The newest, yet hidden oligarch in the Philippines isn’t even a Filipino: He is the Indonesian magnate Anthoni Salim. ■ Pangilinan owns only a total of 1.4 percent stake in First Pacific Co., while Anthoni Salim owns 45 percent. ■ Pangilinan holds only token shares — less than half a percent — in PLDT, MPIC, Philex and other Philippine companies of the Salim conglomerate. Del Rosario’s wealth – he was the richest of Aquino’s Cabinet members – appears to have come mostly from his compensation from and business with Salim’s firms.) It has been, of course, Salim’s firms, mainly through the huge advertising budget of PLDT and Smart, that have been bankrolling these activities.

Source: Manila Times August 30, 2016 16:18 UTC