The super-rich had bliss under Mr. Aquino, heaven under DU30
APOLL conducted in the last quarter of 2017 by Grant Thornton stated the obvious. Filipinos in business ranked 4th in global business optimism. A total of 36 economies were polled, from OECD economies to emerging ones, and that represented a sense of a global perspective from the business side of things.
The global average on business optimism was 58 percent, a decent one, but Filipino business executives, according to the poll, hit a high note of 86 percent, topped only by those in Indonesia, Thailand and The Netherlands. Of course, that was before the US Congress passed a “tax reform” package that was a giveaway to the super-rich, which Mr. Trump promptly bragged about in a meeting with the leaders of US business. Post the passage of the tax scam passed in the guise of a “reform package,” US business would have been polled as the most optimistic in the world.
The bullishness and the giddiness will heighten this year for Philippine business, and why not? If Philippine business had bliss under Mr. Aquino, they have heaven under Mr. Duterte.
The projection that the country’s largest corporations, by and large publicly-listed, will soon be reporting banner net earnings is not an idle, but an evidence-based, state- ment. Corporations that will report less than P5 billion in net earnings for 2017 will be praying that their earnings report may merit even three paragraphs in the business pages, to hide their shame. Those that will earn P1 billion or less will be tempted to do a – for failing to join the bandwagon of jumbo earners. And we all know to which pockets the earnings will go.
Considering the limited players in the equities market, cross-ownerships and the legal boondoggles that guarantee that the majority owners get most of the corporate gain, there is this assurance that after the dividends have been paid off, the bulk of the gains will go to the tycoons that control these corporations with uber earnings. The case of having your cake and the pleasure of eating it, too – that has been the story since Mr. Aquino assumed power.
The business professionals surveyed just reflected the Cloud 9 state of their principals in the Grant Thornton poll.
yearly income gains goes to the top 1 percent – the rest of the 40 percent makes do with the (crumbs) – is a little bit outdated, in the sense that the top 1 percent could get more in 2017, with another upward adjustment this year.
Like Mr. Aquino, Mr. Duterte allowed the status quo on labor bargaining to remain weak and ineffective. Even the pro- DU30 labor leaders will tell you that there has been a real effort to prop up the dying state of the trade