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September 24, 2023

Banks account for three of the 10 biggest corporate taxpayers in the country

The country’s largest lenders also happen to be the biggest taxpayers, according to the Department of Finance.

Tax data compiled by the DOF for taxable year 2020 show the lenders as BDO Unibank, the Bank of the Philippine Islands and the Metropolitan Bank and Trust Co.

Two of the largest contributors to the nation’s coffers were pharmaceutical companies, namely Unilab Inc. and Mercury Drug Corp.

High up in the tax rankings was the property developer Robinson’s Land Corp. owned by the now deceased taipan John Gokongwei which was ranked Number 2 largest taxpayer by the DOF.

The utilities firm Maynilad Water Services under Metro Pacific Investments is seventh largest taxpayers in the rankings and another utilities company, Globe Telecom was ranked ninth.

The only government-owned enterprise that paid the biggest tax contribution was the Philippine Ports Authority under the umbrella of the Department of Transportation.

Overall, the Bureau of Internal Revenue collected P2.85 trillion worth of taxes in 2020, the bulk of which or P1.95 trillion from domestic taxpayers.

These were either income or profit tax, excise, sales tax and licenses or documentary stamp tax, among others.


Three rural banks merge to enhance financial stability

Three rural banks have successfully merged in a move aimed at bolstering their financial stability, as confirmed by the Bangko Sentral ng Pilipinas (BSP). The merger officially took effect on July 13, following the necessary regulatory approvals, as detailed in a circular letter signed by Bankero and BSP Deputy Governor Chuchi G. Fonacier on September 15.

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