Now, we even have to pay Lucio Tan
Recently, Forbes Magazine named Lucio Tan as 377th world's richest person, with assets worth more than US$1.6Billion. He is also named as 12th richest in Southeast Asia. Of course, he could be more than his declared $1.6B, for we can assume that those assets are just what he declared in the Philippines, where only mostly regular employees are the ones who make accurate declarations!
Now we even know that he is not only paying his correct taxes. He (his companies) even made some overpayments to the government as per recent Court of Appeals decision (Manila Times report, Inquirer report). For that reason, the government has to refund him more than PhP1.0B!
Wow, these are really big newssss. However, judging from the very few coverage of these news, apparently Philippine media doesn't think so. I wonder what the reasons could be?
It would help to think that PNB and PAL both have banner ads at the Inq7.net. Of course, those two companies, together with Fortune Tobacco and Asia Brewery could very well be among the biggest advertisers in the country. Are those advertisers influencing the news? PCIJ has such a report in 1999 (We love Lucio).
Now Lucio Tan winning a legal battle, how could this happen?
I am sure our laws full of obvious loopholes, crafted by our most honorable senators and congressmen, and implemented by our very intelligent foreign trained goverment people and lawyers, did the trick. Senate Majority Leader Kiko Pangilinan, citing the deficient laws, even have the guts to say that the government has a strong case versus Fortune Tobacco (is that why the government lost it?), as if that is of any consolation!
From Manila Times report:
"...The appellate court ruled that although the Tax Code of 1997 gives the BIR chief the authority to raise the tax by 12 percent on January 1, 2000, it does not specify “the amount upon which the increase shall be based.”..."
It is like there is killer on the loose. Instead of calling on the police, we called on Robin Padilla and gave him a toy gun. And then we sent Boy Abunda to cover it.
Yeah, pure showbiz. And our media is taking us for a ride, like a (the) Buzz.
