Wednesday, September 29, 2010

The richest Filipinos and the biggest taxpayers are not the same

According to Forbes magazine, the richest Filipinos and their respective net worths are:
1. Henry Sy Sr., $5 billion; 2. Lucio Tan, $2.1 billion; 3. John Gocongwei, $1.5 billion; 4. Jaime Zobel de Ayala, $1.2 billion; 5. Andrew Tan, $1.2 billion; 6. Tony Tan Caktiong, $980 million; 7. Enrique Razon, $975 million; 8. Beatrice Campos, $840 million; 9. George S.K. Ty, $805 million; 10. Eduardo Cojuangco, $760 million;

11. Inigo and Mercedes Zobel, $730 million; 12. David Con-sunji, $715 million; 13. Emilio Yap, $665 million; 14. Andrew Gotianun, $500 million; 15. Vivian Que Azcona, $445 million; 16. Oscar Lopez, $420 million; 17. Manuel Villar, $380 million; 18. Jon Ramon Aboitiz, $360 million;19. Mariano Tan, $330 million; 20. Robert Co-yiuto, $310 million;

21. Roberto Ongpin, $300 million; 22. Alfonso Yuchengco, $260 million; 23. Betty Ang, $165 million; 24. Enrique Aboitiz, $150 million; 25. Gilberto Duavit, $145 million; 26. Menardo Jimenez, $143 million; 27. Felipe Gozon, $120 million; 28. Alfredo Ramos, $117 million; 29. Manuel Zamora Jr., $116 million; 30. Wilfred Uytengsu, $115 million;

31. Benjamin Romualdez, $110 million; 32. Wilfredo Keng, $100 million; 33. Tomas Alcantara, $99 million; 34. Bienvenido Tantoco Sr., $95 million; 35. Frederick Dy, $70 million; 36. Eugenio Lopez 3rd, $68 million; 37. Lourdes Molina, $65 million; 38. Luis Virata, $57 million; 39. Jesus Tambunting, $55 million; and 40. Philip Ang, $50 million.

Now, compare the Top 40 Richest Filipinos based on the Forbes list with the Top 40 Taxpayers of 2008, based on the BIR list, and make your own conclusions.

BNA got hold of the 2008 list. It is a very interesting and revealing honor roll. It is veritably the roster of current heroes of the Philippines. Two conclusions:

First, people who you think are among the country’s richest are not in the Top 500 Taxpayers list. So, too, are prominent and fabulously rich people who often rant about the need for good governance and having good corporate social responsibility.

Second, the most rewarding jobs are not in business or top management. They are in entertainment, broadcasting and movies.

In serious business, mining is very remunerative. The highest-paid tycoons are miners—Philex Chief Executive Officer (CEO) Walter Brown with P26.83 million tax (No. 9) and Rio Tuba Nickel CEO, lawyer Manny Zamora Jr., with P19.96 million tax (No. 12).

Behind them are owners and CEOs of conglomerates: San Miguel Corp. Chair and CEO Eduardo “Danding” Cojuangco Jr., with P18.98 million tax (No. 13); PLDT Chair and Meralco CEO Manuel V. Pangilinan, with P18.55 million (No. 14); former Meralco President Manolo Lo-pez, P17.49 million (No. 16); Unionbank Chair and CEO Justo Aboitiz Ortiz, P15.2 million (No. 19); and SMC President and Petron CEO Ramon S. Ang, P14.85 million (No. 20). Trailing them are ePLDT and TV5 CEO Ray Espinosa, P12.27 million (No. 22) and GMA Network and dzBB broadcaster Mike Enriquez, P11.94 million (No. 23).

This makes Enriquez the country’s highest paid media-man. He finds it funny, if not ridiculous, that he paid more taxes than the owners of the two largest TV stations. “That means I pay the correct taxes,” he notes. His channel 7 colleague, Mel Tiangco, is No. 45 with P8.9 million in income taxes paid. That makes her the highest paid female broadcaster.

Television is a big moneymaker.

Four of the country’s 10 biggest taxpayers work in TV entertainment. Willie Revillame leads the pack as No. 2, with P58.6 million in tax payments. He used to make P1 million a day while hosting his hugely popular Wowowee noontime show. Actor Piolo Pascual is No. 3, with P55.8 million tax payments; Kris Aquino, No. 8 with P25.44 million; and Michael V., (Beethoven del Valle Bunagan in real life) No. 10 with P22.26 million.

Boxing’s Manny Pacquiao, the No.1 taxpayer, is by his lonesome self, with P125 million in tax payments. In June 2009, Forbes magazine estimated the Filipino boxing great’s 2008 income at $40 million or P1.778 billion.

He paid P7 of tax for every P100 of income, a tax rate of 7 percent Revillame had a higher tax rate, P58.6 million out of P365 estimated gross for a 16 percent tax rate.

To be sure, 2008 was a crisis year for Philippine business. It was the year the world went into the deepest recession in 80 years. Manila Times

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