They control electricity, they control water, they control telecommunications – and more recently – they now control roads – that’s what you get for privatizing without liberalization – monopolies and vested interests in bed with government.
Read on – and pay attention.
THE TOLL road subsidiary of Manuel Pangilinan-led Metro Pacific Investments Corp. posted a slightly lower net profit in the first half as the company invested in various programs meant to improve its facilities.
BUSINESS PROFILE: http://www.reuters.com/finance/stocks/companyOfficers?symbol=MPI.PS
In a disclosure, Metro Pacific Tollways Corp. (MPTC) said its net income reached P560.6 million in the first six months, 7.7 percent lower than last year’s P607.6-million profit.
BUSINESS PROFILE: http://www.reuters.com/finance/stocks/companyOfficers?symbol=FPH.PS
MPTC operates the North Luzon Expressway and the Subic-Clark-Tarlac Expressway.
Who are these companies? Who own these companies?
Metro Pacific Tollways Corporation (MPTC)
- Metro Pacific Tollways Corporation (MPTC), formerly First Philippine Infrastructure, Inc (FPII), is a Philippines-based holding company.
- The Company acts as a holding company for the shares of Benpres Holdings Corporation (Benpres) and First Philippine Holding Corporation (FPHC) in First Philippine Infrastructure Development Corporation (FPIDC).
- FPIDC is the main vehicle used by the Lopez Group to pursue its toll road infrastructure projects in the Philippines. FPIDC is a subsidiary of Benpres and FPHC.
- FPIDC owns 67.10% of Manila North Tollways Corporation (MNTC), 46.00% of Tollways Management Corporation (TMC) and 100.00% of Luzon Tollways. MNTC’s primary purpose is to engage in, and carry on, a construction and contracting business involving tollways, its facilities, interchanges and related works, including the operation and maintenance thereof, or otherwise engage in any work upon roads, highways, bridges, buildings and structures of all kinds.
Benpres Holdings Corporation (Benpres) is an investment holding company. Benpres is a 54.61% owned subsidiary of Lopez, Inc. The company’s businesses are investment holdings and broadcasting and entertainment. Broadcasting and entertainment is further segmented into three business activities: broadcasting, cable and satellite, and other businesses. The broadcasting segment is principally the television and radio broadcasting activities which generate revenue from sale of national and regional advertising time. Cable and satellite business primarily develops and produces programs for cable television, including delivery of television programming outside the Philippines through its direct to home (DTH) satellite service, cable television channels and blocked time on television stations. Other businesses include movie production, consumer products and services. It disposed its interest in roads and tollways business on November 13, 2008.
First Philippine Holdings Corporation
First Philippine Holdings Corporation (FPHC) is a holding company. The Company, along with its subsidiaries, is engaged in power generation and power related activities, roads and tollways operations, manufacturing, and others, including investments holdings, construction, real estate development, securities transfer services and financing. FPHC is 43.08% owned by Benpres Holdings Corporation. Its subsidiaries include First Gen Corporation, First Philippine Utilities Corporation, First Philippine Electric Corporation, First Philippine Realty Development Corporation and First Balfour, Inc.
– oOo –
It’s just a matter of time, when even the air you breath in the Philippines will be privatized by the oligarchs.
These are people educated in Wharton and Harvard who instead of making the Philippine economy efficient have instead turned the Philippine economy into a plantation-type economy where oligarchs control the reins of the economy – as will be explained by Milton Friedman in the youtube clip on the “Enemies of the Market”.
These also points out why we need to spread the word about liberalization and charter change even faster – while there is still some democratic space left for undertaking macroeconomic reforms that stimulate competition, and eliminate equity restrictions on foreign-owned majority shares.
Related Video Clips
Milton Friedman Talks About Enemies of Markets
Milton Friedman Discusses Government Regulations
Milton Friedman Talks About Free Market Countries
Milton Friedman on Political and Economic Freedom