-aryanalakanta1464 just like Malaysia Kuala Lumpur = Manila
Because you always elect President from Luzon of course everything will be in Manila like our National language is Tagalog but there are more Bisaya speaking Pilipinos & don’t tell me that Tagalog is known worldwide it’s nothing but because the politicians were from Manila they choose Tagalog… duh!
First I visited Makati then BGC, I said it's developing then When I went outside of those area, My heart was broken ... sadly the disparity there is really high, the poor is going poor!
Only area owned & managed by private companies maintained well.. area managed by local government is like hell! Another thing is government structure of The philippines are not effective & efficient.. metro manila have 16 different cities each lead by 1 major, integration is hard because too many leaders with ego
BGC and all the other CBD in the Philippines is actually a bubble. It does not represent the general condition of the country. It is an islands of prosperity in a sea of poverty.
Exactly,,
Vietnam will soon surpass the Philippines in terms of GDP and GDP per capita. It's really sad. Too many poor people being born and moving to the cities, causing lots of slums and no taxes being paid. On the other hand, educated Filipinos are setting up roots overseas, instead of creating new businesses in the country, which leads to higher tax revenues for building infrastructure, etc.
Let's just say one day it'll comeback to us bigger than expected. Actually it'll be a big loss for the world if Philippines improved. All of OFW will return specially the teachers and nurses. At the same time the demand for them would increase if they're really needed. What i mean is we could have demand more for sending our people overseas, it's just we can't because there's nothing for them to go back and they're trap to take the job or get nothing.
Already surpassed in terms of GDP per capital. Let's check IMF.en.wikipedia.org/wiki/List_of_ASEAN_countries_by_GDP
Filipinos with university degrees have no job opportunities and so go to other countries.
The pay for nurses is very low. But in USA they can earn $100k or more a year.
No different than Mexicans working in USA and send money back to Mexico.
The Philippines must create more local jobs so that university graduates have jobs.
Every little job requires Bachelor's degree whoch is absurd.
@@fielkeiseedmet for real, entry level job requires a fresh grad with level 3 certification with 10 years of experience of work. which is bullshit
To create local jobs you need investments, but Philippines isn't attractive place for foreigners to invest primary because of its strict Filipino first economic restriction in the constitution.
@@alcubz2622 or corrupt government
more jobs = less chances of advancing technologically
Inequality is everywhere even here in the US. Not an excuse to have inequality in the Philippines but the problem is worldwide.
The video is spreading fake news Diliwan evil Propaganda. We are currently in the Golden of Age of the Philippines due to the Presidencies of Tatay Digong Duterte and Prince Bongbong Marcos will release the last will & testament of Pres Marcos Sr which will release the trillion of gold bars that will save the world. #BBM #We Love Marcos
Inequality is part of nature. Equality is a figment of human imagination.
@@dionium5462 the dynamic of preys and predators, the natural laws, how you can’t control who your parents will be, which country we’ll be born etc.
all of these were proofs that inequality is mostly innate in nature, the only ways the delusional utopians attempt to fight it is through taking from those on the top but mostly from those advantaged through chance, sometimes even to the point of scapegoating and demonizing, they were ironically unfair and unequal
Not in Vietnam. 😜😜😜
it would be better if the gap in inequality was small.
More taxes on the wealthy will just be a burden to the poor, because all those taxes will make things expensive. People got rich because of corruption and drugs. But we're looking at a better future. Punishing the rich will not eradicate poverty. We need more opportunities, education and less corruption. People need to think rationally, the thing about us Filipinos, we think our hardship is a test from God. And God will suddenly conjure wealth if you hang on long enough. We need to be proactive.
if you did tax the wealthy hopefully they might eventually leave, honestly the philippines would still function without the wealthy and for the poor things can't possibly get any worse, only better.
@@bepitan the problem with the wealthy leaving, is that they will take their wealth with them. We will lose jobs. The government can't give that much money. The wealthy get tax breaks because the take the risks. We can't tax the wealthy in hopes that they will leave or the money will be spread to the poor. The poor don't even know how to handle money. That's why we need more education. I helped people, and I noticed ,you'll give them capital, after a few months, the business is gone. Why? Because they don't know how to manage it. They don't know how to separate the inventory. They get paid for the day and spend it on their basic needs and some. Then when the business is dead, they'd complain on how unfair life is. And it's another cycle. People need jobs, know how to "save" money and invest(grow) it.
Taxing the rich is the beginning. Add to this end corruption, change the voting system, and change the mindset of the voters who keep voting in the corrupt politicians and vote against their own self-interests. Republican voters do the exact same in USA.
Filipinos voted for Bongbong Marcus son of Ferdinand Marcos reputed to have stolen billions from the treasury. What can you expect from the son? Not much, more of the same.
If only we have more law makers who's well versed in economics rather than famous personalities... This goes back to all Filipino people... Do not take for granted your right to vote and to choose... The power to change the current situation of our country is in our hand... And yet we do not take it seriously...
One reason is that Filipinos are very forgiving people, politicians can fvck them up many times and they forget about it next election.
Filipinos are also die hard supporters, they can turn a blind eye on anything bad their idol politician does.
money for votes is the beginning of the end.
Filipinos are their own worse enemies.
On top of the minimum wage in Ph, we also have a provincial minimum wage which is significantly lower than the national minimum wage. If we factor in the higher cost of living and higher utility cost in the province, the result is actually quite expected. People in the province is left with only 2 choices, go to work in Manila or go work abroad, a third option is stay and work in the province but that would mean that you and your family will have to starve and you will not be afforded an at least decent education which in turn means that your personal poverty now evolves into generational poverty.
i think that the wealthy in the Philippines like things just the way they are, and since the wealthy are in power that's just how things will remain.
The wealth gap is not the problem, the problem is Poverty rate
It doesnt matter as much if your 1% population holds the money as long as your bottom 50% are well fed, dressed and educated, but the issue is 1 in every 4 fillipino is living in poverty. This has to change in the future. Much love to the Phillipinos
100% Agree. In addition to its success in poverty reduction, Vietnam has also passed the Philippines in terms of income per capita as well, and it will continue to accelerate more - maybe even double than the Philippines in the next 10 years. Vietnam's strategies of encouraging more healthy competition, job-generating export manufacturing and export industries, and more open investment + FDI laws worked. This means that there is more money going around in the Vietnamese peoples' pockets - whether in HCMC, Hanoi, Da Nang, Can Tho, Hai Pong, etc. (unlike the Philippines wherein a third of the total money is in Metro Manila). Much love to Vietnam, one of my favourite countries in the world in terms of culture and food - Filipino here btw.
Probably because of selfish and ignorant, corrupt politicians who don't care abt the poor ppl..i hate them so much
1 out of 4 people are poor because they choose to be poor, almost most filipinos dont have any actual trade or skill hire a new college engineer from philippines he dosent know anyth8ng at all, just PC games.
@4:22 Sy in the Philippines is pronounce as just like saying the letter "C" not as the word "sigh" in english.
to solve the inequality issue the govt should address the mass housing problem... ENERGY problem.. investment problem and Transportation problem.. these energy. investment. housing. transportation alone has multiplier effect..on the economy..
Population growth affects the GDP too, especially teens in poverty having at least 6 kids doesn’t help at all. We need to take advantage of our geothermal energy and provide access to internet across all islands. It’s the 21st century, our neighbours have overtaken us and we need to fix this country
@@Joshua-qe3bu ignorant ka talaga, kung ayaw mo mag admit na may kasalanan ang govt- walang magbabago. People like you bring our country to shame and lower the human development. Educate mo sarili mo bata
@@Joshua-qe3bu oh pero sino nga sa tingin mo ang responsible sa education? Ang government. Parang di mo alam na ang funding through education is from government. Kung mahal mo talaga ang mga Pinoy di mag spread ka ng awareness, hinde mo naman alam kung bakit mahirap talaga ang buhay sa pinas, kaya nga masyadong malaki ang gap ng social structure. Wala masyado opportunity kaya mataas and rate ng corruption. Systematic yan, kung wala mag opposition sa government di pareho mangyayare or baka papatayin ka kung mag oppose diba?
Cut down corruption in the country. It is the main issue in every nation on earth. Plus you have to increase the wages of the working class and cut down income taxes. Singapore is a classic example where it is a leader in the ASEAN group since its founding in 1965 because it wages war on corruption , cut down income taxes. The government must also focus in building up her gold reserves and applying silver in their local currency. Central Bank of Singapore bought more gold in 2021.The local Philippine pesos took away COPPER out of the coin thus making it worthless. Fiat currency is not helpful especially when inflation is a major factor. Inflation is actually a hidden tax to the masses which makes the masses live in poverty!
Singapore is very easy to manage because they're freaking small. They're more like a city than a country. The PHL is an archipelago with 7000+ islands. It needs another level of management to handle this kind of a mess.
Federalism and Constitution Amendment is the key. Remove the 60-40 corykong constitution and allow foreign investors.
Federalism is the solution :)
#LabanPilipinas
#TeamPayaman
we cant even attract investors the *Golden Era of Tiktok Marcos Regime*
@@youcantalwaysgetwhatyouwan6687 idiot ! We cant attract investors because we don't allow they to own their business!
Might as well copy paste this. Removing 60/40 will allow the nation to have more jobs as foreign investors pump millions if not billions of dollars to the economy and will hire local talents, local consumers will win as they will have a lot of options to choose products/services. prices will go down services will be better as old monopolies will crumble(speaking to pldt) as companies compete.
@@youcantalwaysgetwhatyouwan6687 utak talanka nasa isip marcos lahat
it's not just politics but ideology is the biggest downfall of the Philippines, we don't have that one mindset that would make us support each other instead we go by our own groups. everyone is brainwashed that they have to be better than their fellow instead of helping one another, We are in the center of trade in the world but we are still poor and that is something that we have to question for ourselves, for example even overseas here in Canada if you look at Filipino festivals you would see different grous ie: Alumni of this school group, fraternity of this group, regional groups etc. Everywhere we go we still tend to go with our groups we associate with instead of Filipino people in general. Not all are like this but I do see this pattern. The only Filipinos who tend to be accepting of all types of Filipinos are the ones who were born here but majority of them can't even speak the language, they just look Filipino on the outside but ideology wise they are more western.
True. In fairness, tribalism exists everywhere but we Filipinos tend to be worse off than other nationalities. It's very pronounced among us. I could be wrong, tho. There is some kind of conscious and unconscious competition among us. It's a cultural thing and definitely unhealthy. I'm not sure if we'll ever get rid of that trait. Sad.
Actually this information is true, it's shows that the billionaires has a big deal with our GDP growth,
But Philippines reaching middle income in 2 years, and the government aims is to reduce poverty into 9% by 2024, strengthen our farmers and fishing that could help reduce the poverty in provinces,
Nationwide housing program for the poor and education will be given more support so that the poor kids may have a chance to study for free.
We can't do much about the billionaires issues, the same with Singapore, Singapore has reached the peak of being wealthy but Singaporean remain poor, they just put its citizens into a flat so that poverty is not visible, watch CNA news people of Singapore begging for donations...
Singapore is run by oligarchy and the government of Singapore is oligarchys.
Philippine have a chance to have a better future than Singapore, if the government may correct the system today to avoid inequality and inbalance distribution of GDP growth with the oligarchy and the poor....
Actually our billionaires in Philippines is not the same in Singapore and Indonesia, our billionaires help the Philippines making rivers clean, creating more jobs and support government infrastructures..
The inequality and poverty is the efforts of the government or LGU how they support and eradicate the poverty,
In what particular way and support, or make things happen to elevate livelihoods of its constituents,
The best example of this is mayor isko Moreno of Manila, learn from him what he does to make tondo hashtag pagpag and entire Manila clean, housing and elevate the livelihoods of its constituents...
Filipino billionaires are probably the worst, they just make malls and housing projects sucking in dollars fron OFW's and investing it abroad thus contributing to capital flight and loss in foreign reserves.
They don't even manufacture tradable goods that can earn from abroad, they are just leachers.
Over population is the one reason why a lot Filipino leaving poverty.
You forgot the Population factor that hugely affects the wealth gap in the Philippines
America has three times the population of the Philippines, so population is just an excuse. The problem is government control of economy. Those billionaires get their wealth because they bribed the government to keep their competitors away.
Most politicians if not all are businessmen themselves. Because of this, policies and reallife application favors them.
In malaysia profitable company own by goverment like banking,utilities,plantation and petroleum..the profit will return to people like subsidies and finacial aid for low-income household with these can reduce inequality problem.. but our population not big as Philippine..and of cause we also have corupt issue make it not clean.
The idea of giving back to the employees is excellent. Other than the salary they receive, it would be great to earn a house for being productive at work.
The employers in the PHL is mostly chinese the largest conglomerate is a chinese "sy". unlike the western employers the Chinese employers treated their employees like they're in a sweatshop rather than a workplace. They work 6 days a week 9hrs. per day with minimum wage (not living wage) of like $9 or $10 per day
To solve it, there is a need for Constitution Reform especially to Economic Restrictions and Unitary Government. The reason there is a inequality, that is Unitary style of Government and Economic Restrictions, known to us as 60/40 ownership and High Corporate Tax/ High Income Tax. If you are Foreign investor that want to establish a business here in the Philippines, you are subjected to the 60/40 rule that Pilipinos will be given 60% share of the business and to the foreign 40%. That means Our country is not attractive to the foreign investment. The Unitary style of government of the Philippines. Is the key driver of the inequality, if you are Pilipino and you aren't in the NCR the likelihood of your income is much lower than that in the NCR. There is a need for Reform
Actually, foreigners can own 100 percent of any business in the Philippines except those specific industries provided in the foreign investments act. Heck even this year foreign companies are may now own a hundred percent stake in public utilities. The reason as to why the Philippines is less attractive to foreign investors, at least compared to our asian counterparts is more complex than the foreign ownership restrictions and high corporate taxes. Bureaucracy, high electric bills, inefficient public transportation are also key factors.
@@kkjwdfjopwekfjopcdsxzdfsdf3967 yep, but in our constitution, that would be a violation. Yeah it's counter-intuitive for most of us. That is also can be destroyed by just simple lawsuit or challenge to law. But if we need to let's say a true change. I think Reform to the Constitution is the best way. Yep, you have a point on that one
@@llenokyleangelesg.926 Though I disagree that violation by the foreign investments act of the constitution is patent. I submit that indeed these restrictions to trade is truly hampering us from reaching our full economic potential. I do hope they also open up foreign ownership in more industries, one industry of which I feel would greatly benefit our country if it is open to full foreign ownership is the education sector..
How about Malaysia they are federal form of government yet Sabah is still poorer compare to other states? It's not about the form of government it's how the people in the government manage it's wealth
@@kkjwdfjopwekfjopcdsxzdfsdf3967 I agree with high electricity
I don't think it will ever change unless Philippines implement a French Revolution tactics. It has to be a complete turnover for things to change at this rate. Almost all of the politicians in the Philippines are wealthy and self-serving. They would not want to change the current policies if it is in their advantage. Filipino people kept voting for them or they keep finding ways on winning the election so the country's wealth is really concentrated on a small number of individuals. It's not going to change unless the people's minds are completely changed.
You are correct. The mindset of the Filipinos must be changed. Without it it will be business as usual.
inequality is mostly due to the level of tolerance of corruption in the developing nations.
The video is spreading fake news Diliwan evil Propaganda. We are currently in the Golden of Age of the Philippines due to the Presidencies of Tatay Digong Duterte and Prince Bongbong Marcos will release the last will & testament of Pres Marcos Sr which will release the trillion of gold bars that will save the world. #BBM #We Love Marcos
Effects of the dictatorship of Ferdinand Marcos is why inequality & poverty are high in the Philippines.
Sorry it's because of Cory Aquino who sell so many company in that time and Aquino sell Sabah to Malaysia? It's all Aquino that why' Philippines so poor now
Btw from Japan here I know what happening in you're country because my boyfriend is Filipino
Good by corrupt Aquino
We still waiting to shine again the Philippines so that why Japan government helping Marcos president in Philippines to make Philippines better again thank to Japan government
@@ashplays5336 Aquino sell Sabah? HAHAHHAHAHAHAHAHHAHAHAHAHHAHAHAHAHHAHAHAHAHAHAHAHHAHAHAHAHHAHAHAHAHAHHAHAHAHAHAHAHAHAHAHHAHA
Bulg s kthn b
Nagsimula sa santa corykong nyo po. 😂😂😂
The video is spreading fake news Diliwan evil Propaganda. We are currently in the Golden of Age of the Philippines due to the Presidencies of Tatay Digong Duterte and Prince Bongbong Marcos will release the last will & testament of Pres Marcos Sr which will release the trillion of gold bars that will save the world. #BBM #We Love Marcos
So Philippines target is 8% economic growth rate . But this is meaningless if there is no inclusive growth
I think it will take at least a generation to fix the inequality of income among regions but we're headed in the right direction. For one, many BPO centers and ecozones are now located in major cities outside of Metro-Manila. Nationwide infra projects under PRRD have also created some economic opportunities for the locals. The billionaire clans in Metro-Manila have been investing heavily in major cities in the south in the form of real estate development and shopping malls. An increase in tourism revenues will add to the economic growth of the poorer regions.
Do Phillipine has bridges that connect every island in the contry? Or unlike every country, I would like to see Indonesia and Phillipine use water transport like no other country using it, more effectively.
Same PRRD that left us with PHP12.79 trillion in debt. 🤡
@@DGoldy303 At least the money didn't end up in the secret Swiss bank accounts of the Marcoses.
@@DGoldy303 that is domestic debt , kinda necessary tbh if we wanna improve , we should then worry if it was foreign
@@tinienteabanil2922 Agree! Money grows money! The majority of debt is domestic anyway. The truth of the matter is, that the Philippines has a very low debt compared to the rest of the world. If the country has to attract investors, we need to invest and develop our infrastructure. We are way behind and cannot compete with our neighbors because of our crumbling infrastructures.
One child policy is the key.
been able to speak with different walks of life. the main difference is the mindset. i have friends who are poor that i wanted to help because i have struggled myself and managed to get through but still grinding. when i teach them or give them advice they always have reasons. number one is confidence, next is they just dont admit it but they are already comfortable. not sure if it's because they have low self esteem or they think it's too stressful.
when i say a lot i mean a lot. all of them have the same mindset. it's fascinating because they almost always have the same excuses
i can relate with you.. i do the same with my relatives.
I smell an MLM peddler
The poor sector of the Philippines tend to spend a substantial part of their income towards vices - alcholoic drinks, lotto, cigarrette etc. Imagine this, a stick of cigarette cost 8 to 10 pesos. Consuming 5 sticks a day or P1,500 a month could have neen save or invested for future income.
It is not how much one earns, it is how much one saves.
Our world has a culture of "Matira ang matibay" and this culture must be eliminated. Filipinos are TOO COMPETITIVE people and only those tough will win. Example: at work, there is dominant boss and crab mental colleague, ofcourse kung mahina ka, magreresign ka nalang, ang ending wala kang trabaho o mag i start ka na naman. Habang ang malulupit na tao, sila ang masaya, may trabaho, at may pera. I hope this make sense. Dapat mawala na sa mundo ang too much competition, and so lahat ng taong masipag kahit hindi matalino, will have a chance to earn.
Why are most fresh Graduates not interested in applying for jobs inside the country.
*Requirement for applicants
Bachelor Graduate
must have 1 to 2 years experience of work
low salary
overtime not well paid.
see the standard is like WTF.
employer want fresh Graduates with experience of 2 years?
This are both problem for Public and Private.
Fact: the economy can not absorb all those university graduates. They therefore seek employment outside the country.
The pay is nothing for nurses in PHP. But in US they could earn $80k or more per year!
If you are not a nurse you are not Filipino!
we need equity more than equality.
Justice matters more. Equality of outcome is an illusion peddled by the worst of tyrants guising themselves in the cloak of egalitarianism.
The Philippines have a protectionist economic policy which discourages foreign investors which means the richest of Filipinod are the ones ontrolling the economy. Without any competition from foreigners is the lack of quality in services and salary. The unitary system further enables the economic gap between Manila and the regions, which is why there have been discourse on shifting to a federal structure and removing the protectionist policies in the Constitution as it is believed that development would be able to spread across the country since regions won't need to give away a huge share of their income to Metro Manila whilst foreign investors aid the regions towards a self-sustaining economy.
It's worth noting that Vietnam have less protectionist policies due to the Doi Moi reforms while the Philippines has inherently been a capitalist country.
Hey, this is a well thought out analysis. Just wondering where you’re getting your sources from for this information?
I especially liked how you examined the foreign investment predicament where the underlying protectionist policies embedded within the constitution infringes on socioeconomic progress.
The Philippines is poor because most of its wealthy class just don't care enough about the country. They're more exposed to Western culture than actual Filipino culture, and their ultimate dream is to live in a Western nation. Your average rich kid from Alabang or Loyola Heights probably knows more about Marvel movies, NBA, and Formula 1, than the Filipino language. This is what makes the inequality in the Philippines different and more difficult to solve. In other countries, there's also a divide between rich and poor but at least both the rich and poor speak the same language and live the same culture. In the Philippines, this isn't the case. The rich look down on the culture of the lower income classes, calling it "jeje," "squamy," "baduy," etc., while having no embarrassment about the fact that they themselves can't speak straight Filipino and are basically brown-skinned Americans. The Philippines is not their country. It's a temporary vacation spot before they ultimately move to a richer nation.
Problem is Poverty is still so rampant here in Philippines...
It never did change even in the Rule of Duterte ... But Im still hoping that In Marcos era...the percentage of Poverty will go down a little...
We have decent enough Senators to do their jobs.
Improve education, give free education and Subsidies to those who are smart kids that are from the poor sector
Give more jobs... And fucking increase the wages.
open fdi and federalism to end the inequality problem
It is better if you have included the lawmakers as the major factor why these oligarchs becomes so rich. Just think of it, for example, the owner of the large telecommunication company in the Philippines has several news agencies in the country. He/She can control the politics in the country by having puppet politicians. To protect his/her interest in the telecommunication company, his/her news agencies can spread news in favor for the puppet politicians, in exchange for his/her business interests by making laws that will favor to his/her business interests but not for public interests.
You are referring to ABS-CBN and the Lopezes, right?
@@s.t.santos5928 for sure hahaha thank god it's gone
Sounds like USA.
Can I request a citation from these sources, please.
Germany, USA European union each have its states members contributing economicaly unlike in the Philippines being centered only in metro manila.. If only each region has its own gross domestic product powerhouse.. Like every region must have each an industrial complexes like Germany then those power in metro Manila woild be scattered wealth.. And incomes..
I'm from Philippines and I am not afraid to say that we are a country of slaves. We make rich people richer.
I strongly agree with this. It has something to do with the traditional way Filipinos educate their kids. Kids are conditioned to respect their parents, and follow orders. They're not allowed to ask questions and give their opinions. They become spineless and vote for dictators.
During his 6 years term, Rodrigo Duterte talked like a fkng idiot in front of other politicians... Not one single time we saw another adult trying to reason him or confront him. Nope, that's unthinkable. Our authoritarian President is always right about everything.
What kind of crappy mindset is this?
Great analysis
You forgot the religious billionaires. Manalo family, the Catholic Church, other religious Corp. , the underground economy, the hidden wealth of politicians...
It makes me want to move to visayas to help stimulate the economy
The 60/40 FDI restriction in the Cory Constitution should remove completely and the PH should shift to Federalism-Parliamentary. That's the only long-term or permanent solution to the long-standing issue, especially the overdeveloped NCR. The process may take a long time to complete.
The video is spreading fake news Diliwan evil Propaganda. We are currently in the Golden of Age of the Philippines due to the Presidencies of Tatay Digong Duterte and Prince Bongbong Marcos will release the last will & testament of Pres Marcos Sr which will release the trillion of gold bars that will save the world.
You're just saying that because that's what politicians say. What can you suggest other than that?
You do know that has been adjusted in a variety of industries already. What I’m interested with ChaCha fans is if they’ll allow media to be 100% Foreign owned. But that’s a sensitive topic for them.
Ung pakistan nga under cla ng fereral parliamentary pero bakit mahirap na bansa cla mas mahirap pa nga cla sa atin kahit nga ung india eh
The government should attract Millions of Investors to create more Job.
It wont matter if the richest families are the ones possessing more than half of the Philippine Wealth as long as poverty would be reduced to at least only 5%.
Due to the stupid restrictions when it comes to Foreign Ownership, Investors are hesitant to invest in the Philippines. Which empowers, the Filipino businessmen with Chinese descent to lowball majority of the Filipinos to a salary in which it is impossible for anyone to afford a comfortable living conditions.
who wants to give 60% control over to a group that is corrupt to start off with??
There is an advantage to Vietnam's economic growth faster than the Philippines, In Vietnam, they do not travel a lot or transport from island to island via airplane, just like the Philippines with 7K plus island
One thing more I want to share is that way back AQUINO"S admin the first women president talks about the most unaccepted words, and it's the start of the downfall of the nation: SHE SAID in the media: I WANT THE PHILIPPINES/THE PEOPLE TO SUFFER SO THAT THEY WILL HATE MARCOS
This is the reason why Thailand overpasses us tremendously. and I think were more likely to be better than Thailand if this did not happen or were just close behind MALAYSIA.
Lawyers and accountants helping billionaires avoid taxes to blame
That is why in Philippines there are many gated communities, thosnis to keep away poor people, similar in contrast on how the Spanish kept natives outside the walled city (Intramuros).
Let's just continue to work harder.
Working harder solves nothing. Filipinos must change their systems.
Yah, BA..i think youre right to your Observations to Our Country The Philippines i know that Richest Billionaire to our country has over they are huge income of wealth than Ours we are far thier lifestyle..Thank for your concern.
Corruption is rampant in the Philippines so until that is addressed inequality will always exist.
see even your country a lot of problem pfftttt want to take sabah IN YOUR DREAM xD
Setuju
Hahahha..yupp..nak sabah tp negara still tungganglanggan
malingsia also has a lot of problems, philippines now overtook malingsia in terms of GDP PPP
@@this_name_is_not_available6923 oi indon ke ni?
@@Karlsen_Julie98 hahahaha biarkan jer mcm biasalah jealous tak habis2
This is the cause of Cory's 60/40 FDI restrictions. Before a foreign company invests here, they should first partner up with a local Filipino. So basically they can't own a business here unless, they have a partnership with local businessmen.
Sounds good for the country, right? But the case is, only rich people can benefit greatly with this since foreign investors will only partner with them. They control most of the big industries here. They continue to become rich, while the lower class are having a hard time finding jobs because of less investments since investors don't like this 60/40 FDI restriction.
The other reason is that the distribution of development is not good. Most big projects and investments are only centered in NCR leaving other regions underdeveloped. It's actually cause of bad transportation system.
Good thing, the Philippines already lift the 60/40 restrictions on many businesses that won't exploit us. The big problem now is the transportation system that will let Filipinos travel easily from one island to another. I think this will help in getting more investors and will help other regions to develop.
A third world country, with politicians living first class.
Comparing Philippines to Vietnam is a joke now. Vietnam has already surpassed Philippines in every way. Also this video is incorrect about the gdp. As of now Vietnam has already surpassed Philippines gdp and gdp per capita. So where is "Pinoy Pride?"🤣🤣🤣
Yeah like filipino work in vietnam for money
Hahaha yeahhh your vietnam surpassed the philippines only for gdp🤣😝. How about your poverty and infrastructure? Hahaha there are many vietnamese in manila who work as sweeper, filipinos work in vietnam is professional and your people are not. How funny that your gdp is increasing but still your country is stock in poverty. Don't too much proud of your country because the philippines have many projects not just in manila but other places also. While yours only hanoi and ho chi minh are develop. Your country is still in the list of poverty and not part of the newly industrialized country😭😂😂. Omg you insult the philippines but you don't look your own country that poverty also is big. Don't too overproud and insult others because your country is still left behind and cannot surpass the singapore🤣🤣. Your country only surpass our gdp🤣🤣😜. And our countries who have many developed cities while you overproud and always racist against ph but the reality is your people are stock in the poverty line😉😜🤣
I always heard the news about the GDP of our country! But not talking about *GDP per capita* instead?!
Because most businessmen here are half-chinese and they pay low salary to their workers even how their company grow a lot in terms of revenue. No incentives to their employees, no performance base salary.
If Metro Manila is a city-state country, like Singapore, Manila is rich, an upper middle income nation. With almost $120 billion nominal GDP and $8,888 GDP per capita.
It's meaningless. If without the human resources, natural resources as well as finance support from other part of Philippine, Manila would be just a normal city like other part of Philippine
It's still low if you called it metro compared to another metro city like Jakarta which almost $300 billion
Nope, Manila is at worst geography , singapore leverage their geography well as hub, but manila can leverage Philippines rich of natural resources the problem is.. can they? any geopolitical long term plan to increase GDP?
yeah this country tries to take Sabah but they don't even treat their people equally, Sabah will be treated unequally too...
I do really hope that the new administration fixes this issue. In my own analysis (I am not an economist) what Im about to say are just based on my own observations. The real reason is that just like India we do have an impressive growth rate us w/ 6% and India 7% but the thing is our per capita income is way too low. There are many factors affecting it and I think that our wages are too low and cannot even support a family decently. That is why most Filipinos leave abroad to earn a decent living while leaving their children unsupervised. I hope that this issue of wage or salary here be improved. Can you immagine that we also have a law here differentiating the wages of key cities w/ the rural area. That should be abolished. That is why here the rich gets richer while the poor struggles for even the basic.
Or maybe stop voting for oligarchs, Family dynasties, actors to the government?
A Marcos? Fat chance.
I doubt it, no matter who wins corruption is always there from National to locals. Rich people always take advantage and pay there workers like shit and treat the poor like slaves. It’s sad but it’s the reality.
Philippines needs Federalism......
Strengthen higher public education in science, engineering, math for the masses. Hire the best teachers, etc.
That's why when you travel to vietnam you feel they are way richer than pinoy...inequality is very big in pinoy...
🕊️The Philippines rich live and die with having running water & bathrooms.Other poor children live & die living in Cemeteries 😢
For example, our Politicians in higher position is in higher salary than average employee. Plus thier a lot of politics who unproductive and still they are in the position. The inequality in company, where the company has increasingly earned an income every year but the salary in every employee is still at a lower rate. Plus the corrupt government in the lower position like in a province politicians. Inequality has a great effect in poor people in the Philippines.
Pretty shameful 😕..Corruption can never be stops with those Pinoy politics.
The Catholic birthrate does not help. All neighboring countries practice family planning.
Comparing the Philippines an Vietnam is not fair. The Philippines has larger logistic issues that Vietnam, and Vietnam is a the best example of a socialist country.
All issues can be easily fix but it will take time but unfortunately greediness of billionaires are more powerful than their ethical minds.
The inequality in the Philippines is by designed and not by nature. why?
The Constitution of the PHL is restrictive and only the wealthiest of the country can afford big investment. 60/40 60% filipino and 40% foreigners if you're a foreigner are you willing to invest to a business where you don't have a full control over it?? of course not.. and when you're Filipino do you uave the money of 60% for investment of course not, and those that can afford it became the pioneer and masterminds of the inequality of the PHL. They dictate the salary, prices, school tuitions, Filipino working abroad, imports, lands, etc.
@6:24... 110 million usd is around 6 billion pesos.. not 6 trillion.
ngkamli lang sya kasi one hund billion yun dpatsnabi nya
ok lng Yun sana lang Yung kalhati Ng Pera Ng lahat Ng mayaman sa pinas gamitn sa pagw Ng hospital kalsada at eskwelahan n Buhay nga pilipino Nung may lakdown ngaun pa kayang wala sana gamitn Nung mga bilyonaryo sa pautang Pera nla sa mahirap ipagawa Ng milyong pabhay
Need to fix peoples income gaps! 🙏🇵🇭
They took soooo much from us middle income earners (esp income taxes). But the ones who benefit are the poorest and the rich, in which the latter can do some magic and bending rules.
Sounds like in USA.
Most of those billionaires are sadly Chinese or mostly Chinese. And most of them, will always cut corners to a point where if it is legal to not pay employees, they would do that. 🤮
Most of those billionaires are sadly Chinese or mostly Chinese. And most of them, will always cut corners to a point where if it is legal to not pay employees, they would do that. 🤮 imagine if income gaps are closer, more spending power for more people, money will flow more, and so on.
Exactly!
Tax evasion is also a big issue in PH.
Federalism is one solution.
its not like our poor people have studied entrepreneurship most of this poor family either been pregnant in their teenage years , and so failing to learn any possible small businesses, currently the government is looking on to support such SMES, now this is only one of the reasons for poor family in metro manila but in most provinces especially people from tribes they someimes exchange their childs, especially a daughter, in exchange for any monetary value objects or animals that could hep for farming dont belive me? there is. vloggerr boyaherong pugpod featuring marilyn in which her sisster is sold out by her mother in a young age of 10
Yeah early pregnancy is one of the problem why many Filipinos are poor.And there are many more for example.
1.Being lazy
2.Always play games that require money such as tongit.
3.Always rely on Government
4.Lack of resourcefulness; hustle; an angle or advantage; determination to thrive; discretion + competence + ability.In Tagalog we call it Diskarte.
5.We have Crab mentality
Please make video on Malaysia inequality especially in political economy and education. 🙌
I agree especially on Sabah which is not theirs
@@Stephen_Jabs sabah belong to Malaysia..Malaysia already recognized by the un. how can sulu take sabah from sovereign country (Malaysia) ?if sulu can claim sabah, then malaysia can also claim Singapore 😂
The poor gets poorer and the rich gets richer. There’s still a huge salary rate issue.
Inequality is present in each country, no one is at par with another
vietnam is better in this regard than the philippines.
I personally still blame those countries who broke the Philippines. Yes, Spain and America wanted to have the Philippines so Filipinos suffered for several years because of them. That’s why after the Independence of Philippines, it is already a cracked glass
It has nothing to do with them. Everything to do with the here and now.
Wealth gap is one of the consequences of capitalists societies. The simple story is, whoever has bigger asset (capital) has better opportunity to grow that asset even bigger. Rich being richer. But for me, a communist society would no do good either. It should be a balance.
Legalize birth control including abortion. Educate people with the costs of raising a family responsibly. Encourage entrepreneurship and remove barriers to creating small businesses. Expand financial services so most Filipinos have bank accounts. Modernize tax collection to ensure the rich (including politicians) are paying their fair share of taxes, and to easily keep track of the wealth gained by politicians.
Again, this is irrelevant. Family planning is not the solution. It is a boondoogle of the past dictatorship's attempt at social engineering. Population growth can lead to wealth because it is economic productivity. Basic economics with more workers equate to more production, correct? The solution are well paying jobs domestic wise. The biggest export of Filipinos are its people and skills. This is how your country grows right now, surpassing your neighbors in many ways.
in the future you will come to realise that the philippine demographic will become an asset not a liability....china will probably entice many filipinos to emigrate to china to help with their shrinking population.
@@bepitan The only reason why Filipinos in the future would want to emigrate to China is if they are still poor. When a country gets developed, their citizens are less likely to emigrate.
So your plan is to keep the Philippines poor so other countries can grow their economy on the backs of poor Filipinos????
Im worried for this country. No opportunities in tech or meaningful high paying jobs, only service work. So many children born into poverty. Very low quality education will in turn cause more poverty. I imagine in the next 50 years the Philippines will stay stagnant if nothing changes.
I'm a teen living in poverty here in Philippines... Wish me luck
In the next 50 years philippines will be rich and the poverty will gone.
@@beastmood6635 doubt it. poverty is too widespread. take a look around the streets of manila and see all the streetwalker and squatters in the city. not to mention the widespread poverty in the provinces and the high birth rates and teen pregnancies.
@@hannahhotpockets5426 that's not a hindrance of a country to succeess. Because the government will manage it. Just wait till this country will grow higher, those who insult this country will not believe and their jaw will drop. Philippines will succeed not now but soon.
Most of the population is still young...but will give mucho problems in decades to come. Healthcare will be over the top. And having so many people in a square kilometers is a illusion they all can find work.
Yeah. Being poor is hard . we suffer from flood and there is a help in manila every family will get 1500pesos and didn't happen because when the money delivered they use the money in voting for mayor and when my parents check in barangay if they have the name listed and bad news theres nothing so yeah we got no help but rich neighborhood army nurse police got the money and they have connection inside the municipality its very strange why this people taking advantage of poor..
US hong kong is above Philippines
But the living standard of poor ppl in both places above are still way higher than that of Philippine
I think your focusing on the wrong problem
Corruption is the main cause.
Hmmm the inequality and wealth gap in the US is far worst and reaches out globally…
Wealth Tax. Tax incentives to those who create quality jobs and businesses/industries that our country needs. Tax incentives for those who will develop provinces.
Filipinos workers should stay as workers and we give them work as a chinese if they are poor its there problem not us as a rich people