Duterte pledges to ‘free Philippine economy from oligarchs’

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duterte-relaxedPhilippine President Rodrigo Duterte said that he was taking steps to open up the economy to new players and foreign investors, including in power, energy and telecom, in a bid “to share its growth and fight “all forms of protectionism”.

The statement was directed towards the handful of rich family-led conglomerate that dominate large parts of the economy, with foreigners absent in many areas.

The outspoken former mayor told the country’s oligarchs he owed them no favours and they should be “content with their billions.”

Duterte, who was swept to office in May by a huge margin on a platform tilted toward the poor, said he had consciously shut powerful tycoons out of his election campaign and where his reform plan was concerned they would have to like it or lump it.

“The only way to make this country move faster to benefit the poor is really to open up communications, the air waves and the entire energy sector,” he told a news conference in his home city of Davao last week.

“Or else, you can count on your fingers the power players of this country. I would not say that they are the elite,” he added.

“The only way for deliverance of this country is to remove it from clutches of the few people who hold the power and money,” Duterte said.

The Philippines currently has 21 billionaires, according to Forbes Magazine, with a record number in 2016. The richest, Henry Sy and his family, has a net worth of close to $14 billion. Other billionaires include John Gokongwei, Jr., the Aboitiz family, Lucio Tan, George Ty, Tony Tan Caktiong, Jaime Zobel de Ayala, Enrique Razon, Jr. and a over a dozen more.

 

 

 

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Reading Time: 1 minute

Philippine President Rodrigo Duterte said that he was taking steps to open up the economy to new players and foreign investors, including in power, energy and telecom, in a bid “to share its growth and fight “all forms of protectionism”.

Reading Time: 1 minute

duterte-relaxedPhilippine President Rodrigo Duterte said that he was taking steps to open up the economy to new players and foreign investors, including in power, energy and telecom, in a bid “to share its growth and fight “all forms of protectionism”.

The statement was directed towards the handful of rich family-led conglomerate that dominate large parts of the economy, with foreigners absent in many areas.

The outspoken former mayor told the country’s oligarchs he owed them no favours and they should be “content with their billions.”

Duterte, who was swept to office in May by a huge margin on a platform tilted toward the poor, said he had consciously shut powerful tycoons out of his election campaign and where his reform plan was concerned they would have to like it or lump it.

“The only way to make this country move faster to benefit the poor is really to open up communications, the air waves and the entire energy sector,” he told a news conference in his home city of Davao last week.

“Or else, you can count on your fingers the power players of this country. I would not say that they are the elite,” he added.

“The only way for deliverance of this country is to remove it from clutches of the few people who hold the power and money,” Duterte said.

The Philippines currently has 21 billionaires, according to Forbes Magazine, with a record number in 2016. The richest, Henry Sy and his family, has a net worth of close to $14 billion. Other billionaires include John Gokongwei, Jr., the Aboitiz family, Lucio Tan, George Ty, Tony Tan Caktiong, Jaime Zobel de Ayala, Enrique Razon, Jr. and a over a dozen more.

 

 

 

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