DEPARTMENT OF SCIENCE & TECHNOLOGY
PHILIPPINE STATISTICS AUTHORITY
2018 BANTOG DATA MEDIA AWARDS CHAMPION
BusinessMirror A broader look at today’s business
www.businessmirror.com.ph
n
Sunday, May 12, 2019 Vol. 14 No. 214
2018 EJAP JOURNALISM AWARDS
BUSINESS NEWS SOURCE OF THE YEAR
P25.00 nationwide | 2sections 16 pages | 7 DAYS A WEEK
WORKERS prepare to burn an effigy of President Duterte during a rally near Malacañang in celebration of International Labor Day on May 1, 2019. The workers scored Duterte for allegedly reneging on his campaign promise three years ago to end temporary hiring, known as “contractualization” or “endo” (end of contract). AP/BULLIT MARQUEZ
BARE-KNUCKLE BRAWL May midterm polls bring military, listed Leftist groups to the ‘legal’ political area
L
By Rene Acosta
IKE most Filipinos, the military is keenly anticipating the results of the midterm polls on Monday, which it has considered as an extension of its campaign against the Communist Party of the Philippines and its armed wing, the New People’s Army (CPP-NPA).
For the Armed Forces of the Philippines (AFP), the Makabayan bloc, which represents progressive groups, but which military officials consistently accuse as a communist front, the midterm elections are turning up to be a decisive battle for both of some sort, minus the guns and usual killings that go with a conventional counterinsurgency campaign. Like the candidates from the opposition and administration seeking seats and fiercely going
after each other’s throats, the military and these groups also carried out a series of vicious and bruising campaigns, with the rhetorical attack waged by the military even degenerating to exchanges of gutter language. The military, through Maj. Gen. Antonio Parlade, the deputy chief of staff for civil-military operations, had used every occasion leading to the elections to attack and mock the Makabayan bloc, to the extent of calling the rather
feisty Left-leaning group as the “Kamatayan” bloc, or death bloc.
Election sidelight preview
WHILE Parlade was mounting a sustained attack against the Makabayan, the aggrupation of party-list groups in Congress representing various causes, a survey, however, showed that organizations under the aegis of Makabayan landed on the top 3 rankings of most favored party-list groups. Bayan Muna party-list Rep.
Carlos Zarate said the results of the populist survey were an indictment against the government, along with its “abusive and corrupt officials.” “We are glad that many people recognize the hard work of Bayan Muna in fighting for higher wages, pension and benefits, as well as doing all it can to stop power, oil and water rate hikes,” he said. While Bayan Muna and the rest of the party-list groups in the Continued on A2
The rise of India’s new billionaires (and the fall of the old) By P R Sanjai & Saritha Rai
I
“The business environment has improved over the years,” said Charles Dhanaraj, a professor at the Fox School of Business at Temple University in Philadelphia. “The availability of venture capital and private equity has changed the opportunity space for promising businesses. So we should see more of these startups and scaleups in the coming years.” Here are some well-known names who have seen a shift in their fortunes:
Bloomberg News
NDIA is going through one of the greatest periods of wealth creation— and destruction—all at the same time.
A new breed of self-made entrepreneurs is vaulting into the ranks of the wealthy, offsetting billions lost by debt-burdened industrialists and members of the country’s old dynasties. The changes are set to help India’s ultra-rich population grow at the world’s fastest pace. It’s a shift shaped partly by a debt-fueled expansion that left businesses from power generation to airlines with $190 billion in soured loans. Over the past few years, Prime Minister Narendra Modi’s government has cracked down on delinquent borrowers, and India’s banks moved to seize
their assets, a dramatic change for a country where the wealthy once enjoyed almost complete protection. While old business clans continue to dominate India’s rich lists, a tenfold expansion in its economy since its opening in the 1990s has spawned new tycoons in fields like technology. The number of billionaires in India more than doubled to 119 between 2013 and 2018, according to Knight Frank. And the country will lead the global growth in ultrahigh net worth individuals, with its numbers rising 39 percent to 2,697 by 2023, the researcher estimates.
PESO EXCHANGE RATES n US 52.2480
OLD MONEY Telecom Troubles
VIJAY MALLYA
JASON ALDEN/BLOOMBERG
ANIL AMBANI, the younger brother of Asia’s richest man, inherited some of the newer businesses of Reliance Industries Ltd. in 2005 as part of a settlement with older sibling, Mukesh, following the death of their father Dhirubhai Ambani three years earlier. Now, more than a decade later, the younger Ambani has been fending off creditors and Continued on A2
n JAPAN 0.4761 n UK 68.0164 n HK 6.6573 n CHINA 7.6548 n SINGAPORE 38.2966 n AUSTRALIA 36.5109 n EU 58.6484 n SAUDI ARABIA 13.9320
Source: BSP (May 10, 2019 )