NOY'S KEY BIZ ALLIES DISMAYED BY LACK OF FOCUS / FILIPINO BILLIONAIRES
MANILA, JUNE 27, 2011 (MANILA STANDARD) THREE of the country's most influential business groups said Friday President Benigno Aquino III must start delivering his promises to the public sooner than later as his administration would mark its first year in office on June 30.
The Makati Business Club, the Management Association of the Philippines, and the Philippine Chamber of Commerce and Industry gave allowances for the past year's performance of the administration, but they underscored the need for more action on the part of the government.
MBC executive director Peter Perfecto said the administration should address the drop in the President's approval ratings.
The recent surveys of the Social Weather Stations and Pulse Asia showed Mr. Aquino's ratings had dropped by at least 10 points since November.
"We feel that one year is probably enough to build the foundations," Perfecto said.
"[But] the government should not brush aside the results of the survey but instead take action. {In this next year we've got to move forward on the catch-a-big-fish campaign. We've got to bring some people to jail and we have got to make sure some of these casesx—they've filed more than 80 cases versus tax evaders and smugglers—come to conclusion very quickly." MAP's Jun Palafox claimed that the level of corruption appeared unchanged during the past year.
"On the corruption side, it hasn't been addressed effectively, or it was not being communicated how effective the Aquino government is in addressing corruption," Palafox said.
He said while Mr. Aquino's commitment to treading the proverbial straight path could not be questioned, the same might not be said of his officials.
[PHOTO - MAKATI BUSINESS CLUB MEETING]
"We believe in the President's sincerity and honesty but the question is, are some of the people below him or around him on the same page as the President?"
PCCI chairman Sergio Ortiz-Luis cited the sluggish spending on infrastructure projects.
"If you look at the numbers, you're inclined to really feel dissatisfied," Ortiz-Luis said.
Presidential Communications Development and Strategic Planning Office head Ramon Carandang acknowledged the concerns of the business groups.
"The slow spending during the first quarter was really due to a more careful evaluation of the infrastructure projects," he said.
"The spending is now starting to pick up."
FROM YAHOO ASIA
2011 FORBES LIST: PHL HAS A RECORD 11 BILLIONAIRES
By AFP MANILA - A booming stock market has expanded the Philippines' billionaires' list to a record 11, with the combined wealth of the 40 richest also hitting an all-time high, Forbes.com said Thursday.
Shopping mall king Henry Sy, 86, saw his assets surge 44 percent to $7.2 billion over the past year and remains the Philippines' richest man, the website said in its annual update of the country's wealthiest.
Lucio Tan, 77, tobacco tycoon and former crony of the late dictator Ferdinand Marcos, kept his spot at number-two with $2.8 billion, while budget airline king John Gokongwei, 83, remained third-richest with $2.4 billion.
Six Filipinos became billionaires for the first time as the paper value of their shares in listed companies soared, boosting their select group's numbers to a record 11.
"The Philippines' economy grew only 4.9 percent in the first quarter of the year... off from 8.4 percent in 2010, but the country's stock market is booming," Forbes said, explaining the surge.
"The stock exchange's composite index is up 27 percent since last year, surpassing its 2007 benchmark."
This also lifted the combined fortunes of the country's 40 richest to an all-time high $34 billion, up from last year's $22.8 billion, the website reported.
Among the six new billionaires are construction magnate David Consunji, 90, and port operator Enrique Razon, at 51 the youngest Filipino with 10-figure assets.
The others are San Miguel Corp. chairman Eduardo Cojuangco, 76, former finance minister Roberto Ongpin, 74, banker George Ty, 78, and hamburger king Tony Tan Caktiong, 58, of the Jollibee restaurant chain.
Ongpin, a key San Miguel shareholder, was the biggest gainer as his wealth increased more than four-fold to become ninth-richest at $1.3 billion, owing mostly to his other investments in a listed gold mining firm.
Jaime Zobel de Ayala, 77, former head of top conglomerate Ayala Corp., slid two rungs to sixth-richest but his fortune still grew 35.71 percent to $1.9 billion.
Property developer Andrew Tan, 58, became the country's fourth-wealthiest man with $2 billion.
The youngest on this year's Filipino richest list was Edgar Sia, a 34-year-old college dropout now worth $85 million after selling his chicken-barbecue restaurant chain to Jollibee.
Forbes said the Filipino rich were also among Asia's most magnanimous.
Lucio Tan sent 700,000 bottles of water to tsunami-hit Japan, and his charity foundation has been a big backer of teacher training, medical missions and housing for the poor, it added.
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Chief News Editor: Sol Jose Vanzi
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