Assignment

in
Income Statement

Submitted by:

Aonuevo, Janine O.

BSEntrep- 3A

Submitted to:

Mr. Rivera
Ten largest conglomerates in 2010
In 2010, the Holding Firm sector of the Philippine Stock Exchange outperformed other sectoral indices by
gaining 110.28%. The largest conglomerates in the Philippines are:
San Miguel Corporation

San Miguel Corporation, together with its subsidiaries, is the largest publicly listed food, beverage and
packaging company in Southeast Asia. Through the years, San Miguel Corporation has acquired other
companies to boost its portfolio. Its core businesses include beverages, food, packaging and properties. Its
non-core businesses include power distribution ([[Meralco[[), oil refining and retail (Petron), tollways (Tarlac-
Pangasinan-La Union Tollway), telecommunication (Liberty Telecom), mining (Daguma Agro-Minerals, Inc.),
and banking (Bank of Commerce). Total market capitalization at the end of 2010 amounted to P385.96 billion.
SM Investment Corporation

SM Investment Corporation is the holding company for the SM Group of Companies. Its has a total of five core
businesses namely: SM Prime Holdings for shopping mall development and management; retail merchandising
through SM Department Store, SM Supermarket, SM Hypermarket, and SaveMore Stores; financial services
through Banco de Oro Unibank, Inc. and China Banking Corporation; real estate development and tourism
through SM Land, Inc., SM Development Corporation, Costa Del Hamilo, Inc., Pico de Loro Beach and Country
Club, Inc., and Highlands Prime, Inc.; and hotels through SM Hotels, SMX Conventions Specialists, Hotel
Specialists. Total market capitalization at the end of 2010 amounted to P329.55 billion.
Aboitiz Equity Ventures

Aboitiz Equity Ventures was originally incorporated as Cebu Pan Asian Holdings, Inc.. AEV serves as the
holding company of the Aboitiz Group. Its has business interests in power generation through publicly-listed
company Aboitiz Power Corporation; financial services through publicly-listed bank Union Bank of the
Philippines and City Savings Bank; food manufacturing through Pilmico Foods Corporation; transport business
through Aboitiz Transport System; real estate through Cebu Praedia Development Corporation; and aviation
through AEV Aviation, Inc. Total market capitalization at the end of 2010 amounted to P206.2 billion.
Ayala Corporation

Ayala Corporation is one of the oldest companies in the Philippines. AC serves as the holding company of the
Ayala Group of Companies. It has business interests in real estate through publicly-listed Ayala Land, Inc.;
financial services and bancassurance through Bank of the Philippine Islands; telecommunications
through Globe Telecom, Inc.; IT through Integrated Microelectronics, Inc.; Utilities through Manila Water
Company, Inc.; automotives through Honda Cars Philippines, Inc. Total market capitalization at the end of 2010
amounted to P191.73 billion
JG Summit Holdings
JG Summit Holdings is the holding company of the Gokongwei Group. It is currently the most diversified
holding company with interest in consumer food through Universal Robina Corporation; property development
through Robinsons Land Corporation; aviation through Cebu Air, Inc.; telecommunication through Digital
Telecommunications, Inc.; power generation through First Private Power Corporation; banking through
Robinsons Savings Bank; petrochemicals through JG Summit Petrochemical Corporation; insurance through
Unicon Insurance Brokers; publishing through Summit Media. Total market capitalization at the end of 2010
amounted to P145.45 billion.
Alliance Global Group

Alliance Global Group, Inc. was originally operated as glass-container manufacturer. Through the years it has
diversified into food and beverage through Emperador Distillers and Alliance Global Brands; real estate
development through Megaworld Corporation; quick service restaurant through Golden Arches Development
Corporation; hotel operations and tourism-oriented businesses through Travellers International Hotel Group,
Inc.; and glass manufacturing through Anglo Watsons Glass, Inc. Total market capitalization at the end of 2010
amounted to P121.30 billion.
DMCI Holdings, Inc.

DMCI Holdings, Inc. was incorporated to consolidate all construction businesses and other related interests of
the Consunji family. Among its subsidiaries are: D.M. Consunji, Inc. (general constructions); DMCI Project
Developers, Inc. (real estate sales and development); Semirara Mining Corporation (mining); DMCI Power
Corporation (power generation). DMCI is also part of the DMCI-MPIC Water Company, Inc., a consortium
with Metro Pacific Investments Corporation. Total market capitalization at the end of 2010 amounted to P97.85
billion.
Metro Pacific Investment Corporation

Metro Pacific Investments Corporation was incorporated as a holding company for investments in real estate
and infrastructure projects. MPI holds business interests in Maynilad through the DMCI-MPI Water Company;
toll roads through Metro Pacific Tollways Corporation and its subsidiaries, Manila North Tollways Corporation
and Tollways Management Corporation; hospitals through Manila Doctors, Inc. and Davao Doctors Hospital,
Inc.; and real estate through Landco Pacific Corporation and Metro Pacific Corporation; power distribution
through Meralco. Total market capitalization at the end of 2010 amounted to P75.38 billion.
Filinvest Development Corporation

Filinvest Development Corporation is the holding company of the Gotianun-family. Its subsidiaries, joint-
ventures and affiliates include Filinvest Land, Inc. and Filinvest Asia Corporation for real estate development;
East West Banking Corporation and FDC Forex Corporation for financial services; Pacific Sugar Holdings
Corporation, Davao Sugar Central Co., Inc., Cotabato Sugar Central Co., Inc., and High Yield Sugar Farms
Corporation for sugar farming; and Seascapes Resort, Inc. and Filarchipelago Hospitality, Inc. are FDC's
subsidiaries for its venture in the hospitality business. Total market capitalization at the end of 2010 amounted
to P38.5 billion.
Lopez Holdings Corporation

Lopez Holdings Corporation was formerly Benpres Holding Corporation. Its businesses include publicly-listed
broadcasting company ABS-CBN Corporation, Bayan Telecommunications Holding Corporation, Bayanmap
Corporation, First Philippine Holdings Corporation, Sky Vision Corporation. It has divested its business
interests in banking, toll roads, property development. Total market capitalization at the end of 2010 amounted
to P24.28 billion.
Who are the large taxpayers?
THE Bureau of Internal Revenue (BIR) issued Revenue Regulations No. 17-2010
which consolidated the regulations implementing Republic Act No. 7646, an Act
authorizing the Commissioner of Internal Revenue to prescribe the place for payment of
internal revenue taxes by large taxpayers and prescribing the coverage and criteria for
determining large taxpayers.

A large taxpayer under the regulations is a taxpayer, regardless of its location in the
country, which has been classified and notified in writing by the BIR as one that has
satisfied the criteria for determining large taxpayers.

The following taxpayers are automatically classified as candidate to be a large taxpayer

and will be notified in writing as such by the BIR: 1) branches of a taxpayer under the
Large Taxpayer Service; 2) subsidiaries, affiliates and entities of conglomerates/group
of companies of a large taxpayer; 3) surviving company in case of merger/consolidation
involving a large taxpayer; 4) any corporation that absorbs the operation/business in
case of spin off/s of any large taxpayer; 5) corporations with an authorized
capitalization of at least P300 million; 6) Multi-national enterprises with an authorized
capitalization or assigned capital of at least P300 million; 7) publicly listed
corporations; and 8) universal, commercial and foreign banks.
ADVERTISEMENT

A taxpayer shall be classified as candidate to be a large taxpayer and will be notified in

writing as such by the BIR if it satisfied any or a combination of the criteria set by the
regulations as to tax payment and as to financial condition and results of operation. The
criteria for tax payment looks at the taxes paid by the taxpayer such as the value added
tax, excise tax, income tax, withholding tax, percentage tax, and documentary stamp
tax. The criteria for the financial condition of the company looks at gross sales/receipts,
net worth, and gross purchases of the company.

Furthermore, all large taxpayers are now required to file electronically all internal
revenue taxes including other required documents, and pay electronically taxes due
thereon through the Electronic Filing and Payment System.
Top 50 Corporate Taxpayers in the Philippines 2011

Smart is still the highest company taxpayer in the Philippines. But its income tax in 2011 (which was
P10.23 billion) lowered down by over 1 billion pesos compared to its income tax on 2010 (which was
P11.46 billion).

1. Smart Communications, Inc. = P10.23 billion

2. Manila Electric Company (MERALCO) = P8.30 billion
3. Shell Philippines Exploration, B.V. = P6.39 billion
4. Chevron Malampaya LLC = P6.30 billion
5. Nestle Philippines, Inc. = P4.89 billion
6. San Miguel Brewery Inc. = P4.78 billion
7. Globe Telecom, Inc. = P4.52
8. PMFTC Inc = P3.71 billion
9. Petron Corporation = P2.62 billion
10. SM Prime Holdings, Inc. = P2.22 billion
11. Philex Mining Corporation = P1.88
12. Pilipinas Shell Petroleum Corporation = P1.82 billion
13. Metro Rail Transit Corporation = P1.70 billion
14. First Gas Power Corporation = P1.49 billion
15. Philippine Long Distance Telephone Company (PLDT) = P1.48 billion
16. Manila Water Company, Inc. = P1.29 billion
17. Team Sual Corporatio = P1.23 billion
18. Quezon Power (Philippines), Limited Co. = P1.03 billion
19. Unilever Philippines, Inc = P1.02 billion
20. Philippine Amusement and Gaming Corporation (PAGCOR) = P960 million
21. Megaworld Corporation = P929 million
22. Lafarge Republic, Inc. = P901 million
23. Manila International Airport Authority = P900 million
24. San Roque Power Corporation = P885 million
25. Galoc Production Company WLL = P870 million
26. Emperador Distillers, Inc. = P863 million
27. CITRA Metro Manila Tollways Corporation = P856 million
28. Rio Tuba Nickel Mining Corporation = P852 million
29. Monde Nissin Corporation = P823 million
30. CE Casecnan Water and Energy Company, Inc. = P823 million
31. Supervalue, Inc. = P756 million
32. Kepco Ilijan Corporation (KEILCO) = P745 million
33. Toyota Motor Philippines Corporation = P726 million
34. San Miguel Corporation = P723 million
35. Philippine Ports Authority = P718 million
36. Mercury Drug Corporation = P717 million
37. Ayala Land, Inc. = P714 million
38. Holcim Philippines, Inc. = P703 million
39. United Laboratories, Inc. = P666 million
40. Siemens Power Operations, Inc. = P653 million
41. Robinsons Land Corporation = P639 million
42. Puregold Price Club, Inc. = P625 million
43. FGP Corporation = P623 million
44. Metrobank Card Corporation (A Finance Company) = P602 million
45. Bank of the Philippine Islands (BPI) = P598 million
46. Chevron Geothermal Philippines Holdings, LLC = P596 million
47. Asian Terminals Inc. = P595 million
48. Mead Johnson Nutrition (Philippines), Inc. = P584 million
49. Colgate Palmolive Philippines Inc. = P579 million
50. San Miguel Mills, Inc. = P565 million
51.