Sy is Philippines’ richest for 8th consecutive year
Tycoon Henry Sy Sr. topped Forbes’ list of 2015 Philippines Richest, his eighth year in a row, for a staggering fortune $14.4 billion, almost three times the net worth of the second richest on the list and rival in the retail industry, John Gokongwei Jr. , who has $5.5 billion.
“Property, retail, and banking tycoon Henry Sy retains his title as the country’s richest person for the eighth consecutive year,” Forbes Magazine said.
Sy saw his net worth increase as the value of his publicly-traded
conglomerates, SM Investments and SM Prime Holdings, rose by 17 percent and 20 percent, respectively, over the past year. His net worth is now placed at $14.4 billion, up by $1.7 billion compared to last year.
Sy’s companies announced record income from banking and retail businesses and two new mall partnerships in 2014. He also has a stake in privately owned electricity firm National Grid Corp., which supplies power to the entire country.
Gokongwei moved up three spots after his company’s stock rose 30 percent, largely due to revenue growth in petrochemical businesses and earnings from investment in Manila Electric Co. (Meralco), the Philippines’ largest electric power distributor.
His JG Summit has interests in food and beverage, airlines, telecom, property development, banking, retail, hotels, and power generation.
Andrew Tan of Alliance Global climbed one notch to top 3 with $4.5 billion, down from $5.1 billion previously. The stock price of his company is 11 percent lower due to lower income in resort and casino operations. The 63-year-old Tan owns the McDonald’s franchise in the Philippines.
Also among the top five on this year’s list are: LT Group’s Lucio Tan (No. 4) with a net worth of $4.3 billion and International Container Terminal Services’ Enrique Razon Jr. (No. 5) who has a fortune of $4.1 billion.
Completing the top 15 are George Ty, Family Aboitiz, Jaime Zobel de Ayala, David Consunji, Tony Tan Caktiong, Lucio and Susan Co, Robert Coyiuto Jr., Manuel Villar, Yap family, and Alfredo Yao.
The Yap family fortune of which is shared by the heirs of Don Emilio T. Yap, who passed away last year, saw their net worth at $1.4 billion.
“The family has announced that it does not intend to break up the family empire, but otherwise has kept a low profile. The largest piece of their fortune stems from a stake in Philtrust Bank. They also own the Manila Bulletin Publishing Corp., the country’s leading national newspaper,” Forbes said.
A notable winner on this year’s list and newly minted billionaire is Dean Lao, which stood at No. 16 with a net worth of $1.1 billion, who saw his net worth soar by 76 percent from $625 million last year.
His listed D&L Industries, which specializes in food, plastics, and aerosol industries, had a record net income growth of 27 percent in 2014.
Joining the billionaire ranks for the first time is media mogul Oscar Lopez at No. 17 with S1.1 billion net worth.
This, Forbes noted, happened after the stock price of his company, Lopez Holdings, rose 30 percent over the past year. His best-known interest is publicly traded ABS-CBN Broadcasting, the oldest TV network in the Philippines.
Forbes said the list was compiled using shareholding and financial information obtained from the families and individuals, stock exchanges, analysts and other sources. Unlike the Forbes billionaire rankings, this list includes family fortunes, including those shared among extended families such as that of John Gokongwei Jr. and his relatives.
“One of Asia’s fastest growing economies in recent years, the Philippines is seeing a boost in domestic wealth, even as its resource industries suffer from the same market drag hitting the sector throughout the region. The result is a mix of ups and downs among the nation’s 50 richest,” Forbes said.
Forbes Media is a global media, branding and technology company, with focus on news and information about business, investing, technology, entrepreneurship, leadership, and affluent lifestyles.
Heroes of philanthropy
Forbes Asia also announced its ninth annual Heroes of Philanthropy list, highlighting some of the region’s most noteworthy givers.
One of the philanthropists cited was Philippines’ boxing champion and Sarangani Rep. Manny Pacquiao who has awarded more than 200 scholarships and extended more than $400,000 in medical assistance to needy people through his Heart Foundation that he had set up with his wife Jinkee. He has also contributed hundreds of thousands of dollars to relief funds after devastating typhoons in the last three years.