According to reports, 15 senators favored the bill while 2 senators disagreed including Sen. Chiz Escudero and Sen. Joker Arroyo.

The said bill requests to gather P40 billion in extra revenues from increased taxes on tobacco and liquor products in the first year of implementation. The senators agreed that the entire amount to be gathered will be 60-40, or P24 billion from tobacco products and P16 billion from liquor.

It was said that the Sin Tax bill was almost not passed after Senate President Juan Ponce Enrile found out that the 60-40 burden sharing of P40 billion in liquor and cigarettes was not complied.

Sen. Franklin Drilon earlier agreed to Sen. Ralph Recto’s amendment to allocate the P23 billion from the sin tax for Philhealth and the P10 billion for local hospitals.

Drilon also approved Recto’s proposal to distribute P100 million in every 16 regional hospitals and 22 medical centers every year and P100 million for DoH information campaign against the use of cigarettes and alcohol.

In addition, Drilon accepted the P250 million proposal for TESDA and P150,000 for unemployment insurance in every laborers who lost their jobs due to sin tax.

Meanwhile, Drilon concurred with Enrile’s revision that tobacco manufacturers and sellers are required to get their 15 percent of their raw materials from local producers.

Drilon opposed with the proposal at first due to it may violate the article three of the signed General Agreement on Tariffs and Trade (GATT) which aims the equal treatment of countries regarding local and imported products. However, Enrile reportedly stated that his concerns are to protect the interest of the tobacco farmers particularly in Northern Luzon.

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In the latest list published by Forbes Magazine, it lists the 40 Richest Filipinos in the country today, with most of them becoming wealthier compared to last year.

Still topping the list is SM tycoon Henry Sy with a networth of $9.1 billion, up $1.9 billion from last year.

Second to him is another Filipino-Chinese in Lucio Tan with a networth of $4.5 billion, up $1.7 billion from last year. Tan recently won a case against the government who filed for forfeiture of his businesses that are allegedly part of the ill-gotten wealth of Marcos.

On the third spot is ports operator and newcomer to the hotel and gaming business, Enrique Razon Jr. with a networth of $3.6 billion, up $2 billion from last year.

In the 40^th spot is Edgar Sia II of Mang Inasal with a networth of $140 million.  Last year, Sia sold his Mang Inasal business to Jolibee Foods Corporation of Tony Tan Caktiong for P1 billion.

Below is the complete list of the top 40 richest in the Philippines for 2012:

1) Henry Sy – $9.1 billion (SM Prime)
2) Lucio Tan – $4.5 billion (Phillip Morris Fortune Tobacco)
3) Enrique Razon Jr. – $3.6 billion (International Container Terminal Services)
4) John Gokongwei Jr. – $3.2 billion (JG Summit)
5) David Consunji – $2.7 billion (DMCI)
6) Andrew Tan – $2.3 billion (Alliance Global)
7) Jaime Zobel de Ayala – $2.2 billion (Ayala Corp.)
8) George Ty – $1.7 billion (Metropolitan Bank)
9) Roberto Ongpin – $1.5 billion (Atok-Big Wedge)
10) Eduardo Cojuangco Jr. – $1.4 billion (San Miguel)
11) Roberto Coyiuto Jr. – $1.3 billion (National Grid)
12) Tony Tan Caktiong – $1.25 billion (Jollibee Foods)
13) Lucio and Susan Co – $1.2 billion (Puregold Price Club)
14) Inigo and Mercedes Zobel – $1.15 billion (Ayala Corp.)
15) Emilio Yap – $1.1 billion (Philtrust Bank)
16) Jon Ramon Aboitiz – $955 million (Aboitiz Equity Ventures)
17) Andrew Gotianun – $825 million (Filinvest Development)
18) Manuel Villar – $720 million (Vista Land and Lifescapes)
19) Beatrice Campos – $700 million (Unilab)
20) Vivian Que Azcona – $690 million (Mercury Drug)
21) Alfonso Yuchengco – $570 million (Rizal Commercial Bank)
22) Mariano Tan Jr. – $420 million (Unilab)
23) Enrique Aboitiz – $400 million (Aboitiz & Co.)
24) Eric Recto – $365 million (Alphaland)
25) Jose Antonio – $300 million (Century Properties Group)
26) Gilberto Duavit – $270 million (GMA Network)
27) Menardo Jimenez – $265 million (GMA Network)
28) Frederick Dy – $260 million (Security Bank)
29) Manuel Zamora Jr. – $255 million (Nickel Asia)
30) Alfredo Ramos – $$250 million (Atlas Consolidated Mining and Development)
31) Oscar Lopez – $245 million (ABS-CBN)
32) Felipe Gozon – $240 million (GMA Network)
33) Betty Ang – $235 million (Monde Nissin)
34) Wilfred Uytengsu Jr. – $230 million (Alaska Milk)
35) Juliette Romualdez – $200 million (Banco de Oro)
36) Bienvenido Tantoco Sr. – $195 million (Rustan Commercial)
37) Jacinto Ng Sr. – $190 million (Rebisco)
38) Tomas Alcantara – $160 million (Alsons Consolidated Resources)
39) Michael Cosiquien – $150 million (Megawide Construction)
40) Edgar Sia II – $140 million (Mang Inasal)
 Photo credit: affordablecebu.com

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The Metro Pacific Investments Corporation signed a deal to acquire the controlling stake of Bumungrad to Asian Hospital, according to a disclosure the company filed to the Philippine Stock Exchange.

Manny V. Pangilinan acquires Asian Hospital.

The 57% controlling stake is worth P1.46 billion.

The 219-bed upscale hospital in Alabang will be the sixth hospital in MPIC’s hospital portfolio according to reports.

MPIC is very excited with this new acquisition especially with a 14-storey second tower in the works for the hospital’s expansion.  The second tower will have 144 beds, additional outpatient facilities, parking space and clinics.

Acquisition of Asian Hospital by MPIC will be completed before 2011 comes to a close.

Photo credit: saggi-space.blogspot.com

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Pancake House was reported to have signed a deal that will enable it own and run the popular pizza house, Yellow Cab Foods Corporation.  The price of the deal is worth P800 million.

Martin Lorenzo, Chair of the Pancake House, said in an interview,

“Yellow Cab is a top quality pizza chain that complements our other brands and is aligned with our strategic directions.  We view it as an established top of mind, premium pizza brand and a profitable business.”

Pancake said that it will pay Yellow Cab in cash.

Negotiations for the selling of the popular pizza food chain started six months ago.  The three owners said that they wanted to go their separate ways and pursue different ventures; this paved way for the acquisition seen to boost the cash flow and income of Pancake House starting 2012.

Photo credit: juice.ph

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Convergys added a fourth center in Cebu City as part of its expansion program in the country, and to cater to its ever-expanding client base worldwide.  Convergys’ Country Manager, Marife Zamora said in a statement,

“Our continued growth is due to the extraordinary support provided by our employees in Cebu and throughout the Philippines to our major international clients.”

The new facility in Cebu boasts of its 650-seating capacity for its employees.  It is Located at the TGU Tower in Asiatown.

Starting April of this year, the BPO company is going to hire more than 800 agents for the said facility; which will particularly handle customer service calls for retail, health care, telecommunications among others.

Convergys is already accepting applications.  Those who are interested can submit their résumés to jobsph@convergys.com. They can also text ‘APPLY’ and send to 2600 for more information.

Photo credit: anythingpinoy.com

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