The oligarchy is best pictured with this picture! HolDAP!
One of the biggest mistakes of the Cory Administration was that the late Cory did not shoot down the system that the late Ferdinand Macoy brought in, which was the business oligarchy system. A lot of the oligarchs today are Macoy cronies who should have been jailed YEARS AGO for their involvement in the whole Macoy Administration's corrupt practices. An oligarchy is defined as a small group of people that control the masses. That's what the Macoy administration did and sheesh, no president took responsibility in even shooting down the sinister practice in the first place. Instead, the blessed "protectionism" was enforced with the rule of 60/40 instead of offering higher joint venture packages like Communist China did with 50% and up ownership for foreigners.
So what are the consequences of the business oligarchy? Here are some I can name:
When competition is restricted, competitiveness naturally goes down. In the case of having only ONE power provider and Muralco is a sole provider for some areas of Luzon, you get them to increase or decrease rates whenever they want to. Muralco is free to raise electricity rates whenever they want to, turning electricity into a luxury than a need. Would have Nikola Tesla been alive today, he would certainly protest against Muralco's practices in public resulting to persona non grata... again. Muralco's incompetence is a result of having no competition. If there was competition, they would be forced to give quality service to survive in the midst of it. However, the oligarchy system gets protectionism which allows them to do with their "Pwede Na Yan" attitude.
Mass control of information and yellow journalism prevails. Yellow suits President Nobita, his cousin Bum and in fact the whole Nobita Liberal Party. ABiaS-CBN, Ginago Mga Audience and TV5 (which is a Cojuangco owned network, the mother side of President Nobita so Bum isn't related to them)... are huge networks. How many channels does non-cable TV for Pinoys have anyway? The whole control is that they can take advantage of the poor who can't afford cable TV, manipulate them with yellow journalism and make them believe that the nation is okay. ABiaS-CBN apparently defends President Nobita with much strong fervor. Back then, I think Ginago Mga Audience was defending Gloria Macacapal Abobo (note the same acronyms) with much strong fervor.
Oligarchs are most likely protected by the Bureau of Internal Robbery. It's really not so surprising to learn that so many oligarchs have PLENTY of tax deficiencies but you don't see the BIR going after them. Who gets locked up for no taxes? Them? No... but those who could hardly afford to pay taxes. Only the lower class businessmen tend to be victims of unjust treatment. Aside from super duper high tax rates that Kill Henares gives to the Filipino people, one must also see that even before Kill, the problem of protecting oligarchs has already been there. Kill basically continues the same rotten legacy of corruption of most of her predecessors and adds her own versions of corruption! The system is unfair to the core. It's just like how Mao Zedong promised justice but only he and his friends got rich during his rule, the rest of China starved to death!
The business oligarchs could be part of unlawful recruitment in the first place. One must also question why smuggling and the like are practically out of control. The drug syndicate is very, very uncontrollable. One has to wonder why a sudden increase of flying Failipino drug mules that disgrace the Filipino people. I could be wrong but I would like to believe some members of the oligarchy are actually involved in the drug dealing. After all, why is it that only the leaves get chopped off but NEVER the tree?! Even after China had executed the three drug mules (who are no heroes), the problem of Failipino drug mules is similar to Mexican drug cartels. For one, I guess that's why powerful criminals want to settle ground in Imperial Manila... because they can get oligarch partners to help them! And who protects them anyway but a CRIMINAL government?