2 Million Jobs is the Table Stake for Prosperity
by Caesar Parlade
I read the entertaining Bizbuzz almost as assiduously as I read the front pages. Business “tsismis” (gossip) can be relied on to provide an amusing note to the morning.
One recent Bizbuzz article, though, got me thinking and prompted me to write this blog-post. The article mentioned that Salcedo Auctions recently reported a record auction value of PHP 329 million, including fine art by Philippine masters such as Amorsolo, Manansala and Joya. The article goes on to conclude that the Philippines is a rich country masquerading as a poor one.
I checked the latest CIA Factbook per capita GDP rankings and the Philippines is number 154 out of 230 countries. The Philippines is in the bottom third of the rankings despite having the 34th largest economy in the world. To make matters worse, the Philippines has 7(!) billionaires in the 2017 Forbes list of the 500 Richest People in the World, while also having the 45th most unequal income distribution in the world ….
We are not a rich country masquerading as a poor one. We are a poor country with intolerable income inequality. This fact was unleashed in the last Presidential elections and has led to the political polarization we find our country in today. (Read the full article)
About the author:
Caesar is a Senior Consultant of Reyes Tacandong & Company, a member firm of RSM Global. He was previously the Chief Operating Officer of ANZ Global Services and Operations (Manila), Inc. He has worked in various executive positions, including General Manager for Deutsche Knowledge Services, Pte. Ltd., Controller for Deutsche Bank AG, Manila, and Executive Vice President of the Philippine Deposit Insurance Corporation and the President of the Philippine Depository & Trust Corporation.
A CPA, Caesar earned his undergraduate degree in Business Administration and Accountancy at the University of the Philippines, holds a Postgraduate Diploma in Financial Management from the Netherlands International Institute of Management RVB, participated in the Accelerated Development Program at the London Business School, and is a Hubert H. Humphrey Fellow in Banking at Boston University.
