Andrew Tan’s Alliance Global Group Inc. has long marketed itself as a diversified holding company spanning liquor, property, gaming, tourism, and quick-service restaurants. But at the parent-company level in 2025, the cash story was far more concentrated: Emperador Inc. supplied nearly half of Alliance Global’s dividend income , while Megaworld Corp., the group’s property flagship, contributed ₱1.65 billion . Alliance Global’s separate financial statements show that the parent company booked ₱4.916 billion in dividend income in 2025, down from ₱5.407 billion a year earlier. Of that total, Emperador delivered ₱2.377 billion , equivalent to about 48% of the parent’s dividend revenue. Megaworld, despite being one of the group’s most visible listed operating companies, contributed ₱1.650 billion , or roughly 34% of Alliance Global’s dividend income. The numbers underline a subtle but important point about Alliance Global’s parent company's economics: the holding company is not mere...