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Biz News Roundup: Pacquiao champions list of top taxpayers; rice tops list of consumer goods; OFW families invest remittances less

Rep. Manny Pacquiao was the top taxpayer in 2013; a recent FNRI survey reveals top food commodities patronized by local consumers; and many OFW families are now not able to invest a portion of remittances from abroad.
By James Humarang |
Biz News Roundup: Pacquiao champions list of top taxpayers; rice tops list of consumer goods; OFW families invest remittances less

Several weeks before what is considered as his most important boxing match, top boxer and Sarangani Representative Manny Pacquiao was officially declared as the top taxpayer in the country. This is according to the latest data, covering individual taxpayers in 2013, from the Bureau of Internal Revenue (BIR).


For the tax year 2013, the boxing superstar-turned-politician paid around P163.8 million. Following his lead, by a far gap at P99.6 million, is low-profile businessman Juanito Pornuevo Alcantara, whose ventures are yet to be determined by the media. Lawyer Estelito Mendoza paid the third highest tax that year at P73.1 million.


Real estate tycoon Andrew Tan was the fifth highest tax payer, turning over P67.2 million, while San Miguel Corp CEO Ramon Ang was at No. 12 in the list as he paid P46.5 million to the BIR. Other well-known celebrities who made it to the Top 20 taxpayers list in 2013 were Piolo Pascual, John Lloyd Cruz, Kris Aquino, Sharon Cuneta, and Willie Revillame. 


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Are you wondering what the most popular food commodities in the country are, based on consumption and sales? According to the Food Consumption Survey (FCS) of the Department of Science and Technology’s (DOST) Food and Nutrition Research Institute (FNRI), rice is still the top staple food in Filipino households nationwide.


That is not surprising. But other food items in the list of Top 20 commonly consumed food products of local consumers could be alarming, as some of those are not ideal for the health. Here’s the list:
1.    Rice
2.    Salt
3.    Cooking oil
4.    Coffee
5.    Sugar
6.    Bread
7.    Onion
8.    Garlic
9.    Egg and chicken
10.    Soy sauce
11.    Pork meat
12.    Vinegar
13.    Vetsin
14.    Instant noodles
15.    Chicken
16.    Biscuits
17.    Tomatoes
18.    Eggplant
19.    Powdered milk
20.    Banana


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Meanwhile, while remittances from overseas Filipino workers (OFWs) rose in 2014 by 5.8% to $24.2 billion from $22.9 in 2013, it is interesting to note that in the first quarter of this year, many of our OFWs’ families spend the bulk of the money they receive to buy for food and pay for education, medical costs, and debts.

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According to the most recent Consumer Expectations Survey commissioned by the Bangko Sentral ng Pilipinas (BSP), OFW families that save a bulk of the remittances dropped to 39.4% in the first three months of 2015 from 42.1% in the fourth quarter of 2014. Those families that use a portion of the remittances for investments also fell to 5.1% from 6.8%.
Remittances from OFWs still come mostly from the US, Saudi Arabia, the UAE, the UK, Singapore, Japan, Hong Kong, and Canada.

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