SM group founder Henry Sy Sr.
Property, retail and banking tycoon Henry Sy remained as the richest person in the Philippines with $18 billion in net worth, based on the 2017 ranking by financial magazine Forbes Asia.
Sy, founder of the SM group which is a household brand in retailing and shopping mall development, has topped the list of wealthiest people in this part of the world for the 10th straight year.
JG Summit group founder John Gokongwei Jr. ranked number two with a net worth of $5.5 billion.
Enrique Razon Jr. ranked third with a net worth of $4.3 billion. Razón chairs port terminal operator International Container Terminal Services and integrated gaming resort developer and operator Bloomberry Resorts Corp.
Seven of the 10 biggest dollar gainers have sizable interests in construction and property development. These include construction tycoon David Consunji (No. 6, $3.68 billion), chair of DMCI Holdings, and Ramon Ang (No. 10, $2.3 billion) of San Miguel, who nearly doubled his wealth due largely to a favorable stock market debut by his cement company, Eagle Cement.
Megawide Construction co-founders Michael Cosiquien (No. 29, $385 million) and Edgar Saavedra (No. 31, $375 million) also saw their wealth rise by more than 45 percent.
Lucio Tan (No. 4, $4.2 billion), whose LT Group has interests in tobacco, spirits, banking and property development, saw his fortune shrink by $700 million from $4.9 billion last year.
Edgar Sia II (No. 21, $820 million) enjoyed a surge in his net worth last year albeit his wealth fell by 32 percent this year as shares of his DoubleDragon Properties retreated.
Net worth of Zest-O founder Alfredo Yao (No. 25, $600 million) fell by 26 percent as shares in his soft drink maker Macay Holdings, dipped 21 percent on news of an impending raise in taxes on sugary drinks.
Making his debut on the list is Eusebio Tanco (No. 45, $150 million). Shares of his key asset STI Education Systems Holdings soared 136 percent over the past year, due to an expanding demand for courses in fields such as information and communication technology, and business and management. There are two returnees to the list this year – Walter Brown (No. 43, $160 million) and Philip Ang (No. 50, $120 million) both returned to the list after a one-year hiatus.
The minimum amount required to make the list was $120 million, down from $145 million last year.
The top 10 richest in Philippines are:
1) Henry Sy; US$18 billion
2) John Gokongwei Jr.; $5.5 billion
3) Enrique Razon Jr.; $4.3 billion
4) Lucio Tan; $4.2 billion
5) Jaime Zobel de Ayala; $3.7 billion
6) David Consunji; $3.68 billion
7) George Ty; $3.6 billion
8) Tony Tan Caktiong; $3.4 billion
9) Andrew Tan; $2.5 billion
10) Ramon Ang; $2.3 billion