The Philippines’ top 40 richest according to Forbes even grew to a collective $34 billion, up from last year’s $22.8 billion. The Philippines’ economy grew only 4.9% in the first quarter of the year in part because of a drop in trade and lower infrastructure spending by government, off from 8.4% in 2010, but the country’s stock market is booming. The stock exchange’s composite index is up 27% since last year, surpassing its 2007 benchmark. This lifted the fortunes of the country’s richest to an all time high.
Thirty-two tycoons are richer. For the fourth year in a row Henry Sy holds the top spot with a net worth of $7.2 billion, up from $5 billion last year. The biggest gainer in percentage terms is former trade minister Roberto Ongpin, whose fortune soared more than fourfold to $1.3 billion. Most of that gain was thanks to an increase in his stake in listed miner Atok-Big Wedge, though Ongpin says the company’s stock price overinflates its value.
Overall the number of billionaires has more than doubled this year to 11—a record haul. Among the newly minted billionaires is port operator Enrique Razon Jr., who saw his net worth jump to $1.6 billion from $975 million last year. Only two fortunes declined this year, both because of a better understanding of their assets and not because their companies performed poorly.
Among the four newcomers are Jose Antonio, founder of high-end property developer Century Properties; Jacinto Ng Sr., founder of biscuit maker Rebisco; and 34-year-old Edgar Sia II, the youngest on the list, who sold his barbecue chain to Tony Tan Caktiong’s Jollibee Foods. A minimum of $85 million was needed to make the list this year, up from last year’s $50 million.
Four from 2010 didn’t make the cut, including Lourdes Montinola, whose family owns 41% of Far Eastern University; and Jesus Tambunting, who controls Planters Development Bank. Their gains couldn’t match the stellar performance of others on the list.
Network bigwigs Eugenio Lopez III of ABS-CBN and GMA Network’s Gilberto Duavit Jr. and Felipe Gozon landed anew in this year’s list of the “Philippines’ 40 Richest,” according to Forbes Magazine.
The list was published by the magazine on its official website on June 22, and it shows GMA Network COO Duavit Jr. occupying the 26th spot with a net worth of $190 million, while network CEO Gozon clinches 30th place with an estimated $163 million in assets.
ABS-CBN Chairman and CEO Eugenio Lopez III ranks No. 39 in the list, and is worth $90 million.
Oscar Lopez—who is the Chairman Emeritus of the Lopez Group of Companies (formerly Benpres Holding Corporation)—is at No. 23, with estimated wealth amounting to $280 million.
Businessman and GMA Network former President Menardo Jimenez’s $185 million net worth, on the other hand, is good enough to corner the 27th spot.
It is interesting to note that all of the names mentioned suffered a dip in their respective rankings as compared to last year.
In 2010, Oscar Lopez was ranked No. 16; while Gilberto Duavit Jr., placed 25th overall in the list.
Menardo Lopez was at the 26th spot, Felipe Gozon at No. 27, and Eugenio Lopez III at the 36th slot, according to Forbes Magazine’s report.
here’s the list of the top 10 richest, ranked by their worth in millions of Dollars, and age displayed in next column.
| 1 |
Henry Sy |
7,200 | 86 |
| 2 |
Lucio Tan |
2,800 | 77 |
| 3 |
John Gokongwei Jr. |
2,400 | 83 |
| 4 |
Andrew Tan |
2,000 | 58 |
| 5 |
David Consunji |
1,900 | 90 |
| 6 |
Jaime Zobel de Ayala |
1,700 | 77 |
| 7 |
Enrique Razon Jr. |
1,600 | 51 |
| 8 |
Eduardo Cojuangco Jr. |
1,400 | 76 |
| 9 |
Roberto Ongpin |
1,300 | 74 |
| 10 |
George Ty |
1,100 | 78 |
The complete list below shows all the 40 richest Filipinos ranked
the complete list of the Philippines’ 40 Richest as published by Forbes Magazine:
1. Henry Sy – $7.2 billion
2. Lucio Tan – $2.8 billion
3. John Gokongwei Jr. – $2.4 billion
4. Andrew Tan – $2 billion
5. David Consunji – $1.9 billion
6. Jaime Zobel de Ayala – $1.7 billion
7. Enrique Razon Jr. – $1.6 billion
8. Eduardo Cojuangco Jr. – $1.4 billion
9. Roberto Ongpin – $1.3 billion
10. George Ty – $1.1 billion
11. Tony Tan Caktiong – $1 billion
12. Inigo and Mercedes Zobel – $980 million
13. Emilio Yap – $930 million
14. Andrew Gotianun – $795 million
15. Jon Ramon Aboitiz – $760 million
16. Beatrice Campos – $685 million
17. Manuel Villar – $620 million
18. Vivian Que Azcona – $555 million
19. Robert Coyiuto Jr. – $400 million
20. Mariano Tan – $375 million
21. Alfonso Yuchengco – $370 million
22. Enrique Aboitiz – $310 million
23. Oscar Lopez – $280 million
24. Jose Antonio – $245 million
25. Eric Recto – $200 million
26. Gilberto Duavit – $190 million
27. Menardo Jimenez – $185 million
28. Alfredo Ramos – $180 million
29. Betty Ang – $165 million
30. Felipe Gozon – $163 million
31. Tomas Alcantara – $160 million
32. Benjamin Romualdez – $155 million
33. Wilfred Uytengsu Jr. – $150 million
34. Manuel Zamora Jr. – $145 million
35. Jacinto Ng Sr. – $115 million
36. Frederick Dy – $110 million
37. Luis Virata – $100 million
38. Bienvenido Tantoco Sr. – $95 million
39. Eugenio Lopez III – $90 million
40. Edgar Sia II – $85 million
i wonder why MVP was not included in the list
Its not his money!
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Of the 40 Billionaire in the Philippines, FEU Produced 4. Henry Sy(1), Lucio Tan(2), Alfonso Yuchengco(21), Menardo Jimenez( 27). Nice one FEU..