I don't think so, most of the so-called upcoming New Oligarchs are overly sensationalized by the Media-controlled by the Real Oligarchs which is threatened by the so-called upcoming Oligarchs by tagging them as such, misdirecting the people against them, in such ways, not only these real oligarchs made their upcoming competition sabotage beforehand, they also secured their positions.
The inequality is real. Step outside of the bubble of the rich parts of Manila and Cebu and so many people are living in makeshift homes on whatever tiny piece of land in the provinces they can use that no one will bother them over. It's embarrassing sometimes to think about a country where people can drive Lambos and Ferraris next to people riding 4 deep on a scooter because that's the best they can afford. The elites physically live in the Philippines but they don't live in the same world as everyone else. That's just extreme talk but at a more realistic level even the gap between very poor and poor is huge.
I hope my neighboring country (philipine) can develop so rapidly towards a developed country seeing the economic growth of the philippines is the fastest in asean greetings from Sulawesi, Indonesia
We can't. Corruption won't let us. All countries have some form of corruption but here in the Philippines it's out of this world. Convicted and imprisoned politicians are set free and are voted again to office.
Yeah, one of the reasons for the Philippines' low foreign investor base is that it has monopolistic corporations. Since the oligarchs control many big companies, they're ganging up together so that foreign companies won't take over the market. That results in a lack of competition. That's why the quality of their products and services is low. If there are good foreign companies, local companies will be forced to make their services good because there's such high competition.
The Zobel de Ayalas may not be the richest in the Philippines, but they certainly one of the most illustrious, if not THE MOST ILLUSTRIOUS family in the country, making them practically royalty. The Zobel de Ayala Family's wealth has survived for almost 400 years, and they are connected to other illustrious families such as the Aranetas, Aboitizes, Pardo de Taveras, Ortigases, Perez de Tagles, Zaragozas and the Ynchaustis. In fact, the family has intermarried with various Spanish noble families such as the Dukes of Alba, Marqueses of Viademonte and Counts of Peracamps. Fun Fact: The private residential area in Andalusia, Spain which serves as the home of some of the the richest and most powerful families of Spain, Russia and The UK is still owned by the Zobel de Ayala family.
@@kimeli it’s embarrassing how these Filipinos think like this. No sight of a bigger picture nor any understanding of what the video entails. Completely oblivious of the problems. As soon as they see a famous Filipino, the pride kicks in and converts into colonial mentality to make sure the world knows, like we haven’t heard it a hundred times😂
Sameway poor Filipinos are so proud of the development of :"cities" like BGC which they themselves cannot own, live in and are only for the rich. This mentality serves the rich owners, developers who monopolize everything. Real pride is when the masses have decent homes and are lifted out of poverty.
@@jsanon1634 precisely, this is what happens when the poor don’t have a source of pride. Filipinos also like to take pride in relatives who work/live abroad like it’s a flex🤦♂️
This video didn't even touch the crazy amount of power that SMC has. Ayala is nothing in the face of SMC with control over food(Magnolia, Purefoods), beverages (Magnolia drinks, San Miguel Beer), Construction, Tollways(SLEX, TPLEX), Rail (MRT7), power generation and distribution. Or even other leaders mentioned such as Andrew Tan who owns Megaworld, Emperador Distillers, and Philippine franchise of Mcdonalds. This video is just a lame crypto currency ad since in the last few months crypto currency was tanking hard due to lower public consumption.
@Abdul false. Do you think politics is only for national position like president, senators or congressman? There are also local positions where not so rich people can run for office, like councilors, baranggay officials etc. Corruption is present not only in national position but also local positions.Easy money..They are also politicians you know.
That's why there are very few unicorns in the Philippines compared to Indonesia. because business in the philippines is dominated by such as little group of people. according to The Straits Time,PH only shared 3% of growing numbers of Asean Unicorns, while Singapore 43% and Indonesia 31%.
Crony and Oligarch capitalism is the source of corruption and poverty in the Philippines, the Philippines is a demoCRAZY country, it's economy is the most RESTRICTIVE in South East Asia, designed to PROTECT the Oligarchs against foreign investors, and the 1986 Constitution was meant to protect the cronies of the new government. Another BIG problem is the Oligarchs are also the Politicians, so what can you EXPECT to happen in the country, poverty is endemic, it's generational, and the ruling elite's purpose is to keep the population poor, and the politicians can easily buy their powers thru vote buying. This country is slowly descending into a FAILED state...At least, many of my families are already MIGRATED to the US, Canada, and Australia, when things go SH*T in the Philippines, let us see how these Oligarchs can protect their wealth.
The oligaarchs diversify their businesses and they do not hold all their wealth in the country. They have offshore bank accounts. In any event, when SH*t hit the country, it is the poor that suffers more than the rich who can like you move away.
Foreign investors are still wary because the restrictions are hard-coded in the Constitution, which many ignorant citizens refuse to reform/update. The allowing of some industries to full foreign investments is mainly an “exemption list” and may be changed anytime with a whim from politicians.
I agree. I own several businesses and i'm forced to outsource parts of our organization to foreign corporations who are charging exponentially higher rates, which doesn't make sense cost-wise if the end consumer would be within the PH. Masyadong mahal ang price. There's no alternative to outsource it here in the PH because there's simply no business efficient and innovative enough to provide the solution/s we're looking for. Here comes foreign investors with the solution yet they don't want to do business in the PH unless they own at least majority of the company because of dirty politics, monopoly, and corruption. At mercy sila sa Filipino partners nila na pwedeng i-shutdown anytime or hostile takeover lol Kawawa sa huli si Juan kasi ang mabibigay lang sakanya low quality na mahal pa.
In your dreams..Fyi, The Philippines today is progressing fast, one of the fastest gdp on earth, included in (NIC) - Newly Industrialized Countries, Philippines ranked 3rd overall in GDP in whole ASEAN countries overtaken the GDP of Malaysia and threatening the GDP of Thailand. Philippines is progressing fast and poised to become 1st world country
@@jarland7166 Hard to swallow facts but other Southeast Asian countries have already overtaken Philippines in almost all aspects everything here are worst at all levels this nation is total shithole.
One of my Filipino friends gave one reason for the wealth inequality it is summed up as mentality. Many Filipinos study hard so they can work for a big company. Chinese born in the Philippines study hard to build their own company If you look at the Filipino enrollment in schools a lot go for being doctors, nurses, lawyers. Architechs and engineers and many of the graduates eye working overseas or working for big firms The current super rich in the Philippines remember struggling to build their fortune or remember their parents doing it. The patriarch of the Sy family, Henry Sy, started with one store and was the wealthiest in the nation until his passing in 2019 and his wealth was distributed to his children the Sy family you mention
@@jigyjigy2749 as single individuals sure. Have you seen a collective group of youth making a full fledged corporation? At least in my eyes as peers, most of them become much more inclined to money and positions
@@ordinarydude2237 Check - Eric Yuan of Zoom, Jensen Huang of Nvidia they started the company as a single individual programmer, as an intelligentt person like you can be one of them, so as all the Tech savvy Pinoy might become billionaire. In my case, I am a retired person now have done my programming days using card reader to setup a program.
@@jigyjigy2749 respects for your success, sir/ma'am. Nonetheless, a point still stands. As a group or organization, we mostly fall behind. Maybe it will change in the future as you say, but right now, majority of what I've seen only cared about the "high paying jobs and positions" in the military. Engineers with also the same "easy money" Same goes for technology sector. As for the education and medical sector, the former has it a little better and the latter becoming an unsure choice. Overall, those two sectors have been mostly voluntary sacrifice than they are as careers. I'll end it here, it has become a rant at this point.
Good video, it's important to bring out these issues, though other families could've been mentioned instead of promoting a nonsense such as NFTs or unstable cryptocurrencies, that's not the way to get rich, it's the way to get only poorer. And yeah, it's disturbing as I'm currently in the Philippines, that everywhere in the country you go, you only see big corporations. Trucks, food, malls, public transport, etc. All huge companies owned by few supported by the poorest. Unbelievable.
@@floopyfool the only ones that would lose its oligarchs that currently have no competition. Investment means more jobs, competition (better products/ lower prices) and higher salaries over time. What do you prefer a Samsung manufacturing plant opening it Vietnam or in Philippines? So same answer for all investments.
@@floopyfool incompetence pinapairal:333 Greater competition in the market would lead to lower prices and more rnd, wouldn’t that be beneficial to us filipinos???
Same players own companies. Go to different cities you will see same Mall, same stores inside and owned by same company. These oligarchs killed mom and pops store, small businesses and took lands. So they get richer by the minute, thanks to the corruption that seemed to be already normal in the Philippines. Everyone corrupts, even in Barangays or the smallest government employees. Nothing is new.
The contrast in the Philippines is shocking. I remember how I my girlfriend and I were amused when we found the slums of East Rhembo just around the corner from the elegant BGC. That said a lot
Our country after all is still categorized as a "developing country". The country has been plagued with corruption thus producing political dynasties which in turn works hand in hand with these monopolistic elite families. 50% for dynasties 50% of monopolies, you must also consider that we are an island nation, prominent families in provinces cant be beat for 2 or more terms (12 years) thus giving them the power to stay seated. GREED. Education is also bad, 8 out of 10 kids below 15 cant even write or read well. Eventually we'll get to our desired ratio but as of right now, that's not happening. Lack of proper education and coverage will continue to increase the financial gap. This is the sad truth of our country. Thank you for covering this. Much appreciated.
Sadly this is mostly because of Western influence. Compared to other countries in ASEAN, PH is the most "westernized" in terms of culture. Oligarch culture is common in Europe due to colonialism and monarchy. This attitude is somehow less prevalent now in Europe but sadly is still in the PH.. hence PH is along with latam countries. I'm not saying that other ASEAN countries are exempted because there is also presence of oligarchs, monarchs and business/political dynasties in other ASEAN countries but compared to PH, PH has greater problem.
Why don't you blame yourselves for the mess your people have created instead of blaming it on somebody else. If anything the western influence has done more positive than negative to the Philippines. Think about it. Have a nice day.
@@TheGetout04 Sure, because voting another candidate aside from BBM meant having no oligarchs. Robredo was backed by Lopez and Ayala, Lacson was supported by the Gokongwei family and Isko was a fan favorite of millionaire backers before they pulled out.
@@Sabalas But Marcos was literally the only oligarch in those candidates If you remove the backers. He is even backed by more oligarchs so yeah you love your oligarchs
Bureaucracy and corruption are big problems in the country. Federalization could really improve wealth distribution. It may seem quite a burden to undertake but it could be the solution the country long awaits. Also Nordic countries may look socialistic but they still make money through capitalism.
How? Federalization is only effective if those in power outside Metro Manila are not corrupt or corruptible. Sad to say majority of those in position right now are only for wealth not actually for public service, that's why we have political dynasties. Federalism gives them more power and budget. Do you actually think majority of that will go to improving the lives of their constituents? Nope. Duterte had the power to do it. He had the majority of lower and upper house of congress. Why didn't he push through with federalism?
@@mr.ghidorah4202 you can never get rid of corruption. But are you just gonna give up because there might still be corruption even when we all know we’ll never get rid of it? At least with separate states, it’ll be very obvious how wealth is managed and hopefully the competitiveness of even these corrupt dynasties would help improve the life of their constituents. Not saying that’s what I ask for, of course the less there is dynasties the better.
@@ponypower8 what do you think IS the problem then? There are many. I agree with your follow up statements but just saying “Nope” to corruption and bureaucracy being some of the reasons makes you sound like you’re benefitting from them. You also made it sound hopeless to be a Filipino living in the motherland.
I agree with the wealth disparity in the Philippines is huge but the statement "Only 40 individuals with half a million dollars or more" is so wrong. I personally know 20 people who have more than 500K USD (27+M peso) individually.
Companies owned by one family and if there are tiny companies that have potential to grow they will buy it. Like telecommunications fucking so slow and very expensive...
Yes this is so true, that's why they control most of the market shares because they buy all companies with high potential growth. If those companies oppose them, they can easily bring them down. So those companies have no choice but to agree, so sad.
I agree about the disparity but saying there's only 40 individuals with half a million dollars or more in equity, is VERY INACCURATE at the very least.
Filipino rich are the greediest In Asiatic regions.. Eaton properties developed a high rise Condo in Makati owned by Lucio Tan.. Hr paid only funeral expenses To12 employees on Elevator accidents . They died for nothing In 2012, Filipino Folks!
Fun Fact: Filipino Oligarchs and Political Dynasties go hand in hand all the way to the Spanish era in the Philippines. Manny Villar is a good man, he was a poor fisherman who became rich through hardwork, many of these capitalist kings made money through legitimate means etc. 5:59 Duterte is one of the best Presidents of the Philippines, that law passed by the Duterte Administration will now allow more foreign businesses in, it's funny how the Opposition to Duterte hate "traditional conservative politics" and Oligarchs and the poverty and inequality etc and want change,but when Duterte gives them the change they want which is this law that allows full foreign ownership etc, and encouraging FDIs ( foreign direct investments ) and so on, they complain and make bullshit reasons as to why this good change will be bad, I had an argument with my relative over this a year ago, I think during the lockdowns? 2021? They said that we'd be a slave to foreigners, my response? WERE ALREADY SLAVES TO OUR OWN PEOPLE, the only thing that will change is more opportunities for us to get richer and wealthier.
To end this gap between poor and super rich Filipinos, foreign ownership should be relaxed. If we restrict a lot, only the oligarchs will progress and give very minimal salary to Filipinos. But if we have strong manufacturing industries, Filipinos will get decent salaries. Think Vietnam, Singapore because they have relaxed foreign ownership there FDI is superb
The problem with the Philippines is that majority of its voters are poor&uneducated who keeps on voting for corrupt politicians. Manny Villar for example became the richest man of the Philippines during DUTERTE ADMINISTRATION. The Villar's asset and wealth expand during the presidency of it's ally (Duterte). The Zobel de Ayala & Araneta family who are also the most powerful and influential families here in the Philippines have connections (friends) with our newly elected president Bongbong Marcos (the son of former dictator Marcos). These two administration are campaigning to erase or to get rid of the OLIGARCHS of the Philippines but in reality they keep giving them opportunities to further expand their business & wealth AND MOST FILIPINOS ARE NOT AWARE OF THAT.
AS A POOR MAN I DONT HAVE THE ABILITY TO GO IN BUSINESS UNLIKE THOSE SUPER RICH WITH SO MUCH CAPITAL TO INVEST GO ON THEIR WAY TO MAKE PROFIT THEY ARE BUSINESS MINDED FOR INVESTMENT SO WE GOES ON SEPARATE WAYS BUT INTHE END POOR PEOPLE HAVE JOB BY THEIR INVESTMENT.
Just like any other countries, the income disparity is so bad in the Philippines. Nothing much has progressed since 40 years. Is the governance to blame?
@@HarmonyEdge Not really.. It just down like other major crypto and altcoins, and if you believed on the said coin, then just keep on hodlin'! :) Btw, it's just my opinion and not a financial advice
At least they share all their money around to the poor..lol you wish..paying them $10 a day wages,less in retail .. they should be embarrassed really..
21% poverty rate??? Where'd you get that stat? You've probably only been to the upper class districts or neighborhoods. You truly are not aware or have not seen how many poor people there are in the Philippines. Maybe 3/4 of the population are poor. I guess your idea of poor is different. Maybe you think poor only means not being able to eat 3 full meals a day. *Poor means way more beyond that.*
Well, it reminds Indonesians of the Suharto regime (1966 - 1998). Many key companies were often linked to his family or cronies. Fortunately, people power and the Reform Era in 1999 have erased many mafias although not all. At least monopolies are not as prevalent as 23 years ago.
Why are you blaming all those Filipino billionaires remember they came from nothing and start a small fishball business selling on the street of manila then earning a little income then they invested to small shop, getting more profits and then they start building their own company cmon guys..we can build a future even without those billions bucks your mindset and hardwork is enough to make you rich.💗💙💚 like me am sleeping allday yet my monthly income is high as 130k Php
Don't care us, Filipinos never suffered famine. They are happy just for reasons.... 1. going to church when weekend. 2. going to mall or streets for eating street foods. 3. going to Cockpit Arena to watch Cockfighting. Filipino don't expect more.... because they believed money and properties can not be brought into the tomb when you rest in peace. 😀
For my fellow filipinos, notice that these statistics were records from up to 2015. So it refutes the claim of the yellows that the economy was doing great under their administration. Although it is true that the economy improved under Pnoy but what they conveniently excluded was who benefited from that "improved economy". This video simply puts to light an idea of who benefits from improved economies when a country is ruled by oligarchy and monopolies. P.s. I hope they could have also included the private businesses of politicians and monopolies of such families (but realistically that would be hard to do as most of these corrupt officials would run their businesses under different names and or hidden under the radar). Vote wisely and don't sell your votes to corrupt officials. Vote for politician's that will benefit the country in the long term and not because they gave you a one time bribe (usually in the form of PPP, scholarship, etc).
"He was one of the few in the constitutional commission who wanted to do away with the 'Filipino First' provisions, Mr. Villegas told BusinessWorld. Because there wasn’t much competition from overseas, the ultra-nationalist protections soon gave rise to oligopolies, an outcome he described as 'Rich Filipinos First, Damn the Rest of Us.'" (from bworldonline) Imagine there was a 1987 constitution framer that said he wanted the economic restrictions to be taken out? This is why we have deep inequality between the rich and poor. And it's not even that terrible that there are rich companies in the Philippines. The problem is their control over the Philippine economy without outside competition! We need to REMOVE these ECONOMIC RESTRICTIONS in the constitution and leave them flexible in legislation!
The Nordic countries have 5 to 12 million population. Compared to 100 million in the Philippines. Sure the Philippines could do their thing if their pop was that small. If there were a 100 million people in Norway there's no way their model of welfare would work.
If you work hard, you will succeed. All of the super rich Chinoys came from nothing. The broader Filipinos just need to pull themselves up by the bootstraps.
The oligarchs does not want it. That’s extra cost to them and a big deal for their profits. They simply refuse to improve the salaries, benefits, and their overall products and services because they don’t have competition. Thats why we really have to open fdi and finally remove the 60:40 limit in the Constitution.
MANY PROPAGANDAS TO WORRY ABOUT PHILIPPINES,, FROM THE BEGINING HELP MANY REFUGEES AND RICH OF HELPING PEOPLE NOT A VICTIM OF PROUD NATION WHICH BEGAN BY WAR
Manuel Villar's path from poverty to being a billionaire is a testament of income mobility in the Philippines. That's not even to speak of the Chinese immigrants who from abject poverty, caused by political instability in China, worked their way to wealth by starting entreprises and historically instituting exclusive ethnic economic communities and connections. However, Villar's real estate entreprise's monopolistic status and political connections are also an example of tendency towards crony capitalism in the country, at least nowadays. Yes, MANUEL VILLAR grew up in poverty. He is now a billionaire. That's capitalism for ya. Indeed the opening of ownership to foreign businesses is a change with promising prospects and is also the way Indonesia eclipsed the Philippines in GDP per capita in the 90s and 2000s (in addition to cheaper utilities that attracted foreign entreprise). It is also the way that Ireland became "the Celtic tiger" from being one of the poorest areas in Europe. The compromise is national pride in entrepreneurial ownership. Something that many currently developed countries exhibit. As in when South Korea was still poor Samsung had already existed for ages, among other examples.
Aquino family destroyed villar because he is one of the conteder in becoming president back in 2008 i think?? Aquino family is the greatest manipulator
thailand the s3x capital of asia , land of transformations, in every corner theres alot of girls who offers "boom boom" and a bugs cuisine. r u running out of decent food??
Is the Philippines inequality problem fueled by the crazy rich and monopolistic companies? Let us know your thoughts down below!
Hi 👋
The problem is not the companies the problem is the politicians
@@iamjabby3688 both, the problem is both they are well connected just like the Gilded age of U.S.A.
well yeah oligarchs are most common problem in the Philippines but it is not that bad unlike the chaebols in South Korea
@@abellajuanmigs perhaps it's not the bad but it's still bad
Philippines: the country trying to eliminate traditional oligarchs just to be replaced by new oligarchs
Yes! Thats why allowing foreign companies own 100% of the company is a bullshit law
I don't think so, most of the so-called upcoming New Oligarchs are overly sensationalized by the Media-controlled by the Real Oligarchs which is threatened by the so-called upcoming Oligarchs by tagging them as such, misdirecting the people against them, in such ways, not only these real oligarchs made their upcoming competition sabotage beforehand, they also secured their positions.
😆
Thats just most countries and what most modern revolutions achieve
*oligarchs deserved a bullet in their fucking head....*
The inequality is real. Step outside of the bubble of the rich parts of Manila and Cebu and so many people are living in makeshift homes on whatever tiny piece of land in the provinces they can use that no one will bother them over.
It's embarrassing sometimes to think about a country where people can drive Lambos and Ferraris next to people riding 4 deep on a scooter because that's the best they can afford. The elites physically live in the Philippines but they don't live in the same world as everyone else.
That's just extreme talk but at a more realistic level even the gap between very poor and poor is huge.
🎯
Those scum are drug dealers who drive those nice cars
I hope my neighboring country (philipine) can develop so rapidly towards a developed country seeing the economic growth of the philippines is the fastest in asean
greetings from Sulawesi, Indonesia
As a Filipino Thank you man
As a fellow human I hope ya'll receive the same blessings soon.
Salamat and mabuhay brother
We can't. Corruption won't let us. All countries have some form of corruption but here in the Philippines it's out of this world. Convicted and imprisoned politicians are set free and are voted again to office.
Yeah, one of the reasons for the Philippines' low foreign investor base is that it has monopolistic corporations. Since the oligarchs control many big companies, they're ganging up together so that foreign companies won't take over the market.
That results in a lack of competition. That's why the quality of their products and services is low. If there are good foreign companies, local companies will be forced to make their services good because there's such high competition.
Yup, because those oligarchs are in cahoots with corrupt politicians.
And the only way to solve it is opening our economy and amend the constitution to remove the 60/40
The Zobel de Ayalas may not be the richest in the Philippines, but they certainly one of the most illustrious, if not THE MOST ILLUSTRIOUS family in the country, making them practically royalty. The Zobel de Ayala Family's wealth has survived for almost 400 years, and they are connected to other illustrious families such as the Aranetas, Aboitizes, Pardo de Taveras, Ortigases, Perez de Tagles, Zaragozas and the Ynchaustis. In fact, the family has intermarried with various Spanish noble families such as the Dukes of Alba, Marqueses of Viademonte and Counts of Peracamps.
Fun Fact: The private residential area in Andalusia, Spain which serves as the home of some of the the richest and most powerful families of Spain, Russia and The UK is still owned by the Zobel de Ayala family.
colonial mentality.
@@kimeli it’s embarrassing how these Filipinos think like this. No sight of a bigger picture nor any understanding of what the video entails. Completely oblivious of the problems. As soon as they see a famous Filipino, the pride kicks in and converts into colonial mentality to make sure the world knows, like we haven’t heard it a hundred times😂
Royalty? More like mananakop
Sameway poor Filipinos are so proud of the development of :"cities" like BGC which they themselves cannot own, live in and are only for the rich. This mentality serves the rich owners, developers who monopolize everything. Real pride is when the masses have decent homes and are lifted out of poverty.
@@jsanon1634 precisely, this is what happens when the poor don’t have a source of pride. Filipinos also like to take pride in relatives who work/live abroad like it’s a flex🤦♂️
This video didn't even touch the crazy amount of power that SMC has. Ayala is nothing in the face of SMC with control over food(Magnolia, Purefoods), beverages (Magnolia drinks, San Miguel Beer), Construction, Tollways(SLEX, TPLEX), Rail (MRT7), power generation and distribution.
Or even other leaders mentioned such as Andrew Tan who owns Megaworld, Emperador Distillers, and Philippine franchise of Mcdonalds.
This video is just a lame crypto currency ad since in the last few months crypto currency was tanking hard due to lower public consumption.
In the Philippines. If you want to get rich easily. Run for politics.
You can never get into politics if you aren't rich and influential. 🤦🏽♂️🤦🏽♂️
@Abdul false. Do you think politics is only for national position like president, senators or congressman? There are also local positions where not so rich people can run for office, like councilors, baranggay officials etc. Corruption is present not only in national position but also local positions.Easy money..They are also politicians you know.
or go for religion.
That's why there are very few unicorns in the Philippines compared to Indonesia. because business in the philippines is dominated by such as little group of people. according to The Straits Time,PH only shared 3% of growing numbers of Asean Unicorns, while Singapore 43% and Indonesia 31%.
Philippines have more unicorns and fairies than Indonesia. They even have mermaids.
@@eduardochavacano haha
Crony and Oligarch capitalism is the source of corruption and poverty in the Philippines, the Philippines is a demoCRAZY country, it's economy is the most RESTRICTIVE in South East Asia, designed to PROTECT the Oligarchs against foreign investors, and the 1986 Constitution was meant to protect the cronies of the new government. Another BIG problem is the Oligarchs are also the Politicians, so what can you EXPECT to happen in the country, poverty is endemic, it's generational, and the ruling elite's purpose is to keep the population poor, and the politicians can easily buy their powers thru vote buying. This country is slowly descending into a FAILED state...At least, many of my families are already MIGRATED to the US, Canada, and Australia, when things go SH*T in the Philippines, let us see how these Oligarchs can protect their wealth.
The oligaarchs diversify their businesses and they do not hold all their wealth in the country. They have offshore bank accounts. In any event, when SH*t hit the country, it is the poor that suffers more than the rich who can like you move away.
Been following this channel for a while now. It truly has fascinating content.
Foreign investors are still wary because the restrictions are hard-coded in the Constitution, which many ignorant citizens refuse to reform/update. The allowing of some industries to full foreign investments is mainly an “exemption list” and may be changed anytime with a whim from politicians.
Dami mo reklamo. Ikaw mag invest. Tayo ka negosyo. Tamad mo.
I agree. I own several businesses and i'm forced to outsource parts of our organization to foreign corporations who are charging exponentially higher rates, which doesn't make sense cost-wise if the end consumer would be within the PH. Masyadong mahal ang price. There's no alternative to outsource it here in the PH because there's simply no business efficient and innovative enough to provide the solution/s we're looking for.
Here comes foreign investors with the solution yet they don't want to do business in the PH unless they own at least majority of the company because of dirty politics, monopoly, and corruption. At mercy sila sa Filipino partners nila na pwedeng i-shutdown anytime or hostile takeover lol
Kawawa sa huli si Juan kasi ang mabibigay lang sakanya low quality na mahal pa.
@@rome229 This idiot named Brian Velos seems to think it’s your fault and “Dami mo reklamo. Ikaw mag invest. Tayo ka negosyo. Tamad mo.” 😂😂😂
Philippines will always be the most unequal country, it’s a culture that is hard to change.
In your dreams..Fyi, The Philippines today is progressing fast, one of the fastest gdp on earth, included in (NIC) - Newly Industrialized Countries, Philippines ranked 3rd overall in GDP in whole ASEAN countries overtaken the GDP of Malaysia and threatening the GDP of Thailand. Philippines is progressing fast and poised to become 1st world country
@@jarland7166 Hard to swallow facts but other Southeast Asian countries have already overtaken Philippines in almost all aspects everything here are worst at all levels this nation is total shithole.
One of my Filipino friends gave one reason for the wealth inequality it is summed up as mentality.
Many Filipinos study hard so they can work for a big company.
Chinese born in the Philippines study hard to build their own company
If you look at the Filipino enrollment in schools a lot go for being doctors, nurses, lawyers. Architechs and engineers and many of the graduates eye working overseas or working for big firms
The current super rich in the Philippines remember struggling to build their fortune or remember their parents doing it.
The patriarch of the Sy family, Henry Sy, started with one store and was the wealthiest in the nation until his passing in 2019 and his wealth was distributed to his children the Sy family you mention
Hope computerize society will change the system in the Philippines. Political business system connection will be GONE soon.
Who do you think are the people that can first afford and monopolize computerized and technologically advanced business
@@ordinarydude2237 the new young Pinoy generation, they are computer savvy, and knows this kind of Technology.
@@jigyjigy2749 as single individuals sure. Have you seen a collective group of youth making a full fledged corporation?
At least in my eyes as peers, most of them become much more inclined to money and positions
@@ordinarydude2237 Check - Eric Yuan of Zoom, Jensen Huang of Nvidia they started the company as a single individual programmer, as an intelligentt person like you can be one of them, so as all the Tech savvy Pinoy might become billionaire. In my case, I am a retired person now have done my programming days using card reader to setup a program.
@@jigyjigy2749 respects for your success, sir/ma'am.
Nonetheless, a point still stands. As a group or organization, we mostly fall behind.
Maybe it will change in the future as you say, but right now, majority of what I've seen only cared about the "high paying jobs and positions" in the military.
Engineers with also the same "easy money"
Same goes for technology sector.
As for the education and medical sector, the former has it a little better and the latter becoming an unsure choice. Overall, those two sectors have been mostly voluntary sacrifice than they are as careers.
I'll end it here, it has become a rant at this point.
the Philippine masses vote and enable the oligarchs even if they hate the oligarchs. Very confusing. The masses even support anti-press freedom
Good video, it's important to bring out these issues, though other families could've been mentioned instead of promoting a nonsense such as NFTs or unstable cryptocurrencies, that's not the way to get rich, it's the way to get only poorer.
And yeah, it's disturbing as I'm currently in the Philippines, that everywhere in the country you go, you only see big corporations. Trucks, food, malls, public transport, etc. All huge companies owned by few supported by the poorest. Unbelievable.
Yes!! Open FDI all the way 👍 Remove the 60-40 restrictions and have more companies set up shop here
you are insane, filipinos will own nothing if that happens😑😑
@@floopyfool ... wrong. It might just teach them what competitive business is all about. In the end all Filipinos will benefit.
@@floopyfool Colonial mentality. Competition = Instant Defeat (according to you)
@@floopyfool the only ones that would lose its oligarchs that currently have no competition.
Investment means more jobs, competition (better products/ lower prices) and higher salaries over time.
What do you prefer a Samsung manufacturing plant opening it Vietnam or in Philippines? So same answer for all investments.
@@floopyfool incompetence pinapairal:333
Greater competition in the market would lead to lower prices and more rnd, wouldn’t that be beneficial to us filipinos???
Same players own companies. Go to different cities you will see same Mall, same stores inside and owned by same company.
These oligarchs killed mom and pops store, small businesses and took lands. So they get richer by the minute, thanks to the corruption that seemed to be already normal in the Philippines. Everyone corrupts, even in Barangays or the smallest government employees. Nothing is new.
As a Filipino it's true.
The contrast in the Philippines is shocking. I remember how I my girlfriend and I were amused when we found the slums of East Rhembo just around the corner from the elegant BGC. That said a lot
Our country after all is still categorized as a "developing country". The country has been plagued with corruption thus producing political dynasties which in turn works hand in hand with these monopolistic elite families. 50% for dynasties 50% of monopolies, you must also consider that we are an island nation, prominent families in provinces cant be beat for 2 or more terms (12 years) thus giving them the power to stay seated. GREED. Education is also bad, 8 out of 10 kids below 15 cant even write or read well. Eventually we'll get to our desired ratio but as of right now, that's not happening. Lack of proper education and coverage will continue to increase the financial gap. This is the sad truth of our country. Thank you for covering this. Much appreciated.
Sadly this is mostly because of Western influence. Compared to other countries in ASEAN, PH is the most "westernized" in terms of culture. Oligarch culture is common in Europe due to colonialism and monarchy. This attitude is somehow less prevalent now in Europe but sadly is still in the PH.. hence PH is along with latam countries. I'm not saying that other ASEAN countries are exempted because there is also presence of oligarchs, monarchs and business/political dynasties in other ASEAN countries but compared to PH, PH has greater problem.
Filipinos love their Oligarchs, Just look at the recently elected president
Why don't you blame yourselves for the mess your people have created instead of blaming it on somebody else. If anything the western influence has done more positive than negative to the Philippines. Think about it. Have a nice day.
@@TheGetout04
Sure, because voting another candidate aside from BBM meant having no oligarchs.
Robredo was backed by Lopez and Ayala, Lacson was supported by the Gokongwei family and Isko was a fan favorite of millionaire backers before they pulled out.
@@Sabalas But Marcos was literally the only oligarch in those candidates If you remove the backers. He is even backed by more oligarchs so yeah you love your oligarchs
In Europe, that culture present among its people made the country great. But why is it not so in your philipines
Bureaucracy and corruption are big problems in the country. Federalization could really improve wealth distribution. It may seem quite a burden to undertake but it could be the solution the country long awaits. Also Nordic countries may look socialistic but they still make money through capitalism.
How? Federalization is only effective if those in power outside Metro Manila are not corrupt or corruptible. Sad to say majority of those in position right now are only for wealth not actually for public service, that's why we have political dynasties. Federalism gives them more power and budget. Do you actually think majority of that will go to improving the lives of their constituents? Nope. Duterte had the power to do it. He had the majority of lower and upper house of congress. Why didn't he push through with federalism?
@@mr.ghidorah4202 He was pushing it even after he left the palace. It even passed on the lower house already. Its the senate who were the problem.
@@mr.ghidorah4202 you can never get rid of corruption. But are you just gonna give up because there might still be corruption even when we all know we’ll never get rid of it? At least with separate states, it’ll be very obvious how wealth is managed and hopefully the competitiveness of even these corrupt dynasties would help improve the life of their constituents. Not saying that’s what I ask for, of course the less there is dynasties the better.
Nope. The problem is so deep rooted because it is historically and culturally based. And it has become systemic.
@@ponypower8 what do you think IS the problem then? There are many. I agree with your follow up statements but just saying “Nope” to corruption and bureaucracy being some of the reasons makes you sound like you’re benefitting from them. You also made it sound hopeless to be a Filipino living in the motherland.
I agree with the wealth disparity in the Philippines is huge but the statement "Only 40 individuals with half a million dollars or more" is so wrong. I personally know 20 people who have more than 500K USD (27+M peso) individually.
me too i dont believe the 40 only individuals with 500k usd thats only 27m pesos.
That’s a mistake tho, i think they meant half a billion because they already said there are 50k dollar millionaires
yeah maybe they were refering to 40 individuals with 500m usd or more
Don't believe western analysis, because their countries also plagues by same unequality
@@malakatan3235 they have a lot of homeless people too
Companies owned by one family and if there are tiny companies that have potential to grow they will buy it. Like telecommunications fucking so slow and very expensive...
Yes this is so true, that's why they control most of the market shares because they buy all companies with high potential growth.
If those companies oppose them, they can easily bring them down. So those companies have no choice but to agree, so sad.
Behind every wealth there is a crime.
😂
I agree about the disparity but saying there's only 40 individuals with half a million dollars or more in equity, is VERY INACCURATE at the very least.
Lowest Wages, Highest poor population welcome to Philippine society
I think the Philippines will strive to constantly improve itself & it’s society.
You mean half a billion dollars more. Do not put unreviewed postings such as this. It confuses the viewers
Filipino rich are the greediest
In Asiatic regions.. Eaton properties developed a high rise
Condo in Makati owned by Lucio
Tan.. Hr paid only funeral expenses
To12 employees on Elevator accidents . They died for nothing
In 2012, Filipino Folks!
He is the only living crony of Marcos.
Agreed! The oligarchs in the Philippines are one of the most ruthless as well. They like keeping the average Filipino poor for their own benefit.
@@jotunman627 you forgot Enrile
This is not about Philippines, this is about how good and perfect the Nordic countries.
Fun Fact: Filipino Oligarchs and Political Dynasties go hand in hand all the way to the Spanish era in the Philippines.
Manny Villar is a good man, he was a poor fisherman who became rich through hardwork, many of these capitalist kings made money through legitimate means etc.
5:59 Duterte is one of the best Presidents of the Philippines, that law passed by the Duterte Administration will now allow more foreign businesses in, it's funny how the Opposition to Duterte hate "traditional conservative politics" and Oligarchs and the poverty and inequality etc and want change,but when Duterte gives them the change they want which is this law that allows full foreign ownership etc, and encouraging FDIs ( foreign direct investments ) and so on, they complain and make bullshit reasons as to why this good change will be bad, I had an argument with my relative over this a year ago, I think during the lockdowns? 2021? They said that we'd be a slave to foreigners, my response? WERE ALREADY SLAVES TO OUR OWN PEOPLE, the only thing that will change is more opportunities for us to get richer and wealthier.
TRUE, the problem is historical, systemic and cultural.
To end this gap between poor and super rich Filipinos, foreign ownership should be relaxed. If we restrict a lot, only the oligarchs will progress and give very minimal salary to Filipinos. But if we have strong manufacturing industries, Filipinos will get decent salaries. Think Vietnam, Singapore because they have relaxed foreign ownership there FDI is superb
The problem with the Philippines is that majority of its voters are poor&uneducated who keeps on voting for corrupt politicians. Manny Villar for example became the richest man of the Philippines during DUTERTE ADMINISTRATION. The Villar's asset and wealth expand during the presidency of it's ally (Duterte). The Zobel de Ayala & Araneta family who are also the most powerful and influential families here in the Philippines have connections (friends) with our newly elected president Bongbong Marcos (the son of former dictator Marcos).
These two administration are campaigning to erase or to get rid of the OLIGARCHS of the Philippines but in reality they keep giving them opportunities to further expand their business & wealth AND MOST FILIPINOS ARE NOT AWARE OF THAT.
This video is like an ad for NFT lol
can you make videos about Filipino colonial mentality.
Grabe nga colonial mentality sa bansa natin😂😂😂
AS A POOR MAN I DONT HAVE THE ABILITY TO GO IN BUSINESS UNLIKE THOSE SUPER RICH WITH SO MUCH CAPITAL TO INVEST GO ON THEIR WAY TO MAKE PROFIT THEY ARE BUSINESS MINDED FOR INVESTMENT SO WE GOES ON SEPARATE WAYS BUT INTHE END POOR PEOPLE HAVE JOB BY THEIR INVESTMENT.
Very intelligent channel with a very good tittle.
Just like any other countries, the income disparity is so bad in the Philippines. Nothing much has progressed since 40 years. Is the governance to blame?
Philippines has high taxes already
Also norwegians dont sit all day watching telenobelas drinking cheap rhum and beer and have 8 kids
Hoping that in the near future, the wealth pyramid will go upside-down. :)
The ideal is a diamond (🔹) shape accdg to Marx. Where we both have very few rich at the top & poor at the bottom, and a very large middle class.
Didn't Axie already collapse?
that sounds like COMMUNISM.
@@7wins121 Not really... Communism is just like a pyramid, the officials are always on the top :)
@@HarmonyEdge Not really.. It just down like other major crypto and altcoins, and if you believed on the said coin, then just keep on hodlin'! :)
Btw, it's just my opinion and not a financial advice
Wahhh that worse for small country... Peaceful from Mindanao, Malaysia
Keep Dreaming
Malaysia, which in the future will be known as Southern Sulu or Southern Philippines.
I hope manila will be apart of Malaysia...greeting from Mindanao, Malaysia
@@titob.yotokojr.9337 Sulu is terrorist who is like taliban...and manila in future will be apart of Malaysia
@@titob.yotokojr.9337 Sulu will not join malaysia because its their enemy. Do you think they will join to a country who stole their land
At least they share all their money around to the poor..lol you wish..paying them $10 a day wages,less in retail .. they should be embarrassed really..
Philiphine crazy rich and monopolies ,?but philiphine poverty rate is 21% for 112 milion population ....
Yeah that's why he said it's one of the most unequal countries in the world... Ranking beside South American and African countries, Watch the video.
why is there indonesian commentimg here lol
Political corruption, these soulless politicains live like billionairs while their constituents live in poverty
@@kapitanpahl8839 why not
21% poverty rate??? Where'd you get that stat? You've probably only been to the upper class districts or neighborhoods. You truly are not aware or have not seen how many poor people there are in the Philippines. Maybe 3/4 of the population are poor. I guess your idea of poor is different. Maybe you think poor only means not being able to eat 3 full meals a day. *Poor means way more beyond that.*
please check your infographics
Well, it reminds Indonesians of the Suharto regime (1966 - 1998). Many key companies were often linked to his family or cronies. Fortunately, people power and the Reform Era in 1999 have erased many mafias although not all. At least monopolies are not as prevalent as 23 years ago.
Why are you blaming all those Filipino billionaires remember they came from nothing and start a small fishball business selling on the street of manila then earning a little income then they invested to small shop, getting more profits and then they start building their own company cmon guys..we can build a future even without those billions bucks your mindset and hardwork is enough to make you rich.💗💙💚
like me am sleeping allday yet my monthly income is high as 130k Php
BPI means Bank Of The Philippine Island
Ayala never went back to Spain
Don't care us, Filipinos never suffered famine. They are happy just for reasons....
1. going to church when weekend.
2. going to mall or streets for eating street foods.
3. going to Cockpit Arena to watch Cockfighting.
Filipino don't expect more.... because they believed money and properties can not be brought into the tomb when you rest in peace. 😀
For my fellow filipinos, notice that these statistics were records from up to 2015. So it refutes the claim of the yellows that the economy was doing great under their administration. Although it is true that the economy improved under Pnoy but what they conveniently excluded was who benefited from that "improved economy".
This video simply puts to light an idea of who benefits from improved economies when a country is ruled by oligarchy and monopolies.
P.s. I hope they could have also included the private businesses of politicians and monopolies of such families (but realistically that would be hard to do as most of these corrupt officials would run their businesses under different names and or hidden under the radar).
Vote wisely and don't sell your votes to corrupt officials. Vote for politician's that will benefit the country in the long term and not because they gave you a one time bribe (usually in the form of PPP, scholarship, etc).
Corruption where, Rich getting Richer while poor getting poorer. But they are happy because their favorite politicians won 😂
There are people living in the CEMETERY and under the bridge in Tondo. MAKE THE KINGDOM OF TONDO GREAT AGAIN.
"He was one of the few in the constitutional commission who wanted to do away with the 'Filipino First' provisions, Mr. Villegas told BusinessWorld. Because there wasn’t much competition from overseas, the ultra-nationalist protections soon gave rise to oligopolies, an outcome he described as 'Rich Filipinos First, Damn the Rest of Us.'" (from bworldonline)
Imagine there was a 1987 constitution framer that said he wanted the economic restrictions to be taken out?
This is why we have deep inequality between the rich and poor.
And it's not even that terrible that there are rich companies in the Philippines.
The problem is their control over the Philippine economy without outside competition!
We need to REMOVE these ECONOMIC RESTRICTIONS in the constitution and leave them flexible in legislation!
Nice! I’m based in 🇺🇸 Currently in Ph! 📍🛩🇵🇭#ElNido #Coron 🤿👙🚁 🛥 🇹🇭🇮🇩🇻🇳🇲🇽 🇨🇴 #4HourWorkWeek #ThinkAndGrowRich 🗝 * I think I ❤️ Medellin 🇨🇴💃🏽 the best!
The Nordic countries have 5 to 12 million population. Compared to 100 million in the Philippines. Sure the Philippines could do their thing if their pop was that small. If there were a 100 million people in Norway there's no way their model of welfare would work.
norway is an oild rich country too
2nd 🥈🥈
If you work hard, you will succeed. All of the super rich Chinoys came from nothing. The broader Filipinos just need to pull themselves up by the bootstraps.
For every 2000 filipinos
One is a millionaire in dollars
99 are middle class and the remaining 1900 live in poverty
untouchable?? just wait n see
And people still vote for mark villar wtf
Vilar and Psy family. Nice pronounciation.
For me they should help the poorest people every month ten percent of their income should be in poor if you want to be equal
The only way is to increase minimum wage to at least $20/day, The oligarchs could afford it, but also streamline the workforce,
lol, they re oligarch, if anything they will reduce it even more
The oligarchs does not want it. That’s extra cost to them and a big deal for their profits. They simply refuse to improve the salaries, benefits, and their overall products and services because they don’t have competition. Thats why we really have to open fdi and finally remove the 60:40 limit in the Constitution.
Nah. Those costs will just get passed to consumers, leading to more inflation.
Yet every day nearly 70 filipinos every day of TB
Only few people has a rich minded side. Me when i realized working on a company sucks i decided to invest on shares and stock
52,000 Dollar millionaires? In "cash" maybe but with skyrocketing property prices there are millions of dollar millionaires in "net worth".
Me working one of SY company and still struggling
This is how they keep their dozens of companies so profitable
MANY PROPAGANDAS TO WORRY ABOUT PHILIPPINES,, FROM THE BEGINING HELP MANY REFUGEES AND RICH OF HELPING PEOPLE NOT A VICTIM OF PROUD NATION WHICH
BEGAN BY WAR
Is just me or the narrator's voice is quieter than usual?
Manuel Villar's path from poverty to being a billionaire is a testament of income mobility in the Philippines. That's not even to speak of the Chinese immigrants who from abject poverty, caused by political instability in China, worked their way to wealth by starting entreprises and historically instituting exclusive ethnic economic communities and connections. However, Villar's real estate entreprise's monopolistic status and political connections are also an example of tendency towards crony capitalism in the country, at least nowadays.
Yes, MANUEL VILLAR grew up in poverty. He is now a billionaire. That's capitalism for ya.
Indeed the opening of ownership to foreign businesses is a change with promising prospects and is also the way Indonesia eclipsed the Philippines in GDP per capita in the 90s and 2000s (in addition to cheaper utilities that attracted foreign entreprise). It is also the way that Ireland became "the Celtic tiger" from being one of the poorest areas in Europe. The compromise is national pride in entrepreneurial ownership. Something that many currently developed countries exhibit. As in when South Korea was still poor Samsung had already existed for ages, among other examples.
They weren’t untouchable anymore since Duterte.
Nope
Hahahaha. Duterte just replaced them with his own cronies.
And still they want to rich more so greedy this people is
Baby fathers,god bless
Wrong info about San Miguel and Ayala.
I am a philipinian and i declare all the information in this video's are ALL WRONG.
Whats a philipinian ?
😆😅🤣😂
@@joebidet2050 a citizen of ccp china, rulers of earth.
Wdym 52000 dollar millionare ???😂
Yeah, makes no sense.
globe doesnt have 76 million subscriber anymore, around 10 million will be taken by dito soon at the end of the year
no wonder commoners are poor
Aquino family destroyed villar because he is one of the conteder in becoming president back in 2008 i think?? Aquino family is the greatest manipulator
Wala yan yung gf ko is only 21 and has 600b🤫lowkey lang😈 para sa futre and sa kaylangan
Vietnam parin da best
Questionable rich nation but no progress
The Spaniards never left
Poor majority...little super rich. Super rich start with political cooruption negotiotion
No to Socialism!!!
Aquino terrado chocolate 🍫
Huh...capitalism
Philippines is not free market
Poorly researched bordering to disinformation. Try harder Mr. Singaporean.
He's Filipino btw
Bugok lol
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I'm going to say this again why must I see you every time.
@@Radish.com.0 Obviously he wants ATTENTION. Maybe that's the only English word he knows.
@@s.t.santos5928 I know but its like you're walking to some place then you see this person then go to the same place again and see them again.
attention seeker pansinin nyo kasi yung country nila 🤣
thailand the s3x capital of asia , land of transformations, in every corner theres alot of girls who offers "boom boom" and a bugs cuisine. r u running out of decent food??