Hindrance to Building Wealth

Ad Majorem.....Wealth Builders

Rizal  Philippines  | August 27, 2014

I watched this at ANC on the Money.  A World Bank official, Kenneth Chua was interviewed regarding poverty and savings in the  Philippines

1.  Filipinos now save more compared to 10 years ago.  On the average Filipinos save P3,000  per month compared to only P2,500 ten years ago.

2. Poverty level which used to stand at 26% is now down to 25% of the population (which means those earning less than 2 dollars per day)

3.   Many cant be entrepreneurs in the Phil because of the difficulty in doing business in the Phil.  It takes 36 days to get a permit in the Phil. despite the claims but only 6 days in Malaysia.

4.  Lack of land ownership (diminishing land ownership) due to sale of DAR land transfers)  that means no collateral for loan

5.  Poor health.  Health is wealth.  Sickly population with diseases and poor health are weakened by medical expenses.

6.  Lack of investment in infrastructures:  roads, schools, telco, mass transport, water,   health facilities make life difficult for masses and hinders them from accumulating wealth.  For instance, without adequate water, members of the family in poor urban areas spend the whole day just to get water.  No productive work is done