Philippines' RichestPublished last August 25, Forbes Rich List showed that the total networth of the Philippines’ wealthiest has reached $16.4 billion, higher than last year’s $14.2 billion. This is just an indication of country’s economic recovery.

Forbes attributed this to signs of recovery as various industries benefited from high remittances sent home by Overseas Filipino Workers (OFW) and healthy consumer confidence that kept Filipinos spending.

#1. Mall mogul Henry Sy is the nation’s richest person. His net worth increased $700 million to $3.8 billion. He owns the country’s largest mall operator through SM Prime Holdings Inc. He also owns Banco de Oro Unibank Inc. (BDO), the Philippines’ largest bank in terms of assets.

Sy’s listed holding company SM Investments Corp. is engaged in four core businesses — mall development, retail, financial services, and real-estate development and tourism — through its subsidiaries.

#2. Lucio Tan with a net worth $1.7 billion. His two banks — the Philippine National Bank (PNB) and the Allied Banking Corp. — now control 90 percent of Allied Commercial Bank (ACB), making both lenders the first to own a locally-incorporated commercial bank in China. Other holdings include Fortune Tobacco, Asia Brewery, Philippine Airlines and Hong Kong properties.

#3. Jaime Zobel de Ayala with a net worth unchanged at $1.2 billion. Ayala’s chairman and chief executive officer of Ayala Corp., the country’s largest conglomerate with interests in real estate and hotels, financial services and bancassurance, telecommunications, electronics, information technology and business process outsourcing, utilities, among others.

#4. Real estate mogul Andrew Tan who increased his net worth to $850 million. Son of a factory worker made his first fortune in brandy, and later in property development through Megaworld.

His holding company Alliance Global Group, Inc. diversified into food and beverage business and real estate development. Its subsidiaries include Emperador Distillers, Inc., Anglo Watsons Glass, Inc., Alliance Global Brands, Inc., Megaworld, Travellers International Hotel Group, Inc., and Golden Arches Development Corp.

#5. John Gokongwei with an increased net worth of $720 million. Gokongwei’s listed JG Summit Holdings Inc. has interests in airlines, telecoms, power, banking, real estate, petrochemicals, and financial services. Also owns Robinsons retail department store operations, with stores in 7 countries.

#6. Tony Tan Caktiong with a net worth of $710 million. His fast-food company Jollibee Foods is expanding: it already has 1,800 locations, 9 brands in 11 countries, including popular burger joint Jollibee. Completed purchase of a congee restaurant chain in China last October. Got his start 34 years ago when he opened 2 ice cream parlors.

#7. Eduardo Cojuangco, Jr with a net worth of $660 million. Chief executive of Southeast Asia’s largest food and beverage conglomerate, San Miguel. Company has been buying up stakes in a power company, oil refiner and bank; has shown interest in buying Dole Food’s Asian assets.

#8. Enrique Razon, Jr. with a net worth of $620 million. Razon owns the country’s largest privately-owned port management company, International Container Terminal Services Inc. He is also part of the National Grid Corp. of the Philippines, which operates the country’s transmission highway.

#9. Senator Manuel Villar is the ninth- wealthiest person with a net worth of $530 million. He has interests in real estate, which includes listed home developer Vista Land and Lifescapes.

#10. George S.K. Ty, a Filipino-Chinese finance tycoon with an estimated net worth of $515 million. He founded Metropolitan Bank and Trust Company, currently the largest bank in terms of Assets and Capital. He also has stakes in the Bank of the Philippine Islands and Philippine Savings Bank, a Metrobank subsidiary.

#11. Emilio Yap with an estimated net worth of $510 million
#12. Inigo & Mercedes Zobel with a net worth of $440 million
#13. Beatrice Campos with a net worth of $410 million
#14. Vivian Que Azcona with a net worth of $390 million
#15. Oscar Lopez with a net worth of $350 million
#16. Andrew Gotianun with a net worth of $310 million
#17. David Consunji with an estimated net worth of $300 million
#18. Robert Coyiuto Jr. with an estimated net worth of $290 million
#19. Alfonso Yuchengco with a net worth of $230 million
#20. Mariano Tan with a net worth of $180 million
#21. Menardo Jimenez with a net worth of $160 million
#22. Gilberto M. Duavit with a net worth of $159 million
#23. Felipe Gozon with a net worth of $135 million
#24. Jon Ramon Aboitiz with a net worth of $125 million
#25. Betty Ang with a net worth of $120 million
#26. Alfredo Ramos with a net worth of $115 million
#27. Manuel Zamora Jr. with a net worth of $110 million
#28. Bienvenido R. Tantoco Sr. with v estimated net worth of $90 million
#29. Tomas Alcantara with a net worth of $75 million
#30. Benjamin Romualdez with a net worth of $70 million
#31. Wilfred Uytengsu Sr. with a net worth of $65 million
#32. Lourdes Montinola with a net worth of $60 million
#33. Luis Virata with a net worth of $56 million
#34. Eugenio Lopez III with a net worth of $55 million
#35. Enrique Aboitiz with a net worth of $53 million
#36. Philip Ang with a net worth of $50 million
#37. Jesus Tambunting with an estimated net worth of $45 million
#38. Frederick Dy with a net worth of $40 million
#39. Rolando & Rosalinda Hortaleza with an estimated net worth of $39 million
#40. Marian Rosario Fong with a net worth of $38 million

Source: The Philippines’ 40 Richest by Forbes.com
Photo: bsp.gov.ph

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