HENRY SY SR. STILL RICHEST
Rankings of the top 50 richest on the 2018 Forbes Philippines Rich List face volatility, as 19 tycoons saw their net worth shift 20 percent or more over the past year, Forbes Asia said.
Former politician and now full-time businessman Manuel Villar saw his wealth tripled this year from last year, which made him Philippines’ second richest man in 2018.
Villar’s net worth of $5 billion increased three times from last year’s $1.65 billion.
Forbes noted shares in Villar’s Golden Bria climbed at a staggering 1,300 percent in the first quarter as a profitable business in burial services was joined with a new vehicle for developing housing projects and condominium for middle class families.
“There has been a general uplift in the wealth of the country’s real estate and construction tycoons. Henry Sy, chairman of SM Investments, one of the Philippines’ largest conglomerates, retains his top spot on the list as his net worth continues to rise to $18.3 billion this year, from $18 billion previously,” according to Forbes.
Sy remains the richest person in the country for the 11th straight year with a net worth of $18.3 billion from $18 billion.
His family owns SM Investments Corp., the largest retailer in the Philippines with stakes in banking, property, and retail.
Other notable gainers this year are San Miguel Corp.’s Ramon Ang with $2.85 billion at top eight, Iñigo and Mercedes Zobel with $2.5 billion at top 11, and Eduardo Cojuangco with $1.4 billion at No. 14 as shares of San Miguel—in which he is chairman and CEO—increased by 70 percent year-on-year.
Ang is the vice chairman and chief operating officer of San Miguel.
Third richest John Gokongwei Jr. is the founder of JG Summit conglomerate with interests in air transportation, telecommunications, banking, food, power, and property. His net worth is $4.4 billion.
In April, his only son, Lance Gokongwei, was elevated to chief executive of JG Summit —the Philippines’ second-largest family-run conglomerate founded by the older Gokongwei in 1957, according to Forbes.
Jaime Zobel de Ayala of the country’s oldest conglomerate, Ayala Corp., rose one spot to fourth richest as his fortune rose by $300 million to $4 billion. Ayala Corp. has interests in property development, infrastructure, banking, telecommunications, water, power, technology, manufacturing, and automotive.
Enrique Razon Jr., owner of International Container Terminal Services (ICTSI), claimed the fifth spot with a net worth of $3.9 billion.
Homegrown fast-food giant Jollibee Foods Corp.’s Tony Tan Caktiong is sixth with $3.85 billion, followed by LT Group’s Lucio Tan with $3.8 billion.
At ninth spot is GT Capital’s George S.K. Ty with a net worth of $2.75 billion, followed by Megworld Corp.’s Andrew Tan with $2.6 billion.
The minimum amount required to make it to the richest list is $125 million, up from $120 million last year, Forbes said.
Net worths were based on stock prices and exchange rates as of the close of markets on August 24, 2018.
Private companies were valued by using financial ratios and other comparisons with similar publicly traded companies. —JannielynBigtas and Ted Cordero/VDS, GMA News