"x x x.
According to Puno, in the past 50 years the country was ruled by presidents coming from seven families. These were: two Macapagals (Diosdado Macapagal and daughter Gloria Macapagal-Arroyo), two Aquinos (Corazon Cojuangco Aquino and the incumbent, President Aquino), two cousins (referring to Ferdinand Marcos and Fidel Ramos), and a movie actor (now Manila City Mayor Joseph Estrada), who was ousted and convicted of plunder.
Still quoting from the Lopez study, Puno said the economy is served by 36 commercial banks but only four families control more than 60 percent of the P7-trillion resources of the entire commercial banking industry.
The study also indicated that only 10 families own 60 percent of the P10-trillion combined capitalization of some 300 business companies in the country, he said.
Puno said such a business environment fosters a “state of despotism” that aims to preserve the monopoly of the few, “thus following a theory of government of the few, by the few and for the few.”
x x x."
Read more: http://newsinfo.inquirer.net/687602/darkness-threatening-ph-democracy-ex-cj-puno-warns#ixzz3YZoOAsxi
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