Almonte’s ‘regulatory capture’: The Smart and Globe case

Second of two parts

Every year when Forbes’ magazine’s roster of Philippine billionaires comes out, we pore over the list in curiosity, envy, and we wonder how these immortals spend their billions. They are considered models to emulate, and top capitalist-apologists like Dr. Bernardo Villegas idolize them who were in the past called “captains of industry.” I hardly hear that term anymore, and what’s used is the more neutral “billionaire” or the dramatic-sounding “taipan” – one indication of changing views.