The two businessmen at the helm of one of the economy’s most visible real-property conglomerates were not only ecstatic about the future, but also seemed genuinely smug that nothing they saw in the near horizon could change the trajectory of the economy that had seen them through their most prolific years.
Shortly before the 2016 elections, speaking before a huge hall brimming with like-minded businessmen, they effectively took turns praising the outgoing administration’s economic governance, thankful for the exclusive foundations they claimed underlie the profitable path ahead, regardless of who might claim the presidency.
It was, of course, no secret that the organizations they headed had thrown their full and unequivocal support behind the administration candidate. In some instances, their executives had actively bolted from their apolitical perches and sponsored expensive dinners to raise funds, as well as to ensure the victory of one who promised more of the same saccharin comforts they had become all too accustomed to enjoying.
That meant investing money, and where applicable, man-hours and machinery. Never mind their chosen candidate’s utter rejection by the greater number that regarded his political publicity stunts with total disdain. In the minds of these two businessmen, among the lot, in contrast to the public sentiment, the continuity platform was the most business-friendly.
In an entirely different venue, another high-net-worth businessman echoed pretty much the same, although his political loyalties lay with another candidate he then thought would be better suited to the businesses that he had invested in recent years, short of a full decade.
His money went into educational institutions, hospitals and medical-care facilities—sectors that fit right in the emphatic platforms of the candidate to whom he was a senior adviser. More than the monetary benefits an economy trickles down to its constituents, quality of life, education and healthcare were likewise critical following the crusted hierarchy of needs postulated by Abraham Maslow.
While both could have sung in duet, the former gambled on continuity piggy-backed on the administration candidate, while the latter, on a political rookie whose chances at the presidency were then infinitely far better barring vote-buying and fraud. Hers was, after all, an admirably decent presidential campaign not as dependent on falsehoods, publicity stunts and demolition jobs.
While they might have divergent politics, they shared similar fears. These captains of industry considered former Davao City Mayor Rodrigo R. Duterte an imminent threat.
In the weeks before election day, Duterte was led into the proverbial lion’s den, comprised of the country’s most influential businessmen, some our richest, relative to the immeasurable legions suffering on the far end of an ever-increasing Gini coefficient.
Most wanted Duterte to allay their fears. Many more wanted Duterte to show personal characteristics that they could relate to; they wanted him to speak as they do; and, perhaps, to present an agenda that protects the profits they felt should continue well into another term as previously promised by the Aquino-administration candidate, despite the sheer absence of inclusivity of that platform. Metaphorically, they wanted Duterte to jump through their hoops, sit, and roll over.
To their consternation, Duterte did not oblige them.
There was another democratic constituency outside their cloistered glass and concrete walls, where small businessmen struggled with government bureaucratic red tape, ineptitude, outright predation, and constant harassment.
It was the business constituency whose daily-subsistence-wage-earning population had to commute the gnarling serpentine traffic caused by government failures. It was the constituency that queued along even longer lines seeking the promised employment that never came. These were the constituencies threatened by crime, hunger and upon whom the success of suffrage hinged. For this sector, economic inclusivity was a matter of life and death.
At the end of the day, this was the democratic constituency that granted Duterte the largest mandate in recent times.
The Market Monitor Minding the Nation's Business