Oligarchs and cronies
This is what seems to ail every Filipino who is with the opposition since Bongbong Marcos filed his certificate of candidacy for President.
Despite their claims to the contrary, cronyism never left and it is not indigenous to President’s with Marcos as their surnames. It has been the practice since the Spanish period and continued on with the American and all throughout to the second Aquino administration. It is part and parcel of politics and business in the country.
The first behest loan was granted during the Magsasay administration. The purchase of Hacienda Luisita by the Cojuangco family entailed the Philippine government issuing a sovereign guarantee to Manufacturers Hanover Trust Bank in New York because there was not enough dollars in the Philippine economy to finance the purchase of the plantation from Tabacalera Inc. Is it not auspicious that the Cojuangco family beat out other corporations in the sugar industry for control of the last Spanish-era sugar plantation in the country?
David should review the “privatization” drive begun during the first Aquino administration up to the Ramos administration. Deregulation of the energy and power sectors led to government-owned and controlled corporations being broken up and sold to the private sector. Perhaps the most blatant display of privilege is how Ayala managed to corner the huge block of land from Quezon Avenue to North Avenue which is the Quezon City Business District. Look at how the common station for the light rail system was delayed for years even if there was a contract between the DOTC and the SM Group for the its construction in front of SM North Edsa. All because Ayala wanted it moved to its Trinoma Mall.
There was no mention of cronyism at all when they were in power.
The opposition’s top candidates have a fundamental problem of sticking to current issues in the case of the Marcos’. All they want to do is go back to 1983-1986 and use the issues then against Marcos Jr. who is clearly not Marcos Sr. With this logic, we should be comparing Leni Robredo to Cory Aquino, who, even if they are both widows, are not one and the same individual.
David is also liberal in his column about Duterte’s cronies. Who are they with the exception of Dennis Uy? Uy shot to prominence with his being one of the top campaign contributors to Duterte’s 2016 campaign but as it is evident now, being a “crony” is not a guarantee of being a succesful businessman. Uy has been on a selling binge of late because of accumulated losses and debts. He will likely end up being less wealthy when Duterte steps down on June 30.
While it is difficult to say what Marcos Jr.’s economic agenda is, one thing is certain. Judging from his family’s longstanding claim that a good part of the Marcos estate consists of shares in companies owned by former cronies, a Marcos presidency won’t be shy in using the powers of the office to hasten the retrieval of properties the family believes belong to them.
I submit this is the billion-peso reason Marcos Jr. wants the presidency so badly.
David claims that Marcos Jr. is just out to reclaim what his family deems as their ownership of what would probably be the Top 50 corporations in the country today.
Even if their ownership is proven, would it be that simple to do so? Would not this have an effect on the economy of the country as a whole and its ability to borrow from multilateral financial institutions?
The problem with opposition stalwarts like David is they have come to look as the Filipino people as a bunch of collective idiots that they are.
The PCGG was created with the sole function of going after the Marcos wealth. It has been thirty-six years since and it has not been able to claim success thus far.
Think of the similarities of the US actions against Russian oligarchs. It is simply mob rule without the due process of law. What is important is the impression that they are the “good” going after the “bad.”
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