PH Rebisco's founder is top taxpayer for 2014
MANILA, Philippines – Chinese-Filipino Jacinto Ng Sr, founder of Republic Business Corporation (Rebisco) is the country's top individual taxpayer for 2014, the Bureau of Internal Revenue (BIR) revealed on Friday, December 18.
The 36th richest man in the Philippines (with a net worth of $275 million) this year according to Forbes magazine, paid regular income taxes which stood at P280.11 million ($5.92 million).
Ng's Rebisco is a Filipino snack company. The family is also involved in banking, real estate, and other snack companies, among others.
While he topped last year's individual taxpayers' list, Ng was not in the BIR's top 500 individual taxpayers for taxable year 2013.
Taxable year 2013's top taxpayer, boxing champ and Sarangani Representative Emmanuel "Manny" Pacquiao, fell to second spot as he paid the government P210.31 million ($4.44 million) in taxes for taxable year 2014. (READ: Pacquiao tops BIR list of individual taxpayers)
Paquiao's regular income taxes paid in 2013 amounted to P163.84 million ($3.46 million).
Other prominent taxpayers
Businessmen, as well as celebrities topped the list of individual taxpayers last year.
The third highest taxpayer in 2014 is Vivian Azcona of Mercury Drug, with P153.55 million ($3.24 million) in income taxes.
She was followed by Palawan Governor Jose Alvarez who paid P73 million ($1.54 million for taxable year 2014.
Fifth in the list is Jacinto Ng Jr, son of the No.1 taxpayer for 2014. The younger Ng, owner of Oakwood Premier Joy-Nostalg Center Manila, paid P66.87 million in income taxes.
Presidential sister Kristina Bernadette "Kris" Aquino, one of the country's highest paid celebrities and product endorsers, took the sixth spot with regular income taxes paid of P54.53 million ($1.15 million).
Property developer Ronaldo Soliman is in the seventh spot with P53.48 million ($1.13 million), followed by William Schultz of Coca-Cola Bottlers Philippines Incorporated with income taxes of P51.32 million ($1.08 million).
In ninth place is San Miguel's Ramon Ang, who paid the government P51.06 million ($1.08 million) in income taxes. Ang is in the 29th spot in the Forbes' list, with a net worth of $510 million.
Rounding up the top 10 list is Lauro Baja III, managing director of UBS Investments Philippines Incorporated. Baja paid P50.75 million ($1.07 million) in income taxes for taxable year 2014.
Others in the list are:
- Businessman Eduardo Cojuangco Jr - P50.46 million ($1.07 million)
- Asia United Bank Corporation Director George Chua - P49.22 million ($1.04 million)
- Actress Sharon Cuneta - P49.12 million ($1.04 million)
- Rebisco President Jonathan Ng - P45.74 million ($965,885.69)
- Union Bank CEO Justo Ortiz - P45.17 million ($952,891.27)
- First Philippine Holdings Corporation Chaiirman and CEO Federico Lopez - P43.92 million ($927,156.95)
- Insular Life Chairman Vicente Rafael Ayllon - P41.76 million ($881,559.07)
- Victoriano Chan Jr - P40.93 million ($864,222.05)
- Former Ayala Land President Antonino Aquino - P40.54 million ($856,139.41)
- Aboitiz Equity Ventures President and CEO Erramon Aboitiz - P39.31 million ($830,163.79)