MANILA (Philippine Daily Inquirer): With President Rodrigo Duterte as its chief executive, the Philippines remained among the countries where crony capitalism — where a few favoured businessmen close to the government enjoy more economic advantages than others — has been flourishing.
The Economist’s latest crony-capitalism index showed that the wealth of billionaires in the Philippines surpassed 10 per cent of gross domestic product (GDP) in 2021. As a share to GDP last year, nearly a tenth were wealth generated in sectors regarded as crony-friendly.
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