SINGAPORE (August 27, 2015) – 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. The complete Forbes Philippines Rich List is available here as well as in the latest issues of Forbes Asia and Forbes Philippines.
The net wealth of Philippines’ richest are compiled based on stock prices and exchange rates as of the close of markets on August 14. Private companies were valued based on similar companies that are publicly traded.
Property, retail and banking tycoon Henry Sy retains his title as the country’s richest person for the eighth consecutive year. Sy saw his net worth increase as the value of his publicly-traded conglomerates, SM Investments and SM Prime Holdings, rose by 17% and 20% respectively over the past year. He has a net worth of US$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.
At No. 2 is JG Summit’s John Gokongwei Jr., with a net worth of $5.5 billion. He moved up three spots after his company’s stock rose 30%, largely due to revenue growth in petrochemical businesses and earnings from investment in Meralco, the Philippines’ largest electric power distributor. 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 No. 3 with $4.5 billion, down from $5.1 billion previously. The stock price of his company is 11% 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.
A notable winner on this year’s list and newly-minted billionaire is Dean Lao (No. 16, $1.1 billion), who saw his net worth soar by 76% 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% in 2014.
Joining the billionaire ranks for the first time is media mogul Oscar Lopez (No. 17, $1 billion) after the stock price of his company, Lopez Holdings, rose 30% over the past year. His best-known interest is publicly traded ABS-CBN Broadcasting, the oldest TV network in the Philippines. The stock of ABS-CBN rose 70% in the past 12 months on higher advertising revenues. The 85-year old tycoon also has controlling stake in First Gen Corp., one of the country’s leading renewable energy producers with geothermal, hydro and natural gas plants.
The media business also played a hand in building up the wealth of radio king Fred Elizalde (No. 38, $260 million) who debuts on this year’s list. The 74-year old Elizalde chairs publicly traded Manila Broadcasting Co. (MBC), the country’s oldest and largest radio station network. His family owns more than 70% of the company. MBC’s interests span a TV news channel, five regional channels, theme park, hotels, restaurants and retail malls.
The minimum amount required to make the list was $120 million, down from $170 million last year.
The top 10 richest in the Philippines are:
1) Henry Sy; US$14.4 billion
2) John Gokongwei Jr.; $5.5 billion
3) Andrew Tan; $4.5 billion
4) Lucio Tan; $4.3 billion
5) Enrique Razon Jr.; $4.1 billion
6) George Ty; $4 billion
7) Aboitiz Family; $3.6 billion
8) Jaime Zobel de Ayala & family; $3.5 billion
9) David Consunji; $3.2 billion
10) Tony Tan Caktiong; $2.2 billion
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. Net worths are based on stock prices and exchange rates as of the close of markets on August 14. Private companies were valued based on similar companies that are publicly traded.
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