MANILA: The Palace is not worried that the combined wealth of the 50 richest Filipinos is worth more than a quarter of the country’s gross domestic product (GDP).
At a televised press briefing, presidential spokesperson Edwin Lacierda said the businesses of these billionaires help the Philippine economy as they provide jobs to the people.
He pointed out that companies such as Henry Sy’s have employed numerous people. “One mall would hire so many people... It provides an avenue, an opportunity where businesses can be established because people converge in that particular (area), for instance, a mall,” added Lacierda. He said economic growth can be expected since people patronize these malls.
“In turn, when there is a sale, it generates income for the businesses, which provide employment,” said Lacierda.
According to the Forbes’ list of billionaires in the Philippines as of July 31, the combined wealth of the 50 richest Filipinos and their families is pegged at $65.8bn or about P2.8trn. A Forbes article noted that this amount is more than a quarter of the country’s GDP.
Shopping mall mogul Henry Sy, whose net worth was estimated at $12bn or P521bn, was ranked as the richest Filipino for the sixth consecutive time.
Other billionaires listed on the top 10 were Lucio Tan, Andrew Tan, Enrique Razon, John Gonkongwei Jr, Jaime Zobel de Ayala, the Aboitiz family, and David Consunji.
Several of these billionaires own a number of businesses and have “diversified” sources of wealth, according to Forbes.
The Philippine star
