While the filing of income tax returns was postponed, the Department of Finance (DOF) released an initial list of top 500 corporate taxpayers in May 2020 (citing return period in fiscal year 2019). Three years later, the Bureau of Internal Revenue (BIR) and DOF are yet to release the latest information on top individual taxpayers with specified regular income taxes paid.
Based on the DOF list, we see companies lagged behind and others moved to the top. How would this information compare with our previous list of highest-paid IT/ tech executives? Let’s find out.
Disclaimer: Below is our previous list of Top 10 Highest Paid Tech Executives in the Philippines with figures (from 2014) representing 32% (max rate) of their annual taxable income. And we compare this data to their corresponding companies’ rank on the DOF top 500 corporate taxpayers for the FY2019.
This list is subject to change.
Manuel Velez Pangilinan
Chairman, President & CEO, PLDT
Company FY2019 Rank: 424th [PLDT COMMUNICATIONS AND ENERGY VENTURES, INC.]
Regular Income Taxes Paid: PHP 31,636,324
It’s ironic how PLDT ranked on the DOF list considering MVP’s spot previously on top individual taxpayers was 27th. This industry titan is head of multi-corporations, from mining to media and publishing companies such as TV5, PLDT, Smart, Philex Mining, First Pacific/Metro Pacific, and is an avid patron of the sports.
Orlando Banzon Vea
CEO-Founder, PayMaya Philippines Inc.
CEO-Founder, Voyager Innovations Inc.
Company FY2019 Rank: [not on the list]
Regular Income Taxes Paid: PHP 20,042,009
Neither PayMaya nor Voyager Innovations Inc. appeared on the list. Also known as “Doy Vea” founded PayMaya Philippines Inc..—a platform under Voyagers Innovation Inc.—founded in 2013. He also co-founded Smart Communications Inc. along with David Fernando in 1991.
He has since moved to several positions, including Chief Executive Officer, President, and Director of PLDT Communications and Energy Ventures Inc. as well as CEO, President, and Director of DigiTel (Sun Cellular—which is now integrated under Smart branding). Mr. Vea is also head of other companies unrelated to tech.
Ernest Lawrence Lim Cu
President, CEO, Executive Director of Globe Telecom
Company FY2019 Rank: 9th [GLOBE TELECOM, INC.]
Regular Income Taxes Paid: PHP 18,793,560
Interestingly, Globe Telecom got a higher spot, ranking 9th while Globe’s wholly-owned subsidiary Innove Communications, Inc. takes the 11th spot.
More commonly called Ernest Cu, Globe’s top executive is a well-decorated CEO having won many national and regional awards. Mr. Cu is also an Independent Director at LivePerson, Inc.—a US-based IT Services and Consulting company.
Ray Celis Espinosa
Chairman, Radius Telecoms, Inc.
President & CEO, MERALCO
Senior Advisor to the President & CEO, PLDT
Company FY2019 Rank: 3rd [Manila Electric Company or “MERALCO”]
Company FY2019 Rank: 87th [RADIUS TELECOMS, INC.]
Regular Income Taxes Paid: PHP 14,238,022
Richard Allen Cohen
Vice President, Special Advisor to the Senior Vice President of Global Operations and Technology at ANALOG DEVICES
Previously, Maxim Integrated Products
Previously, President & General Manager, ON Semiconductor Philippines
Company FY2019 Rank: 59th [ANALOG DEVICES GEN TRIAS, INC]
Regular Income Taxes Paid: PHP 9,514,297
Menardo Jimenez Jr.
Senior Vice President PLDT, Inc.
Company FY2019 Rank: 424th [PLDT COMMUNICATIONS AND ENERGY VENTURES, INC.]
Regular Income Taxes Paid: PHP 9,333,144
Honorable Mention(s)
Ariel Fermin
Group Chief Operating Officer, Max’s Group, Inc.
Previously Chairman, PLDT-Philcom, Inc. & PLDT Maratel, Inc.
Regular Income Taxes Paid: PHP 20,306,549
The top 500 corporate taxpayers for the FY2019 also mentioned that Huawei Technologies Phils. Inc. got the 18th rank; however, no further details are publicly available on who exactly holds a position for Huawei’s onshore counterpart at the present.
We have yet to see the most recent information regarding annual top individual taxpayers from DOF and BIR. For reference, BIR had extended tax payment deadlines in April and May 2020 due to community quarantine guidelines in Metro Manila and the rest of Luzon. Will the list remain the same or it would be far from this one?
Some names mentioned on the previous list were removed due to a lack of publicly available information.
Sources: 1 2 10 3 4 5 6 7 8 9 10 11 12 13 14 15 | Image Sources: 1 2 3 4
