How to get rich in this country
Forbes’ list of 50 richest Filipinos states their main industry lines. From numerous stories written about them, most made their wealth by dint of hard work. They started poor but persevered against all odds. Entering fields where others had pioneered, they innovated, expanded, and overcame obstacles. Common among them is thrift, and turning nights into days planning and executing the right moves. See list:
(1) Henry Sy, $18B; (2) John Gokong-wei Jr., $5.5B; (3) Enrique Razon Jr., $4.3B; (4) Lucio Tan, $4.2B; (5) Jaime Zobel de Ayala, $3.7B; (6) David Consunji, $3.68B; (7) George Ty, $3.6B; (8) Tony Tan Caktiong, $3.4B; (9) Andrew Tan, $2.5B; (10) Ramon Ang, $2.3B;
(11) Lucio and Susan Co, $1.8B; (12) Manuel Villar, $1.65B; (13) Iñigo & Mercedes Zobel, $1.6B; (14) Robert Coyiuto Jr., $1.5B; (15) Mercedes Gotianun, $1.4B; (16) Roberto Ongpin, $1.15B; (17) Eduardo Cojuangco, $1.1B; (18) Dean Lao, $1B; (19) Ricardo Po Sr., $980M; (20) Betty Ang, $880M;
(21) Edgar Sia, $820M; (22) Oscar Lopez, $760M; (23) Beatrice Campos, $650M; (24) Carlos Chan, $620M; (25) Alfredo Yao, $600M; (26) Frederick Dy, $520M; (27) Jacinto Ng, $420M; (28) Jose & Robbie Antonio, $400M; (29) Michael Cosiquien, $385M; (30) Jorge Araneta, $380M;
(31) Edgar Saavedra, $375M; (32) Mariano Tan Jr., $370M; (33) Jon & Mikel Aboitiz, $350M; (34) Manuel Zamora, $280M; (35) Wilfred Steven Uytengsu Jr., $240M; (36) Vivian Que Azcona, $230M; (37) Eric Recto, $225M; (38) Jose Ma Concepcion, $220M; (39) Bienvenido Tantoco Sr., $190M; (40) P.J. Lhuillier, $180M;
(41) Felipe Gozon, $170M; (42) Menardo Jimenez, $165M; (43) Walter Brown, $160M; (44) Gilberto Duavit, $155M; (45) Eusebio Tanco, $150M; (46) Juliette Romualdez, $145M; (47) Michael Romero, $135M; (48) Erramon Aboitiz, $130M; (49) Luis Virata, $125M; (50) Philip Ang, $120M.
The second common feature of the richest Filipinos is education. Not all went to prestigious schools, and some did not even finish college for some reason. But in interviews nearly all extol the value of formal learning. Most trained in business management, some in engineering or law, the rest in social sciences, humanities, and arts. A good number pursued post-graduate specializations. Not all were exemplary students. They prescribe good education for all. By that, whether in institutions or by peer instruction, they mean vast absorptive capacity for learning.
A number of them were born into wealth, the third factor. Their parents either created the wealth or themselves descended from dons. That doesn’t mean the old rich in the Forbes list are idle. They had to study and work as hard as the rags-to-riches to stay ahead of the pack. It’s easy for next generations to lose the wealth their ancestors had built up; that they’re still there means they strived. Perhaps a corollary to this third factor is marrying into wealth.
* * *
There’s a fourth way of becoming super-rich in the Philippines: politics. But those in the category are unlisted. Understandably so, for their source of wealth is dirty and needs hiding. Sometimes some momentarily are exposed in the media. Oftentimes they are able to stay under the radar through individual laundering and collective cover-up. Recently pointed up, in relation to the latter style, is the collusion among congressmen from both the administration and opposition to restore the illegalized pork barrels.
Still the politicos’ vast wealth are well known to constituents. They are the biggest vote buyers in three-yearly elections. They own mansions in their locales and provincial capitols, in Metro Manila, and in America and Europe. They control local businesses like radio stations, banks, malls, construction supply shops, and gas stations. Favorite investments are private resorts – readily identifiable by the tasteless designs and the concrete roads and helipads leading to them, built with taxpayers’ money.
They amass wealth by plundering that of the nation’s. The common ways are through contract kickbacks and state franchises. They place in positions relatives and friends who help expand and protect their loot. Time was when political dynasties competed to build up wealth of around P200 million. Nowadays their target is P2 billion, and that’s just in the poorer provinces and cities.
Politicos also control vice in their jurisdictions. They finance the illegal numbers games: jueteng in Luzon; masiao in Visayas and Mindanao. Illegal gambling thrives in barrios where a big enough segment of the population knows how to play. The politicos’ cobradores, bet collectors, entice even pre-teenagers to try for the jackpot of a few thousand pesos. Starting them young ensures next-generation bettors.
Since the politicos-cum-vice lords already had the foot soldiers of cobradores, they consequently branched out to drugs. Peddled in the city and barrio alleys is shabu, methamphetamine hydrochloride, the poor man’s cocaine. Drugs, ably spread by narco-politicians, are said to trade up to P300 billion a year. In 2013 Forbes listed Joaquin “El Chapo” Guzman, head of Mexico’s Sinaloa drug syndicate, among the world’s richest.
Unlike the 50 legitimately richest Filipinos, most politicos are unworthy of emulation.
* * *
Catch Sapol radio show, Saturdays, 8-10 a.m., DWIZ (882-AM).
Gotcha archives on Facebook: https://www.facebook.com/pages/Jarius-Bondoc/1376602159218459, or The STAR website http://www.philstar.com/author/Jarius%20Bondoc/GOTCHA
- Latest
- Trending
