Forbes: Forty Richest Filipinos 2008

Update: Check out the “The 40 Richest Filipinos of 2010“.
Update: Check out the “The 40 Richest Filipinos of 2009“.

No, it’s not the NBA Fantasy League, that teams/people are sliding back and forth.

I once posted about the earlier list of the Philippines’ Top 40 Richest people. Forbes released once again an updated list for 2008:

Rank Name Net Worth ($mil) Age
1 Henry Sy & family 3,100 83
2 Lucio Tan & family 1,500 74
3 Jaime Zobel de Ayala & family 1,200 74
4 Andrew Tan 700 57
5 Tony Tan Caktiong & family 690 58
6 John Gokongwei Jr. & family 680 81
7 Eduardo Cojuangco Jr. 610 73
8 Enrique Razon Jr. 525 48
9 George Ty & family 435 75
10 Inigo & Mercedes Zobel 430 NA
11 Manuel Villar 425 58
12 Emilio Yap & family 420 82
13 Vivian Que Azcona & family 360 NA
14 Beatrice Campos & family 325 NA
15 Luis Virata 270 54
16 Oscar Lopez & family 240 78
17 Andrew Gotianun 235 80
18 Alfonso Yuchengco & family 200 85
19 Mariano Tan & family 195 NA
20 Manuel Zamora 130 69

CONTINUED

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The University of the Philippines System

Continuing with the celebration of the University of the Philippines’ 100-year anniversary, an article about the UP System appeared in the Manila Bulletin (MB).

The article actually “used” to be available online, and I should have linked to that instead. But for some unknown reasons, MB doesn’t keep its articles online for quite a long period of time. I’m reposting the article here in its entirety. For any problem/issues with this act, please do leave a comment below and I’ll gladly drop this article. After all, I just deem it worth sharing:

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Pertinent Articles on RA 9504

There are pertinent articles regarding RA 9504 over at Punongbayan & Araullo’s Press Room. They describe the issues surrounding the law.

You can read the articles here, here, and here.

Many concerns have been raised, and my favorite:

Is this really what RA 9504 intended — to create and encourage absurd situations? Can’t the BIR, at least, read the real intent of RA 9504 and help promote social justice by saying that any income received by a worker over and above the minimum wage, to the extent that the tax distortion is eliminated and the take home pay is equalized, be still exempt from taxes as a MWE?

It may be difficult to justify such move, considering that the flaw is in the law itself. But the BIR was able to do it in certain instances in the past.

With these good, pertinent, and timely articles from an accounting firm website, P&A would have better hosted a discussion by offering comments or provided a forum. It would have been a good discussion, instead of just a lone standing article.

Eraserheads reunion concert cut short

Ely Buendia rushed to hospital; Eraserheads reunion concert cut short

No, I wasn’t in the event. And this is the sad news that broke when I arrived home.

The Eraserheads reunion concert on Saturday night at the Bonifacio Global City Open Field was cut short after lead singer Ely Buendia suffered “emotional and physical stress.”

There should really be a part 2…or maybe a reunion for good. Whatchathink?

Jayvee of abuggedlife.com shares a video of the concert: Eraserheads Reunion Opens with Alapaap.

Philippines is 3rd in the Youth Under-16 Chess Olympiad

Chessdom – India wins the Chess U16 Olympiad 2008 ahead of Russia.

With GM Wesley So steering the board 1 for the Philippines, he won 8 games and drew 2 to grab the gold medal at board 1. Not a bad performance for the Philippines, considering So’s teammates are way below his high ELO rating of 2577.

Actually, Wesley So was the highest rated player in the tournament.

Republic Act 9504

An Act Amending Sections 22, 24, 34,35, 51 and 79 of Republic Act no. 8424, as amended, otherwise known as The National Internal Revenue Code of 1997

Looking at the stats of this site, I’m sure many are already looking for a copy of the law. I have good and bad news: the good news–I have a copy of the law; the bad–I have a bad copy.

Download: RA-9504 pdf (440kb)
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As expected, there were no changes in the progressive tax table. Our lawmakers and our President sure have gained credits for themselves for passing the bill into law. But it only did affect the personal exemptions allowed for most of us taxpayers. Only a part of the taxable income was adjusted, not the whole.

Come to think of it, rice in 1997 was (at the maximum, maybe) P20 per kilo. Now, how much is it? You can answer that question. That’s basically how inflation has gone up since 1997, when the original law (RA 8424) was enacted.

Filipino Auditors in Inquirer News

Published today (May 16, 2008) in the Philippine Daily Inquirer an article by Ms. Edel Mary D. Vegamora, CIA, the CIA Country Coordinator-Philippines, the revised version of her earlier article (posted here), this one entitled, “Filipino Auditors on Top of the World”.

Excerpt follows:

There is more reason to rejoice as we have 217 more CIAs in the Philippines, the highest passing figure so far since the CIA examination was conducted in the Philippines. There was a deluge of examinees in November 2007, 496 to be exact, when The Institute of Internal Auditors Inc., International announced in January 8, 2007 that they would shift from paper to computer-based examinations beginning 2008.

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The Tax Reform Act, A Decade Old

Republic Act 8424 (Philippine Law), otherwise known as the Tax Reform Act of 1997 or the Revised National Internal Revenue Code (NIRC) of 1997, which became effective in 1998, is already more than a decade old law. It’s basically a comprehensive law that covers all national taxes from income tax for individuals and corporations, estate and donor’s tax, value added tax, other percentage taxes, excise tax on certain goods, and documentary stamp taxes.

The law is old enough that, as a matter of fact, certain provisions have already been revised just like the income tax for corporations and the Expanded Value Added Tax. What marvels me is why there’s no change, or at least any proposed changes underway (none that I heard of), in income tax for individuals.

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