Duterte pledges to ‘free Philippine economy from oligarchs’

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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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”. 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...

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.

 

 

 



Support ASEAN news

Investvine has been a consistent voice in ASEAN news for more than a decade. From breaking news to exclusive interviews with key ASEAN leaders, we have brought you factual and engaging reports – the stories that matter, free of charge.

Like many news organisations, we are striving to survive in an age of reduced advertising and biased journalism. Our mission is to rise above today’s challenges and chart tomorrow’s world with clear, dependable reporting.

Support us now with a donation of your choosing. Your contribution will help us shine a light on important ASEAN stories, reach more people and lift the manifold voices of this dynamic, influential region.

 

 

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