Philippines’ billionaires club grows
A RECORD NUMBER of billionaires joined the latest Forbes Philippines’ 50 Richest List that was released yesterday, with Henry S. Sy, Sr. — the man behind the SM Group of companies — dominating the annual tally for the ninth consecutive year.
The elite list named 21 Filipino billionaires this year, up from 17 in 2015, as several tycoons engaged in the businesses of construction and development saw a huge boost, Forbes Asia said in a statement.
“Given plans by the new administration of President Rodrigo (R.) Duterte to invest in a ‘golden age of infrastructure,’ the fortunes of these tycoons could rise even higher,” Forbes Asia said.
Astro C. del Castillo, managing director at First Grade Finance, Inc., said in a telephone interview: “This is not surprising, given the improving economy.”
“Most of these tycoons are exposed to big-ticket projects in partnership with the government and that contributed to the appreciation of their wealth.”
Topping the richest list anew is the 91-year-old Mr. Sy with a net worth of $13.7 billion, down from $14.4 billion. The mall magnate owns SM Investments Corp., the country’s largest retailer with stakes in banking and property.
JG Summit Holdings, Inc. Chairman Emeritus John L. Gokongwei, Jr. retained the No. 2 spot, even as his net worth increased to $6.8 billion from $ 5.5 billion. Mr. Gokongwei, who turns 90 this year, is handing over the reins of the family business spanning airline, banking, food, hotels, power, chemicals, real estate, retail and telecommunications to the next generation.
Moving up four notches to third is the Aboitiz family after its wealth jumped to $5 billion from $.3.6 billion. Aboitiz Equity Ventures, Inc., which has interests in power, banking, food, land development and biofuels, ventured into infrastructure last year after partnering with Irish building materials company CRH Plc.
LT Group, Inc. Chairman Lucio C. Tan, 82, and family kept the No. 4 spot on this year’s list after their net worth improved to $ 4.9 billion from $ 4.3 billion. LT Group, whose net income expanded by half last year, has interests in tobacco, spirits, banking and property development.
GT Capital Holdings, Inc. Chairman Emeritus George S. K. Ty, 83, climbed to fifth after his wealth grew to $ 4.6 billion from $ 4 billion. After exiting some of its power investments, GT Capital is making a bigger bet on the infrastructure boom to beef up its portfolio, which also includes banking, automotive, property development, and insurance.
Rounding up the top 10 and their respective net worths were: Jollibee Foods Corp. founder Tony Tan Caktiong ($4.3 billion from $2.2 billion); Ayala Corp. founder Jaime Zobel de Ayala and family ($ 4.1 billion from $3.5 billion); International Container Terminal Services, Inc. Chairman Enrique K. Razon, Jr. ($3.5 billion from $ 4.1 billion); DMCI Holdings, Inc. Chairman David M. Consunji ($ 3.1 billion from $3.2 billion); and Alliance Global Group, Inc. Chairman Andrew L. Tan ($3 billion from $4.5 billion).
Also in the billionaires’ club were Lucio and Susan Co of Puregold Price Club, Inc. (11th, $2 billion from $1.7 billion); Vista Land & Lifescapes, Inc. founder Manuel B. Villar, Jr. (12th, $1.8 billion from $1.5 billion); and Robert G. Coyiuto, Jr. of the National Grid Corporation of the Philippines and PGA Automobile, Inc. (13th, $1.7 billion from $1.6 billion). Heirs of Andrew L. Gotianun, Sr., who died in March at the age of 88, placed 15th with a wealth of $1.3 billion.
Some of the country’s richest are invested in San Miguel Corp., riding on the conglomerate’s diversification to energy and infrastructure, Forbes Asia said. Ramon S. Ang, San Miguel’s pilot and major stakeholder, landed 16th with a net worth of $1.21 billion and was joined by Iñigo and Mercedes Zobel (14th, $1.5 billion), controversial former Trade minister Roberto V. Ongpin (18th, $1.19 billion) and San Miguel Chairman Eduardo M. Cojuangco, Jr. (20th, $1.14 billion).