Philippines ranked fourth globally in ‘crony capitalism’ - behind Russia, Malaysia and Singapore

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.