Latest Stories

Biz Buzz: Papaya sting


Not a few people were surprised when word appeared on social media that the Bureau of Internal Revenue has offered a P150-million reward for anyone who could provide “prima facie evidence” that supports what appears to be the agency’s ongoing probe of Cosmetique Asia Silka Papaya (yes, the firm that makes that whitening soap product).

Such news item was even carried by TV5’s news website Interaksyon.com based on a press statement that was e-mailed to some reporters, ostensibly by a BIR official, Tuesday morning.

In the statement, the BIR supposedly offered the reward—equivalent to 10 percent of the alleged P1.5 billion in taxes that the firm owes the government—to anyone who could give the agency positive leads to help its investigation.

Well and good, right?

Well, as it turned out, the BIR did not release any such statement, with no less than Internal Revenue Commissioner Kim Henares denying that such a press release was sent out.

A cursory glance at the e-mailed press statement showed that it was indeed of a dubious source. It was purportedly issued by a certain “Tess Idio,” who is the officer in charge of the BIR’s “incentives division.” But the e-mail address it emanated from was a Gmail account instead of the official @bir.gov.ph format.

More importantly, the link to the reference material cited in the e-mail leads to an anonymously written blog, which has been carrying, for some time now, several anti-Silka Papaya articles. (Someone clearly has an issue against the firm’s chief operating officer, calling him a “tax evader” and uploading a picture of him on a pricey Ducati from his Facebook account.)

Henares herself had to issue a statement Tuesday afternoon to clarify that the BIR issued no such press release and that any probe it conducts is done in secrecy.

Tsk tsk. So much for that P150-million reward.—Daxim L. Lucas

Reviving Zeus

This stock named after the big boss of Greek gods is back on stock pundits’ radar screen in the last two days as many blue chips have hit what many consider to be expensive levels. Zeus Holdings Inc. (ZHI), affiliated with mining tycoon Felipe Yap, soared by 25 percent Tuesday and landed among the list of top traded stocks.

The speculation is that within the next few days, Yap is set to meet with Australian mining group NewCrest to talk about prospective investment in dormant ZHI. It is believed that Yap has long wanted to unlock values from ZHI and was previously in talks with Gold Fields as well. ZHI is an operator of mining claims in the Carrascal, Cantillan and Madrid in Surigao del Sur, which, however, has yet to obtain a mineral production sharing agreement (MPSA). More than just selling shares in a shell company, some say that Yap is keen on infusing into ZHI privately held mining claims outside of his Lepanto, including some that are contiguous to the high-grade Far Southeast gold mining project in Mankayan, Benguet.

Last year, the mining/oil counter was battered by an ugly operating environment caused by an “investor-unfriendly” mining framework, lower commodity prices and the Padcal mining accident. Is it possible that the worst news had been priced in? The midterm elections are seen as a key game changer for the sector this year as far as adopting revenue-sharing policy is concerned.

As for Yap’s talks with NewCrest, dealers caution that these would at best be preliminary, exploratory—and deniable.—Doris C. Dumlao

‘Epic’ fail

A controversial actress clearly thinks she could throw her weight around anywhere she goes—including kicking out somebody from a resto-bar just because she does not like the way he looks—perhaps because she and her family are major players in show biz.

This controversial actress, who is notorious for getting involved in all sorts of scandals, recently got an “epic embarrassment” at a high-end bar in Boracay.

The controversial actress had her eyes on a handful of beautiful men at an adjacent table and had schemed to insert herself into this gorgeous group. But first she wanted to get rid of one guy whose moreno features she did not fancy as this probably did not fit in with her all-mestizo fetish. She asked the joint’s bouncer to have the moreno guy kicked out.

The bouncer obliged, but he was bowled over when he learned that the moreno guy (who comes from a “buena familia”) turned out to be the one paying for the group’s tab. It was his party and the pretty guys were his diving buddies.

The businessman is also independently wealthy as he owns a string of popular restaurants in Metro Manila (President Aquino is a regular customer) and he is a close friend of the bar’s owners.

The bouncer was apologetic and explained that it was the controversial actress who wanted him ejected from the bar. It was an awkward situation, but the controversial actress played innocent when the moreno guy and his friends gave her the dagger looks.—Gil Cabacungan

Get business alerts and a preview of Biz Buzz the evening before it comes out. Text ON INQ BUSINESS to 4467 (P2.50/alert).

Follow Us

Follow us on Facebook Follow on Twitter Follow on Twitter

Recent Stories:

Complete stories on our Digital Edition newsstand for tablets, netbooks and mobile phones; 14-issue free trial. About to step out? Get breaking alerts on your mobile.phone. Text ON INQ BREAKING to 4467, for Globe, Smart and Sun subscribers in the Philippines.

Tags: Boracay , Business , Celebrities , Cosmetique Asia Silka Papaya , Entertainment , NewCrest , press statement , Stock Market , stocks , tax evasion , Zeus Holdings Inc.

  • Brilliant_Investor

    I wonder who this controversial actress is being blind-itemed who allegedly has a penchant of
    ogling and flirting around beautiful men and getting rid of those who doesn’t fit her taste; but turned out to be the victim of her own game. What an embarrassing moment. I thought she already learned her lesson from the “elevator” incident. Ooops. ;-)

  • http://profile.yahoo.com/SYG36KOOLRY47VA3ICPJJ5CQTQ ADD

    Hmmm, mukhang si Ruppa Gutierrez ata un, tama ba?

  • http://www.facebook.com/profile.php?id=100000508039858 ‘Édwiñn ‘Grajôô

    c madam auring

  • Pwe Jade

    Tax evasion?  No need to go far.  Lita Pujeda living in Tierra Pura, QC is cuddled by “powers-that-be” in the BIR QC.  She does not pay taxes.  In fact, she let her clients to pay the taxes for her.

    No permits, no license.  Tsk tsk tsk…. right under your nose.  PUJEDA BUILDERS & CONSTRUCTION SUPPLY????  Sounds familiar?
    Ok, what about the corrupt individuals roaming like crocodiles in the city.

    A small-time (but thinking he is big-time) house builder in Tierra Pura, QC by the name of Alfredo and Carmelita Pujeda.
    paying taxes, skip applying for permits (building, safety), bully
    workers, manipulate buyers and most of all falsify documents.

    Recent houses built in West Lane, Jem 2 Subdivision in Pasong Tamo, QC

    Tell your friends to be warned about this PUJEDA.  Christine Perez (Project 8) serves as their willful agent. 

    Desired targets:  OFWs house hunting.


  • http://pulse.yahoo.com/_FASESU6FPUXJCZMOVMMFEEMLGU Carmencita Lopez

    Actually the reward is UP TO P1M. which meant, it could be as low as P0.01. hehehe

  • http://pulse.yahoo.com/_6KQ3DYZP5GWHYFQOAVUT4X6JCY Sal

    hahaha. tsismis! sino kaya si lady at si moreno guy?

    • http://twitter.com/Negastarr NegaStarr

      Kuya Germs aka German Moreno kaya to?

    • Mel Manalo

      anabelle rama jr.?

  • http://twitter.com/Negastarr NegaStarr

    Maximum reward for informers under the Tax code is only P1m.

Copyright © 2014, .
To subscribe to the Philippine Daily Inquirer newspaper in the Philippines, call +63 2 896-6000 for Metro Manila and Metro Cebu or email your subscription request here.
Factual errors? Contact the Philippine Daily Inquirer's day desk. Believe this article violates journalistic ethics? Contact the Inquirer's Reader's Advocate. Or write The Readers' Advocate:
c/o Philippine Daily Inquirer Chino Roces Avenue corner Yague and Mascardo Streets, Makati City, Metro Manila, Philippines Or fax nos. +63 2 8974793 to 94


  • Camilla’s brother dies in US after head injury
  • Luisita farmers storm DAR compound
  • Trillanes, Ejercito confident they are not in Napoles’ list
  • Easterlies to prevail in Luzon, Visayas
  • Lacson eyes P106-B ‘Yolanda’ rehab masterplan
  • Sports

  • Mixers trim Aces; Painters repulse Bolts
  • Donaire junks Garcia as coach, taps father
  • ’Bye Ginebra: No heavy heart this time
  • UAAP board tackles new rules
  • Baguio climb to decide Le Tour de Filipinas
  • Lifestyle

  • Photos explore dynamics of youths’ sexual identity
  • 12th Philippine Food Expo set at the World Trade Center
  • No tourist draw, Malang the croc will remain wild
  • The best flavors of summer in one bite, and more
  • Homemade yogurt, bread blended with pizza, even ramen
  • Entertainment

  • Sony developing live-action Barbie comedy
  • California court won’t review Jackson doctor case
  • Return of ‘Ibong Adarna’
  • Practical Phytos plans his future
  • In love … with acting
  • Business

  • Facebook profits triple as mobile soars
  • Insular Honors Sales Performers at Testimonial Rites
  • Apple increases stock buyback, will split stock
  • Cost-recovery provisions for affected gencos urged
  • This time, BIR goes after florists
  • Technology

  • Top Traits of Digital Marketers
  • No truth to viral no-visa ‘chronicles’
  • ‘Unlimited’ Internet promos not really limitless; lawmakers call for probe
  • Viber releases new design for iPhone, comes to Blackberry 10 for the first time
  • Engineers create a world of difference
  • Opinion

  • Editorial cartoon, April 24, 2014
  • Talking to Janet
  • Respite
  • Bucket list
  • JPII in 1981: walking a tightrope
  • Global Nation

  • Filipinos in Middle East urged to get clearance before returning
  • PH seeks ‘clearer assurance’ from US
  • China and rivals sign naval pact to ease maritime tensions
  • What Went Before: Manila bus hostage crisis
  • Obama arrives in Tokyo, first stop of 4-nation tour
  • Marketplace