Rich country, poor people
-A A +AWednesday, March 6, 2013
A WORLD Bank official said the Philippines is finally becoming an Asian tiger economy.
"The Philippines is no longer the sick man of East Asia, but the rising tiger," World Bank country director Motoo Konishi said.
But about 25 million people, or one quarter of the population, still live on $1 (P40) a day or less in 2009.
The Philippines is a rich country, but the majority of the people are poor.
***
Former economic planning secretary Cielito Habito said that in 2011, the 40 richest families on the Forbes wealth list accounted for 76 percent of the country's gross domestic product (GDP).
According to the Forbes 2012 annual rich list, the two wealthiest
Filipinos, tycoons Henry Sy and Lucio Tan, were worth a combined $13.6 billion or six percent of the entire Philippine economy.
The rich got richer, the poor poorer.
***
The government is spending more than P40 billion this year for the conditional cash transfer (CCT) program to bridge the rich-poor divide.
This is simply a cash dole-out to some 15 million of the poorest Filipinos in exchange for their children going to school and pregnant mothers getting proper health care.
No need for the wealth from the rich to trickle down to the poor.
***
Mandaue City Mayor Jonas Cortes is considering the idea of buying the Cebu International Convention Center (CICC) and turning it into their new City Hall.
Capitol, the acting governor’s spokesperson said, has been spending more to maintain and operate the CICC, built for the 12th Asean Summit in 2007, than what it earns from the building.
If Mandaue buys it, there would be no need to convert CICC into a funeral house for the wealthy so that, as Rep. Tomas Osmeña said, it would earn more.
A World Bank official said the Philippines is finally becoming an Asian tiger economy.
"The Philippines is no longer the sick man of East Asia, but the rising tiger," World Bank country director Motoo Konishi said.
But about 25 million people, or one quarter of the population, still live on $1 (P40) a day or less in 2009.
The Philippines is a rich country, but the majority of the people are poor.
***
Former economic planning secretary Cielito Habito said that in 2011, the 40 richest families on the Forbes wealth list accounted for 76 percent of the country's gross domestic product (GDP).
According to the Forbes 2012 annual rich list, the two wealthiest
Filipinos, tycoons Henry Sy and Lucio Tan, were worth a combined $13.6 billion or six
percent of the entire Philippine economy.
The rich got richer, the poor poorer.
***
The government is spending more than P40 billion this year for the conditional cash transfer (CCT) program to bridge the rich-poor divide.
This is simply a cash dole-out to some 15 million of the poorest Filipinos in exchange for their children going to school and pregnant mothers getting proper health care.
No need for the wealth from the rich to trickle down to the poor.
***
Mandaue City Mayor Jonas Cortes is considering the idea of buying the Cebu International Convention Center (CICC) and turning it into their new City Hall.
Capitol, the acting governor’s spokesperson said, has been spending more to maintain and operate the CICC, built for the 12th Asean Summit in 2007, than what it earns from the building.
If Mandaue buys it, there would be no need to convert CICC into a funeral house for the wealthy so that, as Rep. Tomas Osmeña said, it would earn more.
Published in the Sun.Star Cebu newspaper on March 07, 2013.
Opinion
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