With the increase in prices of liquor in the market following the passage of Republic Act No. 10351 or the Sin Tax Law, a “lambanog” producer expects a rise in sales of coconut-based liquor.
Taipan Andrew Tan has taken a crucial step toward overseas expansion with the acquisition by his beverage unit Emperador Distillers Inc. of Bodega San Bruno S.A., a brandy company based in Jerez, Spain.
Some of the country’s biggest liquor manufacturers have asked a Manila court to stop the Department of Finance and the Bureau of Internal Revenue from enforcing the so-called Sin Tax Law, which they claim constitutes “double taxation” against local alcohol producers.
Only the earmarking of the revenues from the sin tax bill is left to be discussed in the bicameral conference after its members concluded deliberations on tax rates Thursday night.
The sin tax bill was finally approved Tuesday evening after senators concluded their deliberations and amendments on the measure. Certified as urgent by President Aquino, the bill was passed on second and third readings on the same day.
Businessman Lucio Tan has excluded flag carrier Philippine Airlines and budget airline Air Philippines Corp. from the roster of core businesses to be infused into Tanduay Holdings Inc. ahead of a major equity offering and transformation of the company into a holding company to be known as LT Group Inc.
Tycoon Lucio Tan is consolidating all his major businesses—liquor, airline, cigarette manufacturing, real estate and banking—into a single publicly listed holding firm with an estimated asset pool of P200 billion and will be headed by son and heir-apparent Michael Tan.
Q: Your business-growing model for a provincial hotel makes a lot of sense to us. It was simple but practical. However, it was for a service.
Emperador Distillers Inc., the beverage arm of tycoon Andrew Tan, grew its net profit in the first three months by 124 percent to P1.03 billion compared to year-ago level. “The growth can be attributed to higher consumer spending coupled with the increased patronage of our products,” EDI president Winston Co said in a statement. EDI, [...]
Tycoon Andrew Tan has struck a deal to take over the Philippine bottling plant of global premium liquor manufacturer Diageo in Laguna, an acquisition seen bringing Alliance Global Group Inc.’s liquor brand Emperador into the international market.
Despite a slight drop in sales in the first quarter, Tanduay Holdings Inc., one of the country’s top liquor distillers, is sticking to its profit growth targets for 2012 as the company banks on the country’s stronger economy. Tanduay Holdings said sales volume for January to March fell by 8 percent, driving profit down by [...]
An appeal panel on Wednesday upheld a World Trade Organization ruling that the Philippines broke trade rules by imposing high excise taxes on imported liquor.
