RETAIL tycoon Henry Sy Sr. is still the Philippines’ richest person and has remained so for the ninth consecutive year, according to Forbes Asia.
The magazine placed Henry Sy and his family’s net worth at $13.7 billion.
The 91-year-old billionaire’s core businesses are retailing, banking and property development. His SM Investments Corp. is one of the county’s biggest conglomerates.
John Gokongwei of JG Summit Holdings Inc. came in second with a total net worth of $6.8 billion. Gokongwei has interests in air transportation, banking, food, hotels, power, chemicals, real estate and telecommunications.
The Aboitizes ranked third with $5 billion. The Aboitiz family owns the listed Aboitiz Equity Ventures that has interests in power, banking, food, land development and biofuels.
Last year, AEV partnered with global building materials company CRH and acquired a majority stake in the operations of Lafarge in the Philippines.
Rounding up Forbes Asia’s top 50 Richest Filipinos list were Lucio Tan and family ($4.9 billion), George Ty and family ($4.6 billion), Tony Tan Caktiong and family ($4.3 billion), Jaime Zobel de Ayala and family ($4.1 billion), Enrique Razon Jr. ($3.5 billion), David Consunji ($3.1 billion), Andrew Tan ($3 billion) Lucio and Susan Co ($2 billion), Manuel Villar ($1.8 billion), Robert Coyiuto Jr. ($1.7 billion), Inigo and Mercedes Zobel ( $1.5 billion), the Gotianun family ($1.3 billion), Ramon Ang ($1.21 billion), Edgar Sia ($1.2 billion), Roberto Ongpin ( $1.19 billion), Dean Lao ($1.15 billion), Eduardo Cojuangco ($1.14 billion), the Yap family ($1.1 billion), the Ricardo Po family ($950 million), Oscar Lopez ($940 million), Vivian Que Azcona ($900 million), Alfredo Yao ($810 million), Betty Ang ($800 million), Beatrice Campos ($700 million), Carlos Chan ($550 million), Frederick Dy ($480 million), the Concepcion family ($450 million), Jorge Araneta ($430 million), Alfonso Yuchengco ($400 million), Mariano Tan Jr. ($370 million), Manuel Zamora ($300 million), Michael Cosiquien ($265 million), Wilfred Steven Uytengsu Jr. ($260 million), Edgar Saavedra ($255 million), Eric Recto ($250 million), Jacinto Ng ($200 million), Jose Antonio ($195 million), Tomas Alcantara ($190 million), Gilberto Duavit ($185 million), Menardo Jimenez ($180 million), Ben Tiu ($175 million), P.J. Lhuillier ($170 million), Bienvenido Tantoco Sr. ($165 million), Felipe Gozon ($160 million), Juliette Romualdez ($155 million), Michael Romero ($150 million) and Luis Virata ($145 million).
Forbes Asia noted that several tycoons engaged in development and construction enjoyed a particularly robust year and were likely to continue to benefit under Duterte’s administration given its thrust to boost infrastructure spending.
But the biggest winner in Forbes’ list was new billionaire Edgar Sia II, who now ranks 17th from 34th last year. The significant jump in Sia’s net worth was largely due to the dramatic rise in the share price of his listed firm DoubleDragon Properties.
The share price of DoubleDragon Properties soared by 350 percent due to strong rental revenues and the growth of its CityMalls brand
San Miguel Corp.’s top honchos Ramon Ang, who ranked 16th with a net worth of $1.21 billion, and Eduardo Cojuangco Jr., who placed 20th with net worth of $1.14 billion, benefited from the company’s growth strategy in energy and infrastructure, which propelled its stock’s value up 50 percent
Two of this year’s returnees, Michael Cosiquien and Edgar Saavedra, are co-founders of Megawide Construction, a diversified builder whose stock rose 140 percent thanks to a surge in revenue and profit. The company is reportedly eager to invest in a proposed 2,000-kilometer Mindanao railway connecting the entire island.
Bienvenido Tantoco posted biggest loss percentage- wise this year. His net worth went down by 65 percent as his listed SSI Group’s profits fell by half from the intense retail competition and increased expenses.
Tantoco is now ranked No. 46th with a net worth of $165 million, down from last year’s $480 million.
