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COVER STORY Top 500 individual taxpayers based on tax due for the tax year 2008
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The Top 500 Taxpayers make the economy move

2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 , 42 43 44 45 46 47 48 49

PACQUIAO, EMMANUEL DAPIDRAN 125,063,476.16 REVILLAME, WILFREDO BUENDIA 58,610,960.80 PASCUAL, PIOLO JOSE NONATO 55,844,734.00 GARDIOLA, ELAINE BAUTISTA 46.458,519.49 SOLIMAN, RONALDO ROMERO 40,972,500.75 40,878,094.97 BORJA, RAINERO MANAPAT 25,868,366.66 VELOSO JR, ANGEL NGBE 25,443,936.22 YAP, KRISTINA AQUINO 23,864,634.78 BROWN, WALTER WILLIAM BENDANA 22,264,912.64 BUNAGAN, BEETHOVEN DEL VALLE 20,081,885.07 ZOBEL DE AYALA, PATRICIA MIRANDA 19,964,145.67 ZAMORA JR, MANUEL BAYAN 18,985,678.72 COJUANGCO, EDUARDO JR MURPHY 18,554,913 ..77 PANGILfNAN, MANUEL VELEZ URQUIJO, BEATRIZ SUSANA ZOBEL DE AYALA 18,183,733.00 17,496,020.43 LOPEZ, MANUEL MORENO 16,077,704.04 IBASCO, GIGI CHIO 15,331,494.43 CO, CHRISTOPHER SALCEDO 15,203,701.78 ORTIZ, JUSTO ABOITIZ 14,852,055.04 ANG, RAMON SEE 13,695,005.01 LHUILLlER, MICHEL JONES 12,272,971.36 ESPINOSA, RAY CELIS 11,940,178.00 ENRIQUEZ, MIGUEL CASTRO 11,910,747.00 SORIANO III, ANDRES LOINAZ 11,665,031.82 SANTOS, JUDY ANNE LUMAGUI 11,478,206.17 ARQUIZA, MIGUELIN MARQUITA 11,410,737.48 WATKINSON, MARK RED MAYNE 11,300,335.85 CASABUENA, RICARDO DE ROXAS 11,254,191.28 CUISIA, JOSE, JR. LAMPE 10,705,058.54 TANTOCO, RICHARD BALTASAR 10,532,341.84 VIDANES, NORBERT GABRIEL 10,487,090.52 PUNO, FEDERICO ESCALER 10,431,216.20 TUASON, EDITHA ORTILE 10,224,579.25 SY, JR., HENRY TAN 10,026,574.69 RUIZ, JAIME DE HARO 9,971,354.00 MADARANG, WILFREDO JR. SALES 9,603,124.28 ALCEDO, NAPOLEON JR BAGUIO 9,602,461.10 SOTTO, MARVIC CASTELO 9,554,643.56 ROMULO, RICARDO JOSE 9,513,470.69 YOUNG, RODEL TAN' 9,376,521.56 HILADO, OSCAR JOCSON 9,259,247.35 PENA, ROLANDO GOMEZ 9,165,104.17 ANGELES, VICTOR MANGUERA 9,143,986.00 MENDOZA, ESTELITO P 8,905,493.34 TIANGCO, CARMELA CORRO 8,798,611.72 SALONGA, MA. LEA CARMEN IMUTAN 8,796,030.36 BALUYOT, JUAN DULA 8,763,979.67 FERNANDEZ, RAMONCITO S 8,688,507.92 ARCINUE, CARLOS LLAMAS
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Top 500 individual taxpayers based on tax due for the tax year 2008
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51 52 • 53 54 55 56 57 58 59 60 61 62 63 ,64 65 66 67 68 69 70 71 72 '73 74 75 76 77 78 79 80 81 82 · 83 84 85 86 87 88 89 90 · 91 92 93 94 95 96 97 98 99 100

INTERIOR, RICARDO JR DIAz LAGDAMEO, MARIE RACHEL TALEON RIVERA, RITCHE C. CAMPOS, JOSELITO JR DEE PASCUAL, MA JETHRA BANAL BUENAVENTURA, GIL A DELA FUENTE, JOSEPHINE MANGAHAS NANOO, SURESH LHUILLlER, JEAN HENRI DIAGO CAKTIONG, TONY TAN ..CHUA, RONALD TANG LEGASPI, JESUSITO DY DE LEON, JOSE MA RAMOS SEBASTIAN, FRANCISCO C. RANOLLO, PHYLBERT ANGEllE ESCALANTE BELTRAN, FERDINAND LOPEZ GRACIA, MARIA,N RIVERA LUNA, JOSEPH ANTHONY NUBLA CASTRO,SANTIAGO MENDOZA LIM, GEORGE NG MENENDEZ, SERGIO MEDINA SEE, VICENTE SEND SY SR., HENRY YANG,GEORGETAN ESTUAR, FIORELLO DEL ROSARIO MANZANO, LUIS PHILIPPE SANTOS NAZARENO, NAPOLEON LOGARTA HIZON, ANGELO JR. DAVID GUERZON, ADOLPHO MONTANTE ESPANA, ROLANDO NAYAN PATERNO, SIMON'ROCES COLMENARES, ANGELICA BAYONETA GARCIA, ROLANDO YATCO SANTOS JR, VICTOR EMMANUEL BAUTISTA QUIRINO, TERESITA UYTIEPO LUCHANGCO, GUILLERMO 0 TANENGLlAN, MARIANO CHUA DANTES, JOSE SIXTO III GONZALES LIM, FRANCISCO ED PANTANGCO, ERNESTO BALTAZAR CHING, LAI PING LUI MAMALATEO, VICTORINO CARREON KING, WYDEN ROSARIO TAN, CONCHITA KHO FERRER, CELSO CRUZ SEBASTIAN, PETRONILO LEGASPI DEL ROSARIO, RAMON R. ROLEDA, DANILO VICENCIO MADRIGAL, GERARDO A.S. ISLA, JERRY SOTOYA

8,598;737.84 8,577,541.54 8,456,944.00 8,451,400.50 8,449,324.57 8,296,932.88 8,139,648.12 8,116,283.56 7,958,696.00 7,948,852.56 7,943,710.70 7,918,601.11 7,854,728.15 7,785,707.73 7,755,843.48 7,749,644.66 7,664,997.75 7,655,504.06 7,632,893.44 7,563,894.03 7,474,309.88 7,323,086.54 7,276,895.81 7,181,361.65 7,056,848.81 7,023,728.64 7,009,873.47 6,950,042.13 6,876,360.00 6,858,551.26 6,737,457.70 6,707,314.62 6,686,396.92 6,578,732.45 6,506,958.80 6,438,717.21 6,410,907.97 6,319,785.86 6,318,209.60 6,295,040.53 6,278,746.00 6,211,483.00 6,187,368.00 6,103,702.00 6,026,917.52 6,018,832.78 6,002,459.00 5,956,542.94 . 5,884,495.00 5,860,054.00

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BNA got hold of the 200Slist. It is a very interesting and ing roll of honor. It is veritably the roster of current heroes Philippines. Two conclusions: First, people who you think are among the country's rich not on the Top 500 Taxpayers list. So too are prominent ani lously rich people who often rant about the need for good gove and having good corporate social responsibility. Second, the most rewarding jobs are not in business or to agement. They are in entertainment, broadcasting and mo In serious business, mining is very remunerative. The I paid tycoons are miners-Philex CEO Walter Brown with million tax (No.9) and Rio Tuba Nickel CEO, lawyer Manny:l Jr. with P19.96 million tax (No. 12). Behind them are owners and CEOs of conglomerate Miguel Corp. Chair and CEO Eduardo "Danding" Cojuan with P1S.9S million tax (No. 13), PLDT Chair and Meralc Manuel V. Pangilinan with P1S.55 million (No. 14); the Meralco President Manolo Lopez, P17.49 million (No. 16); bank Chair and CEO Justo Aboltlz Ortiz, P15.2 million (f\

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20 BizNews Asia / Sept. 27 - Oct. 4, 2010

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Top 500 individual taxpayers based on tax due for the tax year 2008
101 102 103 104 105 106 107 108 109 110 111 112 113 114 115 116 117 118 119 120 121 122 123 124 • 125 126 127 128 129 130 131 132 133 • 134 , 135 136 137 138 139 140 141 142 143 , 144 145 146 147 148 149 150 CASTillO,DANEDEGAlA 5,830,657.98 ESTRADA, MIGUEL ROBERTO SANCHEZ 5,827,361.24 NEPOMUCENO, lUBIN BUSTOS 5,814,207.68 TAN, lORENZO VilLANUEVA 5,748,825.26 JIMENEZ, JOEL MARCELO GOZON 5,706,458.60 SY, ROGELIO CHUA 5,702,296.00 SANCEJA, HERMENIGllDO INSAO 5,586,372.75 ARCENAS, TEODOROJR 0 5,582,407.82 LOPEZ, EUGENIO III LAO 5,561,785.00 GONZALES, FlORINA DESIDERIO 5,541,706.80 5,539,624.00 IlAGAN, MANUEL CARLOS ABUNDO 5,526,253.81. ONG, VENCENT SEE 5,521,213.00 QUIZON, RODOlFO VERA 5,490,087.00 COSETENG,EDISON TAN 5,482,014.27 PADilLA, NESTOR JUSTO· . 5,468,854.72 CRUZ, JOHN llOYD ESPIDOl ' 5,429,315.00 VllLAlUNA JR, JOSE ERNESTOCARRANCEJA ' 5,346,232.40 MANIGSACA, VENUS HERMOSlllA 5,305,q95.26 VlllARROEl, MA. CARMINA MUNIZ . 5,290,672.00 SY, ROBINSON KING 5,244,1T7.41 lO, ROBERT HUI 5,213,286.40 ARANETA, JORGE lEON 5,212,830.81 CODlllA, VIOlETA TRANGIA 5,155,057.73 DEL ROSARIO, RUBEN TORRAlBA 5,033,861.59 DE QUIROS, EMILIO JR SOTOMAYOR 5,024,253.59 ABOITIZ, ERRAMON ISIDRO _ 5,023,471.88 MONTOYA, NJCANORDOMINGUEZ 4,995,003.68 YOUNG, CHRISTOPHER HUXLEY 4,966,643.00 ANG, ALEXANDER MANTO 4,918,331.00 VALDERRAMA, THEODORE M ' 4,864,210.13 SOSUNTONG, PABLO TIN 4,863,557.00 CHAN, ROSA SAYSON 4,853,872.86 QUINTO, RUFA MAE OCAMPO 4,836,567.86 RUFINO, MA. STEllA DELGADO 4,753,921.00 MADRIGAL, VICENTE II ABAD SANTOS 4,749,211.29 lEDESMA, EDGARDO lOCSIN 4,746,217.73 DEL ROSARIO JR., ARTURO TORRAlBA 4,742,256.00 ANCHETA, RAUL NESTOR AGUSTIN 4,737,357.25 BAUTISTA, MARIO lUZA 4,71o,35?:00 LlPANA,TOMASA HERNANDEZ 4,677,990.24 lOTILLA, JOSE PERPETUO MERCADO 4,668,823.26 GOMEZ, RICHARD ICASIANO 4,617,609.78 GO, WilLIAM TAMPUECO 4,614,479.64 TAN, REBECCAANN SY 4,603,775.41 CUYEGKENG,JOSE MARIO INES 4,573,450.03 ROSALES, JERICHO VIBAR 4,536,694.42 SY, HARLEY TAN 4,490,588.96 CHUA, WilSON ' 4,478,646.92 GAllAS, MARY JANE DElMO 4,478,641.68 LO, MARIA UY

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and SMC President and Petron CEO Ramon S.Ang, Pi4.85 (No. 20). Trailing the CEOs of conglomerate are ePLOT ar CEO Ray Espinosa, P12.27 million (No. 22) and GMA Netwc OZBB broadcaster Mike Enriquez, P11.94 million (No. 23). This makes Enriquez the country's highest paid medi He finds it funny, if not ridiculous, that he paid more taxes th owners of the two largest TV stations. "That means I pay the I taxes," he notes. His Channel 7 colleague, Mel Tiangco, is with PB.9 million in income taxes paid. That makes her the t paid female broadcaster. Television is a moneymaker. Four of the country's 10 biggest taxpayers are in TV ent ment, They were led by Willie Revillame, No.2 with P58.6 in tax payments. He used to make Pi million a day while r, his hugely popular Wowowee noontime show. Actor Piolo Pascual is NO.3 with P55.B million tal ments; Kris Aquino No.8 with P25.44 million; and M V (Beethoven del Valle Bunagan in real life) No. 1( P22.26 millicin.

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22 BizNews Asia / Sept. 27 " Oct. 4, 2010

Top 500 individual taxpayers based on tax due for the tax year 2008
151 152 153 154 155 156 157 158 159 160 161 162 163 164 165 166 167 168 169 170 171 172 173 174 175 176 177 178 179 180 181 182 183 184 185 186 187 188 189 190 191 192 193 194 195 196 197 198 199 200
GUSTILO, RONALDO MACASIB GARRUCHO, PETER D LIM, MARIA LUZ NATIVIDAD ARANETA DELAS ALAS, EILEEN MARTINA HERNANDEZ CO, AMEUE MARIA FRANCIA COMIA CHUA, JEAN LIM CHUA, JOVEN K CATABIJAN, RAYMUND STA MARIA RIVERO,JAIME IBARRA MONTANES, EDMUNDO CABALLERO PARADIES, STEPHEN GEORGE ABOITIZ DEL CASTILLO, ELIZABETH GARCIA CERVANTES, DIOSDADO LELAY STA MARIA, ANDRES BASA DELA FUENTE, MARIO PADILLA LlUSON, BENJAMIN IU GONZA.LEZ, JAIME CARBALLO LLANILLO, LLEWELLYN LACUESTA MANUEL, MYRA RIVERA TORRES, FELICIANO LAURENA ROXAS, PEDRO E GARAY, CEFERINO, JR. BACTAD DE MESA, RAUL B SEGISMUNDO, FLORESTO DELOS SANTOS CONCIO, MA ROSARIO SANTOS ODULlO, REYNALDO B KONG, HARRY GENOBATEN CANOY, ERIC SUNIEL LACSON, ALEXANDER LEDESMA RECTO, ERIC RAMON ONGPIN LLAMO, MA. CRISTINA SANCHEZ MC CRANN, PATRICK MACAPAGAL DEL ROSARIO, JAIME CHUIDIAN CABRERA, ALEXANDER BENITO FERNANDO, MYRNA MARQUEZ MARTIN, REYNALDO MANUEL TAN, WILFREDO MANARANG DE LEON, GRACE BERMAS LOPEZ, JUDITH VICTOR CRUZ, DANILO LAUCHENGCO GO, FREDDIE LANTING, THOMAS LAUREL VELASQUEZ, REGINA ENCARNACION AN SONG TAGALA, ROSANNO CELIZ VILLAROSA, ALBERTO SOLON TV, WILFRIDO DEE LEVISTE, JOSE JR PAREDES BANSON, MARTIN LAUREA LUSTRE, ARMANDO JR. RUIZ TRANG lA, ROMULO PITOGO

4;466,726.00 4,455,359.97 4,395,784.04 4,391,931.70 4,391,283.00 4,386,530.23 4,379,352.56 4,366,844.32 4,352,428.67 4,345,478.60 4,327,268.78 4,268,390.34 4,235,108.78 4,230,646.78 4,106,130.00 4,085,694.00 4,082,946.00 4,059,723.57 4,048,771.30 4,008,043.00 4,001,728.00 3,933,360.32 3,907,255.30 3,901,228:73 3,891,918.77 3,885,336.28 3,876,408.92 3,860,147.00 3,842,700.15 3,817,450.71 3,815,708.07 3,815,336.80 3,809,252.32 3,795,959.00 . 3,795,959.00 3,788,617.00 3,772,672.11 3,771,717.00 3,763,991.00 3,755,034.33
3,731,441.00 3,703,873.77 3,690,759.16

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3,671,564.53
3,650,170.86

3,647,835.58 3,637,296.57 3,629,414.30 3,620,381.27
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BizNews Asia / Sept. 27 - Oct. 4,2010

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202 203 204 205 206 207 208 209 210 211 212 213 214 215 216 217 218 219 220 221 • 222 223 224 225 226 227 228 229 230 • 231 232 233 234 235 236 237 238 239 240 241 242 243 244 245 246 247 248 249 250

TAN, EVELYNLIM CASAS, CARMELO TOPACIO GONZAGA, CELESTINE CRUZ CRUZ, JAIME CRUZ KILAYKO, VICENTE UYTIEPO ROXAS, JUDY ARANETA PALAFOX JR, FEll NO ALBANO JAVIER, ROS8ANA 8 MACARANAS, GARLY SANTOS LlAO, PILAR NUBLA BAITUS, BILLY BAlD GAISBERGER, HELMUT WIGGINS, ROBERT LESLIE SANTOS, RODOLFO RAYALA SY, RUSSELL GO YULO QUE, WILSON DY, PETER CUA 800, JIMMY 8Y JOVEN, JOHN CHUA DEE, FABIAN SY MILBY, SAMUEL LLOYD LACIA 8ADSAD, ROMAN DANAN CONCEPCION, RAUL JOSEPH DE LAS ALAS CO, LUCIO LAO TING, EVELYN CATAPANG PADILLA, CATALINO ESTANISLAO BULAONG, MANUEL JR ROCHA UY, NATHANIEL LU BACARRO, BRENDA BALIARES MENDIOLA, SEN EN TAJONERA CODILLA, ERIC CAPAHI SAN JUAN, ROBERTO CRISOLOGO DIOMAMPO, ORLANDO ILAGA GO, REYNALDO YAP SY, TERESITA T TANCO, EUSEBIO HAD MORALES, RAFAEL AVELINO BALOLONG, MARCELO PALAGANAS GUTIERREZ, RICHARD RAMA ADIAZ, NARCISO JR GARCIA ANG, JIMMY FORMOSO KIM, BELLA MATA FRANCO, RODRIGO EMMANUEL LOPEZ, JOSE MA. SORIANO ALCASID JR,HERMINIO LUALHATI QUIRANTE, ALLAN BELOTINDOS CONCEPCION, JOSE MA. III ARANETA COJUANGCO, ENRIQUE M. SY, ROGER GO YU, SUSAN LUCILLE LEE

3,616,343.00 3,606,831.30 . 3,603,589.00 3,564,025,25 3,554,106.80 3,537,396.80 3,529,703.77 3,522,907.00 3,522,784.53 3,517,918.63 3,517,162.11 3,489,171.18 3,477,676.15 3,472,228.00 3,466,484.99 3,463,175.05 3,457,762.69 3,444,571.00 3,426,745.19 3,425,378.05 3,401,072.32 3,396,520,84 3,374,767.54 3,374,675.00 3,361,515.55 3,347,406.40 3,338,275.52 3,333,080.73 3,332,873.18 3,328,194.35 3,327,577.00 3,326,595.06 3,326,097.60 3,321,024.44 3,311,750.14 3,301,354.48 3,291,306.27 3,287,111.00 3,283,510.11 3,279,784.40 3,273,314.01 3,262,589.61 3,259,753.58 3,250,713.00 3,250,087.28 3,241,897.55 3,238,937.00 3,235,085.15 3,224,936.00 3,215,270.46

Boxing's Manny Pacquiao, the No.1 taxpayer, is by his Ie some self, with P125 million in tax payments. In June 2009, For magazine estimated the Filipino boxing great's 2008 income at: million or P1.778 billion. Pacquiao paid P7 of tax for every P100 of income, a tax I of 7%. Revillame had a higher tax rate, P58.6 million out of p: estimated gross for a 16% tax rate . Not in the Top 500 Taxpayers list of 2008 are Jaime Augt Zobel de Ayala and his younger brother, Fernando, as well as f first cousins lFIigo Zobel and his sister, Mercedes, The four and t cousins, through the private family holding company, Mermac I own 52% of the banking, property and utilities giant Ayala Corp., country's oldest and most diversified conglomerate and one of most profitable. AC is the second most valuable holding camp with market value of P75.5 billion. So the Zobel cousins are WI P39.2 billion. AC is the 12th largest firm in 2008 sales, P79 billl To be sure, 2008 was a crisis year for Philippine busine It was the year the world went into the deepest recesslor 80 years.

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24 BizNews Asia I Sept. 27 - Oct. 4,2010

Top 500 individual taxpayers based on tax due for the tax year 2008
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251 252 253 254 255 256 257 258 259 260 261 262 263 264 265 266 267 268 269 270 271 . 272 273 274 275 276 277 278 279 280 281 282 283 284 285 286 287 288 289 290 291 292 293 294 295 296 297 298 299 300

RAMOS, MILDRED ROCA YAO, ALBERTO SY PONTIVEROS, JUANITO ROSALES RAMOS, MAUREEN SO AMADOR, VICENTE BERNARDO CANOY, HENRY R HENARES, VICTORIA BELo PINEDA, RODOLFO QUIJANO DUPASQUIER, JACQUES AGUIRRE MIRASOL, JOSE SALVADOR YULO VERGEL DE DIOS, PROCOPIO JR VASALLO LEGASPI, MARILYN DASIG PALANGGALAN, OSME A LUMAYON KATIGBAK, EDUARDO JR JAMINOLA FLORES, MAR ITA LOPEZ SARMENTA, DANILO GABAY LEGASPI, WILFRIEDA RAYMUNDO RIVERA, RODRIGO E. CHANCO, MA. ROSARIO ARLENE MOJARES IBAZETA, JOSE CHACARATIGI ELIZALDE, FRED JOAQUIN JACOB, MONICO V CUNA, VICENTE ROXAS DE LA CRUZ, VIRGILIO POCHOLO PEREZ SINGSON, EMMANUEL PEREZ ODIAMAR, MARICAR ADVIENTO REGALA, JOAQUIN CASTRO BOYON, LUIS BRIZUELA GARCIA, EDGARDO FLORES YANG, PHILIP DING GALLARDO, DOMINADOR FONACIER LABORTE, REYNALDO, JR. V. SORIANO, RENE YKALINA TORRES, GUILLERMO JR PILPIL LAUREL, FRANCIS CASTILLO PE, PAULINO GO YSMAEL, JAIME ESCALONA ALFONSO, FELIPE B. PANGANIBAN, ARTEMIO VILLASENOR MARTINEZ MIRANDA, EDUARDO RODRIGUEZ GUICO, RAMON JR NAVAL LEE, DAISY ONG LO RAVANILLA, JOSEPHINE JOLLOSO SAGUM, EDGARDO AGUILAR MIRANDA, DANILO PACSON LUMANLAN, ARNULFO SAMSON JALANDONI, ANTONIO VILLANUEVA DELA CRUZ, RAMIL C COJUANGCO, MANUEL MURPHY LEANO, RENE MEDINA

3,199,814.42· 3,199,154.15 3,173,326.00 3,169,165.01 3,163,540.45 3,162,040.00 3,162,011.82 3,149,833.06 3,147,158.73 3,144,663.68 3,138,406.07 3,136,093.14 3,130,760.00 3,127,4.67.00 3,117,406.08 3,116,180.86 3,102,824.00 3,102,759.19 3,092,126.55 3,069,758.85 3,059,386.36 3,058,083.44 3,050,850.23 3,046,190.43 3,043,559.76 3,042,123.74 3,032,032.28 3,024,018.11 3,017,731.61 3,013,990.30 3,001,798.77 2,993,138.72 2,991,217.85 2,990,718.78 2,964,384.81 2,954,739.62 2,952,456.00 2,947,715.00 2,934,382.91 2,934,340.68 2,929,595.98 2,928,570.61 2,922,136.39 2,907,994.80 2,907,519.14 2,907,165.89 2,886,021.95 2,882,790.60 2,882,215.53 2,867,746.00

BizNews Asia / Sept. 27 - Oct. 4,2010

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Top 500 individual taxpayers based on tax due for the tax year 2008
301 302 303 304 , 305 306 307 308 309 310 311 · 312 313 · 314 315 316 317 318 319 320 321 322 323 324 325 326 327 328 329 330 331 332 , 333 334 335 336 337 338 339 340 '341 · 342 , 343 344 ; 345 346 347 348 349 350 AMISTOSO; GERVASIOJR YAP CARITATIVO, GODOFREDO III SANTOS MONSOD, CHRISTIAN SANTOS PUA, LEONARDO SY DE OCAMPO, ROBERTO FABROS ONGPIN, ROBERTO V CHING, JAIME BAUTISTA SALVADOR, EMMANUEL EVANGELISTA JAVIER, CHERRYLIN MANGUBAT BERNAD, JUAN ANTONIO ESCANO TAN, KlAN GO CONSUNJI, DAVID MENDOZA FORTALEZA, JAMES UY REUBAL, LORNA PERMITO ROGERS, DAVID MICHAEL LUSTRE, ALEX RUIZ LIM, ROBERT DY . GOMEZ, VIRGILIO SALAZAR CONSUNJI, HERBERT MERCADO JACINTO, VIRGILIO SANTIAGO CHUA; MINERVAYU TAN, JOSEPH SALVADOR ONGCHANHOI, VICENTE UY CRUZ, PABLO REYES DIVINA, NILO TAGULAO MALIGALlG, RENATO VILLEGAS GAMPONIA, REYNANTE TOLENTINO GOCUAN, HENRY CHU NGOSIOK, ALFREDO TAN UY, WILLIAM CARLOS VEE, DANILO ROSAL QUILANTANG, ALLAN JOVENES LEGASPI, MA CRISTINA RAYMUNDO SANTILLAN, GERARDO DIONISIO ANTOLlN, NELSON TIONG FAGAR, MA LOURDES CHOA GOSINGCO, CHARLES LIM GONZALES, JAY RAYMOND DE JESUS LIM, ERNESTO JR. REYES HERRERA, MA ELENA BALTAZAR LEUTERIO, ROMMEL MABBUN RUNES, RUDI TOLEDO ZAMORA, ALAN VILLAFLORES CHUA, CELY CHENG EUSEBIO, RICHARD CRUZ UY, ROBERTO LIM NAVARRO, GREGORIO SANTILLAN OCAMPO, MA JOSEPHINE MARQUEZ GO, ROBERT DUY GUTIERREZ, SHARMAINE RAMA 2,862,837.94 2,856,683.89 . 2,853,262.95 2,851,131.92 2,842,649.00 2,840,595.92 2,826,582.53 2,822,095.00 2,821,930.00 2,820,488.00 . 2,799,806.96 2,799,734.58 2,798,543.00 2,794,733.56 2,790,609.79 2,781 ,286.72 2,777,751.04 2,768,401.33 2,759,082.02 2,754,664.00 2,753,069.52 2,750,857.00 2,736,304.71 2,736,226.50 2,721,628.42 2,719,261.84 2,718,142.36 2,697,026.81 2,695,807.00 2,694,208.22 2,691,734.19 2,687,288.67 2,685,460.48 . 2,681,996.36 . 2,681,979.47 2,675,415.97 2,672,200.00 2,666,012.48 2,653,835.12 2,651,751.47 2,648,675.66 2,639,112.08 2,635,214.92 2,631,465.37 2,630,268.00 2,630,116.00 2,629,627.52 2,627,891.00 2,626,093.50 2,619,156.15

The country's richest individual, Henry Sy Sr., is in the Top 100 No. 73, with tax payment of P7.27 million. Tatang Henry owns abou 70% of 8M Investments Corp. whose market value is P83A billion It is the most valuable holding firm. The Sy family's holdings an worth P58 billion. Sy Sr. personal owns 12.6% or Pi0.5 billion. The second richest, Lucio Tan, also missed the grade. But hi~ estranged brother, Mariano Tangenglian, is No. 87 with P6A millior tax. Kapitan Lucio owns about 66% of PNB, the fourth biggest lende and whose market value has risen from Pi3.73 billion to P37.9 bll lion. Kapitan's holdings alone have gained Pi5.S billion in value te P25 billion in the past year. Another Tan company, PAL Holdings, has a market cap of P2! billion though its share price is down 25% from its 12-month higt of P5.60.

Presidentiables not big taxpayers
Presidents and presidential candidates either do not earn mucl or they are very good at hiding their income. This, is also true 0 vice presidentiables. (fum topagc;

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i 26 BizNews Asia / Sept. 27 - Oct. 4, 2010

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Top 500 individual taxpayers based on tax due for the tax year 2008
351 LAUREANO, CALIXTOYOE : 352 COYIUTO, ROBERTO JR GO , 353 DY LlACCO, PEDRO JR NICOLAS 354 TAN, ELIZABETH GO SIONG . 355 VERGARA,JOSE RAYMUND OLAEZ 356 SIGUION REYNA, LEONARDO TIONGSON 357 TV, ESTATE OF WILLIAM YAP 358 DY, VICTORINO REYES 359 ORILLE, KRISTINE HERMOSA 360 ABALOS JR, BENJAMIN DE CASTRO 361 GO, MIDING LIM 362 DELA CALZADA, KATRINA PONCE ENRILE 363 ULAN DAY, EULOGIO SR. SORIANO 364 HERNANDEZ, ESTELA TORRES 365 LUISTRO, NOEL BASIT " 3'66' CHlJA, MANUELALKlJlNO 367 368 369 370 371 372 , 373 374 , 375 376 377 378 379 380 381 382 383 384 385 386 387 388 389 390 391 392 393 394 395 396 397 398 399 400
PE, PERRY LIM DAVID, ELMER HAGOS LOMBOS, EMMANUEL MARFORI SORIANO, BELINDO DE GUZMAN GUEVARRA, HERNAN IE GARCIA DIAZ, MONTANO, JR. MENDOZA ARCIGA, JENNY L PANGILINAN, ANTHONY MARTIN NEPOMUCENO GENTUGAYA, MIA GANGOSO ONGTENCO, HELEN CHUA LlUSON, ANDREW IU UMALI, ROBERTO ACOSTA TIQUI, MICHAEL RAMOS DEL MUNDO, LOURDES MUSNGI 'DOMINGO, RICO VALDERRAMA CHING, BERNADETTE VALENZUELA OPPEN, ANTONIO CUYUGAN MOYA, MARIVIC TORRALBA OZAETA, ANTONIO HERNANDEZ VILLAVICENCIO, RA~IRO GERARD NADAL MURPHY, CHRISTOPHER JOHN ESTRADA, FRANCIS GONZALES SULlT, JOSEFINA ELEPANO PADOLlNA, WILLIAM GONZALES LAZATIN, VICTOR P MEDALLA, ROLANDO JR VISTA ESPIRITU, OCTAVIO VICTOR REYES DELGRA, ALEX DERIT LORENA, ANGELITO JRLAGARILE JOCSON, DANILO KING PUNONGBAYAN, BENJAMIN REYES TETANGCQ, CRISELDA DIZON BACUS, EMELIA MANINGO lIMJOCO, ROGER ODILON CANDA

2,616,533.07 2,610,909.15 2,609,545.39 2,602,584.62 2,601,296.00 2,592,985.08 2,592,059.00 2,590,653.00 2,586,940.56 2,580,142.00 2,571,757.00 , 2,566,910.00 2,550,845.77 2,544,828.87 2,540,221.90
2,538,719044

2,528,945.00 2,527,374.00 2,523,526.83 2,504,200.06 2,498,403.09 2,495,346.84 , 2,491,180.00 2,484,049.00 2,483,221.51 2,477,482.85 2,476,265.81 2,475,751.08 2,474,806.39 2,472,471.50 2,471,549.00 2,468,054.71 2,467,080.00 2,462,020.16 2,460,814.00 2,454,260.41 2,451,723.52 2,450,413.00 2,446,916.00 2,444,795.22 2,441,992.02 ' 2,436,798.17 2,435,946.07 2,435,548.25 2,432,217.62 2,426,871.00 2,423,889.00 2,422,637.55 2,422,405. 09 2,422,147.00

BizNews Asia / Sept. 27 - Oct. 4, 2010

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COVER STORY Top 500 individual taxpayers based on tax due for the tax year 2008
401 402 403 404 405 406 407 408 409 410 411 412 413 414 415 416 417 418 419 420 421 422 423 424 425 426 427 428 429 430 431 432 433 434 435 436 437 438 439 440 441 442 443 , 444 445 446 447 448 449 450 PASCUAL, KEREN CRISOSTOMO GARCIA, ISIDRO GUIDOTE CHIU, KIMBERLY SUE YAP DE LEON, mOSCORO, JR. FRANCISCO TAN, JOSE TANALIM EDEZA, SERGIO GONZALES JACINTO, RICARDO NICANOR NEPOMUCENOO NGOSIOK, CARLOS TAN DEL MUNDO, FLORANTE CRUZ CONSUNJI, VICTOR ALMEDA ABELARDO, NELSON SERRA BORROMEO, MAX FRANCISCO JOSE LAO MANGILET, LLEWELLYN SR MADAYAG UY, JONATHAN NGO VALLESTERO, IRENEA REYES VIRATA, CESAR ENRIQUE AGUINALDO BEDIONES, PAOWANTONIO BARBA REYES, ALBERTO VIZCARRA SANCHO, ERNESTO AVENGOZA AGUSTINES, MANUEL UNCHUAN DELOS SANTOS, EFREN VILLANUEVA LlNDAYAG, RONDEL JESUS PAJAO SABALILAG, BERNARDITO CANQUE • VICTORIO-AQUINO, MARILYN AZAULA MIGRINO, RENATO NABOR BOLLOSOS, ERWIN BORROMEO TAN, SILVERIO BENNY JUBELAG SIO, JOSE TAN CASTANEDA, RAYMUND MENDOZA TAN, CASILDA DAGPIN MORAZA, ANTONIO ROIG CERVANTES,JR., JOSE FRANCISCO CABANGON, DOMINIC EDGARD ANGELES DE GUZMAN, LEONIDa MANLUCO LIM, JOHN JOHN PATRICK V ALLI, ARTURO JR CABARDO MERCADO, GREGORIO DANIEL DIZON YUYUCHENG, FRANCES TANSENGCO BAUI, LOUIS PINTUCAN ROMULO, ROBERTO REY CANLAS, DANTE BONDOC MACLANG, REYNALDO ASINAS GONZALEZ, MARIA LOURDES,DE LEON QUIRINO, ALELI ANGELA GUZMAN HERMOSA, EMMANUEL LAFORTEZA CHAN, MARY TAN LOCSIN, MARIO JISON BALlLI, MA FIDES A ARZADON, VOLTAIRE PORSOVIGAN EPES, KATHLEEN CANOVA 2,422,021.01 2,421,592.76 2,419,371.84 2,418,275.00 2,410,984.20 2,409,997.61 2,399,028.77 2,388,787.00 2,384,040.80 2,383,166.91 2,380,465.90 2,377,228.40 2,369,199.76 2,368,384.79 2,363,045.00 2,361,600.57 2,358,421.48 2,357,850.80 2,356,431.19 2,352,118.00 2,350,458.20 2,344,616.80 2,343,264.01 2,337,425.31 2,333,945.00 2,325,079.41 2,323,804.11 2,323,334.12 2,322,431.00 2,319,467.69 2,318,570.66 2,318,504.41 2,316,659.95 2,315,812.87 2,308,137.00 2,307,578.22 2,295,153.52 2,290,205.00 2,286,496.32 2,285,128.95 2,281,585.85 2,281,518.40 2,280,633.00 2,280,220.08 2,269,584.57 2,268,890.00 2,267,417.72 2,258,086.17 2,257,360.00 2,256,671.01

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BIR vows:· Dead won't rest until they pay taxes
Bureau of 'Internal Revenue (BIR) is takin Benjamin Franklin's oft-quoted statement ver seriously. (The only things certain in life are death and taxes , said Franklin, and the BIR is working to generate mor , than P10 billion in taxesfrom the dead, in the form ( estate taxes.
Then BIR Commissioner Joey Tan-Torres launched the lnith tlve, which he called Project Rest in Peace (RIP) in January 201' and Finance Secretary Cesar Purtslma is now pursuing it. I-Ie said' in a recent statement that estate tax collectior amounted to less than Pi, billion a year. "If we succeed in brea ing all these layers of protection that tawyers designed to avo estate taxes, then l'rnsure that [ust with one estate tax case, th number can more than double,",Purisima said. "Through Project RIP, the BIR is targeting to increase t~ number of estate tax returns filed to 250,000 and the esta tax collections to Pi 0.7 billion," Tan-Torres when he launchs the project during the First National Command conference he on Jan. 20, 2010. ' Tan-Tortes issued Hevenue Memorandum Order (RMO) N 10-2010 on Feb. 2, 2010 directing all BIR Revenue District OffiCE (RDOs) to closely monitor potential estate tax cases by establis ihg linkages with and accessing the records of the civil register

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28 BizNews Asia / Sept. 27 - Oct. 4, 2010

Top 500 individual taxpayers based on tax due for the tax year 2008
451 452 453 , 454 455 456 457 458 459 460 .461 · 462 · 463 · 464 465 466 467 468 469 470 · 471 472 473 474 475 476 477 476 479 480 481 482 483 484 485 466 487 488 489 490 491 492 493 494 495 496 497 498 499 500
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"Through Project RIP, the BIR is . targeting to increase the number of estate tax returns filed to 250,000 and the estate tax collections to P 10. 7 billion" I i -then BIR Commissioner Joey Tan-Torres

hospitals, memorial parks, cemeteries, funeral parlors, crematoriums, clerks of courts, obituaries, life insurance companies and other financial institutions. The BIR will gather from these offices and establishments relevant information such as the name and address of decedent, date of death, status of decedent, and name and address of. relatives and contact persons. All information gathered by the RDOs will be submitted to the BIR Audit information, Tax Exemption and Incentives Division (AITEID), for processing and centralized warehousing of data. The RDOs are also directed to send notification letters to the relatives or administrators of the dead taxpayers, advising and reminding them of the requirements and due dates for filing of notice of death and estate of tax return, and the payment of estate taxes. If the relative or administrator of the estate fails to comply with the bureau's requirements within the specified due date, the RDO will undertake the following actions: • Background investigation to determine the properties of the estate • Issuance of letter of authority to investigate the case • Issuance of subpoena to compel the relative or contact person to submit the information required by the BIR • Issuance of notices to entities that may be in possession of the properties of the decedent ordering them not to allow the dissipation or withdrawal of the properties without prior BIR approval.

TUAZON,ALEXANDER OCAMPO . 2,254,574.00 APOSTOL, JOSE RAYMUND LIM 2,253,136.57 YAO, ALFREDO MACAM 2,250,160.00 BUGAYONG, FIDEL ALDANA . 2,248,714.62 RUSSEL, JONATHAN CHARLES 2,238,417.60 AGUILAR, MA. CORAZON ROQUE 2,237,338.72 DAVID, LIND JR SIBAL 2,234,392.23 SALONGA, FELICIANO GENUINO 2,232,781.83 CHUA, NOEL G 2,229,050.53 HERNANDEZ, REVELYN GARBO 2,228,220.36 AMANTE, ANGEL JOAQUIN MANUEL 2,227,642.03 LORENZANA, AGNES BLAS 2,221,983.62 ACOSTA, RODELlO C 2,217,102.00 MUNSAYAC, REYNALDO OCAMPO 2,214,.161.11 ARMAMENTO, ELIZABETH RIVERA 2,211,675.92 EUGENIO, NAZARIO DE LEON 2,211,483.92 MENDOZA, RENEDEL DEL ROSARIO 2,210,797.68 ZABALETA, JOSE MARIA TAR RAGA 2,209,730.00 BENGZON, ALFREDO RAFAEL ANTONIO JIMENEZ 2,209,202.00 VERA CRUZ, LUIS ALFONSO 2,209,100.61 COJUANGCO, ANTONIO 0 2,208,856.01 HAIG, PATRICIA CANOVA 2,207,724.42 LIM, LEONCIO CHUII.TOCO 2,204,067.98 RANOLA, TOMAS GO 2,203,272.96 VALLEDOR, VICTORIO C 2,200,090.83 PINEDA, JOSEPH N. 2,197,464.40 BORJA, FLORO SALIM 2,196,774.00 SANTOS, MARIAN1TO DE LEON 2,193,800.00 MIRANDA, ROLIN EBALLAR 2,192,184.00 REYES, JANE TORDEC1LLAS 2,190,541.48 CANOVA, RICHARD ABOITIZ 2,190,004.60 ORLlNA, CARMENCITA TORIBIO 2,185,531.05 AVILA! NOR MELITA BERGUNIO 2,180,863.84 PECISION, FE PAEZ 2,180,291.64 LIM, MAGNO YADAN 2,179,729.35 PERNAS, MARY ANN COOPER 2,176,642.95 PUNO, RODE RICO V 2,176,216.90 DESIERTO, ANIANO AGUILAR 2,175,562.00 FRANCO, ALFREDO JUAN CUISIA 2,174,162.70 ' VER, MARIO RATIO. 2,168,363.08 KITAMURA, EIICHI 2,167,793.75 HEUSSAFF, CYNTHIA ADEA 2,166,725.88 VENDIVIL, ERNESTOTOMAS 2,163,329.79 . DEL ROSARIO, VICTOR JUAN 2,160,110.28 ALMAZORA, ROBERTO REYES 2,156,584.65 ROQUE, MAGTANGOL JR AGUILAR 2,148,657.85 UY, VICKY MARGIE GUILLEN 2,147,990.38 LARA, JOSEPH LASAM 2,142,811.82 LOBREGAT, PABLO L 2,140,226.74 CRUZ, TOMASITO TRINIDAD 2,137,210.50 BizNews Asia I Sept. 27 - Oct. 4, 2010

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