Henry Sy topped Forbes Magazine's list of richest Filipinos for the 9th straight year. Forbes pegged the 91-year-old Sy's 2016 net worth at $13.7 billion, down from his 2015 net worth of $14.4 billion. Back in April, Sy's holding company SM Investments Corporation (SMIC) announced it is spending as much as P85 billion in 2016, mainly to build new malls as well as office and residential buildings in the Philippines. SMIC was off to a good start this year, posting a consolidated net income of P15 billionfrom January to June. The growth was largely driven by the property side of the conglomerate, which accounted for 41% of net income, followed by banks with 38%, and retail with 21%. In June, SMIC subsidiary SM Hotels and Conventions Corporation also opened luxury hotel Conrad Manila in Pasay City. We own several small businesses and pay the appropriate taxes yearly. For years the BIR (Bureau of internal revenue) has had a very selective approach to how much big businesses and certain individuals pay in taxes. My 'hope' is the current administration will address these discrepancies and ensure a more level playing field.
'Sychasm'... Yes, I'm sure his fortune has been amassed without graft or corruption... or a thought for those scraping a short life from the dirt, outside his comfy gated world. What a hero. God will love him.
