The influence of big businesses on government: a case study of Forbes 2012 Philippines' top 5 richest businessmen

Abstract

The Philippine society has been and continuously being ruled by political and corporate elites. These groups of people are extremely powerful and influential as they have the authority and control to initiate activities of major economic, political, legal, financial, educational, cultural, scientific, and civic institutions. However, the problem arises when political and corporate elite collaborated with one another by using the state or the government as a tool to pursue their interests. In this case, social welfare will cease to be the primary thrust of government actions but the interests of politicians and businessmen. This thesis focused on the relationship of the 2012 Forbes Philippines top 5 richest businessmen with the government. It was discovered that strong political influence of business people may be detrimental to the social welfare. Some of the effects were: lower foreign investments and business confidence to the government, uncompetitive markets, and it cultivates the culture of corruption. Political influence is a significant asset for business as it provides then competitive advantage over their competitors. However, not all businessmen are influencing the government to make their companies successful in business. Some businessmen derive their wealth and success by staying apolitical and