Christmas comes early for Metrobank chair, 7-Eleven president
If you see Metrobank chairman Arthur Ty and 7-Eleven president Jose Victor Paterno glowing with multi-million smiles these days, it is because Christmas came early for those two lucky chaps.
Ty just cashed out over P400 million from the stock market, while Paterno went home with over P270 million.
According to regulatory disclosures, the ang pao came on Sept. 30 when Ty disposed five million Metrobank shares at P85.80.
The multi-million manna is on top of the P2-billion tidings that Ty’s unidentified broker brought in July and August, when the banker turned golden boy.
As to the 47-year-old Paterno, the son of the late Sen. Vicente Paterno marked the anniversary of martial law by disposing two million 7-Eleven shares at P135.
Endo or no endo, the young Paterno still has over P1.3 billion worth of 7-Eleven shares in his name.
Other executives whose Christmas came knocking a quarter ahead of St. Nick: • Nickel Asia president Gerard Brimo, P11.5 million; • Ayala Land senior vice president Jose Emmanuel Jalandoni, P4.8 million;
• Ayala Corp. senior managing director Arthur Tan, P4.3 million;
• RCBC corporate secretary Ma. Celia Fernandez-Estavillo, P13.6 million; and
• RCBC Savings director Michelle Dee, P13.7 million. The proceeds from the shares disposal actually came from her doting mother, RCBC chairman Helen Yuchengco-Dee.
SMC shareholders win Davao tax battle
The San Miguel Officers Corps Inc. has won its tax battle against the city government of Davao over the cash dividends the group receives from its SMC shareholdings.
The Court of Tax Appeals last week overruled both the Davao Regional Trial Court and City Treasurer Rodrigo Diola in their position that the San Miguel Officers Corps Inc. is a non-bank financial intermediary and therefore subject to local business tax on its dividends and interest income.
It is the latest victory in a series of suits filed against City Hall by the so-called 14 coco-levy companies based in Davao that own blocks of San Miguel shares.
Saying the San Miguel Officers Corps Inc. is a holding company not engaged in financial trading as main line of business, associate justices Cielito Mindaro-Grulla and Erlinda Uy and presiding justice Roman del Rosario ordered the city treasurer to return the P1.1 million business tax his office had collected on the officers’ group in 2011.
The Davao City government has since 2005 been imposing a 55 percent of one percent tax on dividends and interest income on non-bank financial institutions operating in the city.
Heard through the grapevine
And speaking of taxes, the Philippine National Bank has won P210 million in tax credits representing the excess taxes withheld in 2010 by the Bureau of Internal Revenue against the Lucio Tan bank.
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