Joined up thinking for the Irish Left
New Books Worth Reading Mon Sep 19, 2016 23:25 | Seán Sheehan
13 Billion ? Lucky for some? Mon Sep 05, 2016 13:04 | Tony Phillips
Rebuilding Ireland: Long on Promise, Short on Detail Mon Aug 29, 2016 22:20 | Eoin O'Mahony
Brexit and Other Issues: Comments on the Current Situation Mon Aug 29, 2016 21:52 | Brendan Young
Bin Charges: From Private Circus to Public Service Tue Jun 21, 2016 12:38 | Michael Taft
Irish Left Review >>
Fake News: The Epistemology of Media Wed Jun 07, 2017 11:52 | Gavin Mendel-Gleason
Officials and Provisionals Sat Apr 01, 2017 22:54 | James O'Brien
Interview with Cathal Goulding Mon Dec 26, 2016 17:11 | Cathal Goulding
Trump, Russia and the CIA Sat Dec 10, 2016 18:23 | Gavin Mendel-Gleason
Why is my rent so high? Mon Oct 31, 2016 18:51 | Gavin Mendel-Gleason
Spirit of Contradiction >>
Life should be full of strangeness, like a rich painting
Notes for a Book on Money and the Irish State - The Marshall Aid Program 15:10 Sat Apr 02, 2016
The Financial Crisis:What Have We Learnt? 19:58 Sat Aug 29, 2015
Money in 35,000 Words or Less 21:34 Sat Aug 22, 2015
THE WRATH OF KANE: BANKING CRISES AND POLITICAL POWER 09:32 Fri Jan 30, 2015
ALWAYS THE ARTISTS: WEEK THREE OF THE BANK INQUIRY 23:11 Thu Jan 22, 2015
Dublin Opinion >>
Farewell from NWL Sun May 19, 2013 14:00 | namawinelake
Happy 70th Birthday, Michael Sun May 19, 2013 14:00 | namawinelake
Of the Week? Sat May 18, 2013 00:02 | namawinelake
Noonan denies IBRC legal fees loan approval to Paddy McKillen was in breach of E... Fri May 17, 2013 14:23 | namawinelake
Gayle Killilea Dunne asks to be added as notice party in Sean Dunne?s bankruptcy Fri May 17, 2013 12:30 | namawinelake
NAMA Wine Lake >>
Despite growth in the Philippines, labor underscores systemic failure in rising inequality
Sunday August 31, 2014 04:13 by Labor Party - Philippines
Exclusive growth for exclusive group of wealthiest businessmen.
This is how Partido Manggagawa (PM) reacted to the twin reports that came out the other day. The party reiterated its position that “walang naituwid, walang naitawid,” as the economy remained systemically non-inclusive.
The first report came from the Philippine Statistics Authority (PSA), announcing the 6.4 percent growth posted by the Philippine economy during the second quarter. This growth rate, according to the government, is considered to be the best performing in Southeast Asia.
The second report is an updated list of 50 wealthiest Filipinos released by Forbes Magazine which showed their combined wealth rising by 12 percent from $68.5-B in 2013 to $74-B this year.
In a press statement Thursday, Forbes Magazine said this year’s list reflected two driving forces of the Philippine economy: construction and consumption. This jibes with the PSA findings which show consumption, propped up by the steady growth of OFW remittances, as the main driving force of the Philippine economy.
According to PM, the Philippines’ richest capitalists control the economy in an oligopolistic manner. They own the industry, the banks, real property, the highways, the biggest media networks, as well as the privatized essential services like power and water.
PM chair Renato Magtubo said, “Growth, however fast and vast it is, makes no difference if it lurks in exclusivity for the country’s 1% while the 99% remain at the corners of terminal marginality.”
Magtubo said today’s growth remains jobless and in fact, an offensive narrative amid high prices of basic goods and services.
According to PM, the country’s unemployment rate hardly changed from 7.1 percent in 2010 to 7% in April this year. The same with underemployment, from 19.6 percent to 19 percent. This unemployment figure is even worse if we compare it to the 1986 rate of 6.7 percent or the 5.2 percent in 1976.
So where did this GDP growth go? PM disclosed that the combined net worth of the richest 10 of the more than doubled since 2006. Henry Sy’s fortune alone for instance climbed by 217 percent from $4-B in 2006 to $12.7-B in 2014; Lucio Tan to $6.10-B from $2.3-B or 165 percent; and John Gokongwei to US$4.9-B from US$700 million or 600 percent.
At the other end, workers’ real wage remained at starvation level, increasing only by 41% from Php258 per day in 2006 to Php363 in 2013.
In contrast the combined wealth of the richest 50 amounting to Php3.24 trillion is equivalent to a one year income of 26 million minimum wage earners.
Unfortunately only half the country’s employed persons are wage and salaried workers. The other half live on own account or self-employed.
Magtubo said these talks about economic cha-cha, term extension, impeachment, and the early onset of 2016 elections have overshadowed the discourse on inequality which workers believed is equally important if not more fundamental than issues of good governance.
“In fact even in governance, the political side of inequality is even more pronounced with the three main branches of government ruled by multimillionaires,” added Magtubo.
The group said exposing, educating and mobilizing workers against this evil shall be its priority as the party believes that this is where the past and present trapo (traditional politicians) rulers perpetually fail.
Partido Manggagawa (PM)
Labor Party - Philippines