RP’s richest also top taxpayers

The list of 40 richest Filipinos, which includes three billionaires, should be a source of pride to Filipinos, Bureau of Internal Revenue (BIR) Commissioner Jose Mario Buñag said yesterday.

"It shows that Filipinos can also become billionaires," he told The STAR in a telephone interview, adding that "in my own impression, the Filipino billionaires are paying their tax obligations to the government" and are among the country’s largest taxpayers.

The list — topped by mall tycoon Henry Sy, airline magnate Lucio Tan, and Jaime Zobel de Ayala, who heads Ayala Corp., the Philippines’ oldest conglomerate — was published by Forbes magazine in its latest Asian edition.

Buñag said that to remove any doubts that the BIR is doing its duty, they will conduct a review of the income taxes paid by those on Forbes’ list and assured that the government’s tax collection effort will be transparent.

"We are conducting a regular tax review of all big-time taxpayers in the country," he said.

Buñag said the income tax review of billionaires who have investments abroad will not be completed immediately because establishments where they have invested their fortune will need time to report back to the Philippine government.