Sy is Phl’s richest for 10th straight year — Forbes
For the 10th year in a row, retail magnate Henry Sy of the SM Group remains the country’s richest man, according to the 2017 Forbes Philippines Rich List of 50 tycoons.
Sy, now 92, grew his net worth to $18 billion from just $13.7 billion, making him the biggest gainer in dollar terms, according to Forbes.
John Gokongwei Jr., founder of JG Summit, is the country’s second richest
with a net worth of $5.5 billion even as his fortune fell by $1.3 billion from $6.8 billion a year ago.
Ports tycoon Enrique Razon Jr., among the world’s youngest billionaires, moved up to third spot with a net worth of $4.3 billion.
As chairman of global port operator International Container Terminal Services Inc., Razon saw his wealth rise by $800 million from $3.5 billion last year, dislodging Lucio Tan who was previously the third richest man in the country.
Tan, a self-made tycoon, is at fourth spot this year, with a net worth of $4.2 billion, Forbes said. Tan’s LT Group, led by his son Michael as president and COO, has interests in tobacco, spirits, banking and property development.
The fifth richest man is Jaime Zobel de Ayala, patriarch of the Ayala family with a net worth of $3.7 billion.
He is followed by David Consunji at sixth spot, with a net worth of $3.68 billion; George Ty, seventh, with a net worth of $3.6 billion; Tony Tan Caktiong, eighth, with a net worth of $3.4 billion; Andrew Tan, ninth, net worth of $2.5 billion and Ramon Ang at 10th with $2.3 billion.
The full list comprised 50 tycoons, with a minimum net worth of $120 million, down from $145 million last year.
Forbes said that brisk economic growth in the Philippines – nearly seven percent this year – is expected to carry over into 2018, benefiting magnates who enjoy a broad business reach.
An infrastructure push by the Philippine government has been particularly favorable for some construction and property development tycoons on the 2017 rich list.
Seven of the 10 biggest dollar gainers have sizable interests in construction and property development. These include Ang, president and COO of San Miguel Corp., who nearly doubled his wealth largely due to a favorable market debut of his cement company, Eagle Cement, which went public in May.
Similarly, businessmen Michael Cosiquien (No. 29, $385 million) and Edgar Saavedra (No. 31, $375 million), co-founders of construction conglomerate Megawide, saw their wealth rise by more than 45 percent, buoyed by a 30 percent uptick in the shares of Megawide.
The 20-year-old company, which handles construction of schools, Mactan Cebu International Airport and the country’s first intermodal transportation hub, reported a rise in construction and airport revenues over the past year.
However, while some infrastructure tycoons saw gains in their wealth, others on the list did not fare as well.
Half of the country’s top 50 tycoons saw their net worth fall with the benchmark Philippine Stock Exchange index (PSEi) virtually flat over the past year and the peso slumped against the US dollar on a surge in imports, taking a toll on the wealth of the Philippines’ richest.
Edgar Sia II (No. 21, $820 million) enjoyed a surge in his net worth last year but saw his wealth fall by 32 percent this year as shares of his DoubleDragon Properties retreated, Forbes said.
Net worth of Alfredo Yao (No. 25, $600 million) was down 26 percent as shares in his soft drink maker Macay Holdings dipped 21 percent amid an impending rise in taxes on sugary drinks.
Also in the list is businessman Eusebio Tanco of STI, who made his debut at No. 45 with a net worth of $150 million.