Retail tycoon Henry Sy Sr. took the No. 1 spot on the list of the richest Filipinos for nine years in a row in the latest listing by Forbes Asia Magazine (September, 2016), with a net worth of US$13.7 billion this year.

Forbes noted that the 91-year-old tycoon first entered the retail market in 1958 with a footwear shop in Manila. Sy’s family-owned SM Investments is now the largest retailer in the Philippines with stakes in banking, property, and retail. In March this year, SM Investments announced a tie-up with Singaporean e-commerce company, Lazada.

Featured in the cover story of Forbes Asia, John Gokongwei Jr. retained his No. 2 spot on the list with a net worth of $6.8 billion, up from $5.5 billion last year. Forbes said that over the years, the founder of JG Summit has built his business into Philippines’ fifth largest company with a market capitalization of $13.2 billion and diverse business interests, including an airline, banking, food, hotels, power, chemicals, real estate, and telecommunications. As he turns 90 this year, he is handing over the reins of the family business to the next generation.

Other tycoons who made it to the top 10 were Lucio Tan (US$4.9 billion); Aboitiz family; (US$5 billion); George Ty (US$4.6 billion); Jaime Zobel de Ayala and family (US$4.1 billion); Enrique Razon Jr. (US$3.5 billion); David Consunji (US$3.1 billion); and Andrew Tan (US$3 billion).

The next 15 batch is composed of Lucio and Susan Co (retail) with $2 billion, Manuel Villar (real estate) with $1.8 billion, Roberto Coyiuto Jr. (power) with $1.7 billion, Iñigo and Mercedes Zobel (diversified) with $1.5 billion, Gotianun family (real estate) with $1.3 billion, Ramon Ang (diversified) with $1.21 billion, Edgar Sia (fast food) with $1.2 billion, Roberto Ongpin (diversified) with $1.19 billion; Dean Lao (chemicals) with $1.15 billion, Eduardo Cojuangco (food and drinks) with $1.14 billion; Yap family (banking) with $1.1 billion, Ricardo Po family (canned foods) with $930 million, Oscar Lopez (media) with $940 million, Vivian Que Azcona (retailing) with $900 million; and Alfredo Yao (diversified) with $810 million

According to Forbes, the list was compiled using shareholding and financial information obtained from the families and individuals, stock exchanges, analysts, and other sources.

Net worth is calculated based on stock prices and exchange rates as of the close of markets on August 12. Private companies were valued based on similar companies that are publicly traded.

Forbes noted that as the “golden age of infrastructure” sets forth, more Filipinos are expected to gain more fortune and follow the footsteps of the ones who made it to the Philippines Rich List of Forbes Magazine.

“Several tycoons with interests in development and construction enjoyed a particularly robust year. Given plans by the new administration of President Rodrigo Duterte to invest in a golden age of infrastructure, the fortunes of these tycoons could rise even higher,” Forbes said.

The year’s biggest winner percentage-wise is new billionaire Edgar Sia II who is now the country’s top 17 richest man with US$1.2 billion net worth.

The 39-year-old saw his wealth increase by 200 percent, thanks to DoubleDragon Properties, the fast-growing real estate development company he owns with Tony Tan Caktiong, the top six richest man with fortune of US$4.3 billion.

Source:
courtesy of MANILA BULLETIN

by Madelaine B. Miraflor

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