The richest Filipinos should help the poor more
With today's runaway inflation, worsening poverty, and rising cost of living, the nation should reflect on socio-economic realities. We are a rich nation, but, alas, 90 percent of our people are struggling in extreme poverty. The rich are wallowing in too much wealth. The question is not how rich they are but how much they care for the people who work for them, the workers who make them richer every day. The taipans and landowners should examine their social conscience.
The Forbes annual list of the world's richest people includes 12 Filipinos, businessmen, taipans, tycoons, and industry magnates mostly of Chinese descent. Here they are with their respective net worth: 1.) Henry Sy Sr., $20 billion; 2.) John Gokongwei Jr., $5.8B; 3.) Enrique Razon Jr., $4.9B; (4). Lucio Tan, $4.7B; 5.) Tony Tan Caktiong, $4B; 6.) George Ty, $3.9B; 7.) Manny Villar $3B; 8.) Andrew Tan, $2.7B, 9.) Ramon Ang, $2.5B; 10.) Robert Coyiuto $1.4B; 11.) Eduardo Cojuangco Jr. $1.3B; and 12.) Roberto Ongpin, $1.1B.
Henry Sy, 93, the founder of the SM group, has always been number one for the past ten years. In only 12 months, Sy increased his wealth from $12.7B in 2017 to $20B (the increase in one year is even more than the combined wealth of Ongpin, Cojuangco, Coyiuto, and Ang over many years). Moreover among 2,208 multibillionaires in the whole world, Sy is 52nd globally. This achievement should also translate to corporate social responsibility, more so because millions of Filipinos are below poverty line.
John Gokongwei, 91, is our pride, being a Cebuano. With his JG Summit, Robinsons, Cebu Pacific, and other brands he has the chance to overtake Sy given 10 more years. Enrique Razon (along with Villar) is the only non-Chinese. He is the king of ports and casino hotels, (Solaire, etc.). Lucio Tan of the LT Group, 83, owns PAL, Tanduay, Asia Beer, and UE where this writer has taught in the College of Law for the past 25 years. These rich Filipino businessmen are expected to help address poverty and social injustice.
Tony Tan Caktiong owns Jollibee, Asia's fastest-growing fast food chain (which has beaten McDonalds in the Philippines). George Ty owns Metrobank, the Philippine Savings Bank, and AXA Insurance, among others. Manny Villar, 68, owns the Vistaland and Camella Homes empires and the AllHome group also. Ramon Ang, 64, is the president of San Miguel Corp., his chairman is Danding Cojuangco. San Miguel is perhaps the best employer in the Philippines. I should know. I worked there for 12 years.
In a country with more than 50 million poor people, these 12 wealthy men are providing jobs to thousands of Filipinos, paying millions in taxes to the government, and are driving the economy to more prosperous times. I hope they could help more and more people in more ways than what they have done so far all these years. The bottom line question is: Do they really care for their people?
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