According to World Bank country director Motoo Konishi, the Philippines "is no longer the sick man of East Asia, but the rising tiger." True as it may seem, PH has registered one of the highest growth rates in Asia since the Aquino administration started.
However, could the issue of 'inclusive' growth several years ago still be the same issue of today? There must be some truth in it. Here are some facts which that economic gains do not trickle down the bottom classes.
1. In 2009, about 25 million Filipinos or 1/4 of the population lived on $1 dollar a day or less.
2. In 2011, the 40 richest families in the Forbes wealthy list accounted for 76 percent of the total gross domestic product (GDP) of the Philippines. That's very high compared to Thailand's 33.7 petcent, Malaysia's 5.6 percent, and Japan's 2.8 percent.
3. In 2012, the two wealthiest people in the Philippines were worth a combined $13.6 billion, which is approximately six percent of the Philippine economy.
4. Minimum wages have not been increased to a point that could significantly impact the lives on the lowest social strata, despite corporate gains obtained by owners of profitable Philippine companies and corporations. Hence, the owners get increases, yet the workers don't.
5. Politics is a game-changer, with regards to effectiveness of public policy that negatively impacts PH capitalists and business owners.
6. Some sectors of the Philippine economy are under monopoly or duopoly; thus, prices of commodities (may it be goods or services) can easily be controlled and eventually directly affect the customer base - a big portion of which is powered up by the middle class.
