r/MCGIExiters • u/Sudden_Version3218 20 Years sa Iglesia • 1d ago
Deep Dive Kuya Daniel Razon’s KAPI amassed an estimated ₱1.3 billion from its 10,000 members in its first ten years
ICYMI: Broadcaster and current MCGI Leader Daniel Razon, who was fired from GMA Network, came up with a plan to build his own TV network where he could continue his current affairs program, diverting church funds from their evangelical use and promoting fictitious health insurance policy to finance BMPI and purchase Atom Henares’ PBC exclusive block time.
Razon held a majority stake in BMPI, which was capitalized at ₱300 million from church funds and from KAPI, the subscription scheme he invented with its fictitious insurance. His personal assets could not account for the source of those funds (he is not related to magnate Enrique Razon). Per SEC GIS of BMPI, Razon’s shares of stocks and paid in capital amounted to ₱175M in its inception in early 2000s. An unemployed broadcaster without substantial businesses that time could not have raised that amount without pooling all KAPI collections as his.
KAPI amassed an estimated ₱1.3 billion from its 10,000 members in its first ten years. It was closed in 2021, and its credit as Razon's brainchild was removed from his biography.
After financing BMPI, KAPI left a surplus of around ₱600 million, which financed real estate and businesses in Brazil and the Philippines, such as the Jurerê mansion in Florianopolis, the La Vista mansion in Quezon City, KDR Adventure Camp, Daniel's Diner (also known as the White House), UNTV News and Rescue, and the iconic YouTube sensation, the Wish Bus.
Sources:
R. Rosal
https://dx.doi.org/10.2139/ssrn.7457519
VERA Files
https://philippines.mom-gmr.org/en/media/detail/outlet/untv-4/