Crazy Rich Asians? Catholic Church Invested Billions in BPI, San Miguel, And Many More - The Daily Sentry

Friday, December 14, 2018



Crazy Rich Asians? Catholic Church Invested Billions in BPI, San Miguel, And Many More



Cardinal Tagle, photo from Asian Policy
We all know that the Catholic Church is rich. With all the donations given to them every mass, and the exorbitant fees they charged for baptisms, weddings and more, it is understandable that the Church has so much money to spare. What’s surprising is that they are crazy rich.


Is This Good Or Bad News?

Based on a report from the Manila Times in 2015, the Manila Archdiocese paper worth would amount to 32 billion pesos. The Roman Catholic Archbishop of Manila owns 327 million Bank of the Philippine Islands shares. At the moment, the share price of BPI is at P93.50 per share, that would make the Manila archbishop very rich with a paper wealth of over 30.5 billion pesos.

That would be good news for the poorest Catholics if only the church would be kind enough to share their wealth to the common people. That would be very doubtful though, it is just wishful thinking.
Archbishop Jose Palma and Archbishop Socrates Villegas, photo from Rappler
More Wealth

Aside from being the 4th largest owner of BPI, the Catholic church are also top stockholders in other companies and industries. They invested in mining, construction and many more. As of 2011, they have 3.2 million shares of Philex Mining Corporation, the largest mining company in the country.

The affiliate groups of the Roman Catholic Church likewise have huge investments in San Miguel Corporation. Three religious groups own more than 500 million worth of shares in SMC.

Tip Of The Iceberg

All the numbers are from the Church’s investment in PSE-traded firms. We can assume that all the talk about the wealth of the Church is nothing but the tip of the iceberg since we have not even listed their investments in other private entities, foreign companies, bonds, or real estate properties.

Here’s hoping that the wealth of the Catholic Church can be used to alleviate the poverty of its flocks. It will be very beneficial in improving the lives of the poor Filipino people who support the Catholic Church.
Bishop Oscar Cruz, Pres. Duterte, and Bishop Soc Villegas , photo from Thinking Pinoy
Source: The Manila Times

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