According to a recent report by Oxfam International, the nine wealthiest individuals in the Philippines possess more wealth than 55 million, or half of the entire population of the country. The Survival of the Richest report also highlighted that the poor in the Philippines are unable to recover from the lingering impact of the COVID-19 pandemic and high prices of commodities such as red onions.
“Inequality experienced in the Philippines is starker with the 9 richest Filipinos having more wealth than the bottom half or 55 million of the population,” said Oxfam Pilipinas Executive Director Erika Geronimo. “It is quite disheartening to see many are dying due to lack of health care or are experiencing hunger amid high cost of food while the rich increased their wealth during the pandemic,” she added.
The report, which cited data from Forbes’ Billionaires List and Oxfam data, also revealed that since 2012, the number of those worth $5 million (P278.24 million) and above has increased by almost half or 43.5 percent. Geronimo stated that if a wealth tax was imposed on Filipino millionaires, the country could raise some $3.8 billion a year, which is enough to increase the health budget by two-fifths.
The report also highlighted global inequality, stating that during the pandemic years, some $26 trillion or 63 percent out of all new wealth worth $42 trillion was captured by the richest 1 percent, while $16 trillion or 37 percent went to the rest of the world put together. A billionaire gained about $1.7 million for every $1 of new global wealth earned by a person in the bottom 90 percent, the report said, adding that billionaire fortunes have increased by $2.7 billion per day.
The report cited data from Forbes’ Billionaires List and Oxfam data, it said.
The following are the richest in the country according to the Forbes list Philippines’ Richest in 2022:
1. Sy siblings (net worth: $12.6 billion)
2. Manuel Villar (net worth: $7.8 billion)
3. Enrique Razon Jr. (net worth: $5.6 billion)
4. Lance Gokongwei and siblings (net worth: $3.1 billion)
5. Aboitiz family (net worth: $2.9 billion)
6. Isidro Consunji and siblings (net worth: $2.9 billion)
7. Tony Tan Caktiong and family (net worth: $2.6 billion)
8. Jaime Zobel de Ayala and family (net worth: $2.55 billion)
9. Ramon Ang (net worth: $2.45 billion)
In light of these findings, Oxfam is urging governments to increase taxes on the richest 1 percent to at least 60 percent of their income from labor and capital. It is also calling for taxes on the wealth of the richest 1 percent “at rates high enough to significantly reduce the numbers and wealth of the richest people, and redistribute these resources.” Gabriela Bucher, Executive Director of Oxfam International, stated that “taxing the super-rich and big corporations is the door out of today’s overlapping crises.” She added that “taxing the super-rich is the strategic precondition to reducing inequality and resuscitating democracy. We need to do this for innovation. For stronger public services. For happier and healthier societies. And to tackle the climate crisis, by investing in the solutions that counter the insane emissions of the very richest.”
