Mercury Drug owner is 2012 top taxpayer

MANILA, Philippines - Mercury Drug Corp. owner Vivian Que Azcona is the number one taxpayer in the country, outpaying the wealthiest tycoons and dislodging presidential sister, actress and television host Kris Aquino from the top spot, according to the Bureau of International Revenue (BIR)’s top 500 individual taxpayers’ list for 2012.

Azcona, whose net worth was estimated at about $840 million by Forbes magazine, paid P131.43 million in taxes last year.

Mercury Drug is the largest pharmacy chain in the country with more than 700 outlets nationwide.

BIR commissioner Kim Henares, however, pointed out that there is a difference between this year’s and the previous years’ lists.

The 2012 list is based on income reported in the income tax return (ITR) and income subjected to withholding tax as compensation income, she said.

“Unlike before it was only based on income in ITR filed,” Henares said.

This explains why there are new faces and why many of the country’s tycoons are now on the BIR’s roster of top individual taxpayers.

Azcona was followed by TV host Willie Revillame who remitted P63.9 million to the BIR or more than 10 times the P5.8 million he paid in 2011. He ranked 181th a year earlier.

Lawyer Estelito Mendoza moved up from the 14th to the third spot after paying P56.59 million in taxes compared to the P17.6 million he paid in 2011.

Occupying the fourth slot is Shell Company of the Philippines Ltd. director Vicente Rafael Munoz Ayllon who turned over P52.31 million to the tax agency.

Next in line was advertising executive Gerardo Sebastian Baes who paid P47.9 million.

Kris Aquino, who has numerous product endorsements and two TV shows, slipped to sixth spot, paying P44.93 million or less than the P49.87 million she paid in 2011.

Smart Communications executive Ronaldo Romero Soliman was the seventh largest taxpayer, shelling out P43.3 million, while actor and product endorser John Lloyd Cruz came in fifth with P42.79 million.

Not far behind was actress and singer Sharon Cuneta-Pangilinan, who paid P42.02 million or a seven-fold increase from the P5.74 million remitted in 2011.

Brothers Fernando and Jaime Augusto Zobel de Ayala made it to the BIR’s list this time, ranking 10th and 11th, respectively. Fernando paid P40.846 million while Jaime paid P40.78 million.

Property tycoon Andrew Tan likewise barged into the list after remitting P39.6 million.

Other notable personalities in the top 20 list were Union Bank of the Philippines chairman and CEO Justo Aboitiz Ortiz (P33.67 million), Lopez group patriarch Oscar Lopez (P33.47 million), Rizal Commercial Banking Corp. chairman and CEO Lorenzo Tan (P33.16 million), Ayala Land president Antonino Aquino (P32.94 million) and former BPI president Aurelio Montinola III (P30.05 million).

Among the country’s corporate titans, telecommunications magnate Manuel V. Pangilinan slipped from fourth to 30th place (P24.67 million) while port king Enrique Razon ranked 52nd with payments amounting to P19.029 million.

Tycoon Henry Sy, who retained the top spot in the Forbes Philippines’ rich list for six consecutive years, landed at 74th place with P16.4 million.

His eldest son and third child, Henry Sy Jr., also known as Bigboy, ranked 73rd (P16.47 million) while his younger brothers Hans, Harley and Herbest were at 104th (P13.22 million), 157th (P13.22 million) and 159th (P11.02 million). Sisters Tessie and Elizabeth placed 262nd and 236th, respectively.

Lucio Tan, the nation’s second wealthiest man, was at number 138 after paying P11.97 billion in taxes.

San Miguel president Ramon Ang ranked 160th with tax payments of P11.02 million.

Taipan John Gokongwei occupied the 260th place (P8.38 million) while only son Lance, who heads the family’s various businesses including Cebu Pacific, was at number 255 (P8.44 million).

Chinese-Filipino businessman Tony Tan Caktiong, who runs several leading casual dining restaurant chains in the country including fast-food giant Jollibee Foods Corp., was at number 247 (P8.66 million).

GT Capital Holdings and Metrobank chairman Arthur Ty, son of banking tycoon George SK Ty, occupied the 77th slot (P16.004 million) while his brother Alfred, who runs Federal Land, ranked 388th (P6.65 million).

ABS-CBN chairman Eugenio Lopez III ranked 43rd (P20.76 million) while Puregold owner Lucio Co was at number 47 (P19.76 million).