'Forbes list of richest Pinoys highlights economic gap'

MANILA, Philippines - The Forbes list of the 50 wealthiest Filipinos only highlights the widening gap between the rich and the poor in the country, a militant group claimed on Friday.

Bagong Alyansang Makabayan (Bayan) said the Forbes list "belies any claim of inclusive growth" in the country amid the recent economic gains being trumpeted by the government.

"The persons included in the Forbes list own companies that control every aspect of the Filipino’s life... Their mind-boggling wealth comes into stark contrast with the worsening poverty and unemployment of many Filipinos," Bayan said in a statement.

The Forbes list revealed that the combined wealth of the 50 richest Filipinos is worth $65.8 billion or about P2.8 trillion, which is more than a quarter of the Philippines' gross domestic product.

Related story: Richest Pinoys' wealth: P2.8 trillion, more than a fourth of GDP

Shopping mall mogul Henry Sy, whose net worth was estimated at $12 billion or P521 billion, was ranked as the richest Filipino for the sixth consecutive time.

Malacañang expressed no worry on the matter, saying the businesses of these billionaires even help the economy.

"Yung mga kumpanya naman po for instance nina Ginoong Henry Sy, marami po silang ine-employ na tao," said Presidential Spokesperson Edwin Lacierda.

"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," he added.

Related story: Malacañang: 50 Pinoy billionaires help boost economy

Bayan said there can be no inclusive growth "so long as the entire economy is controlled by a few."

"The regime has consistently favored the few Forbes billionaires while further marginalizing the poor," the group said.

Earlier this year, the National Statistical Coordination Board (NSCB) revealed that poverty incidence in the country practically remained unchanged with almost three out of 10 FIlipinos living below the poverty line in the first half of 2012.

The agency reported that poverty incidence was estimated at 27.9 percent during the first semester of 2012.

"Comparing this with the 2006 and 2009 first semester figures estimated at 28.8 percent and 28.6 percent, respectively, poverty remained unchanged as the computed differences are not statistically significant," it said.

On Wednesday, a Pulse Asia survey said four in every ten Filipinos think that the national economy is no different from last year.

The survey also showed that 29 percent of the respondents think the state of the national economy worsened while 28 percent think it is now better.

Pulse Asia said a small majority of those saying that the state of the economy worsened is strongly affected by such economic deterioration while nearly half of those who think that the economy grew are somewhat affected by such growth.

Related story: 4 in 10 Pinoys think economy is unchanged: Pulse Asia