FORBES said the combined wealth of tycoons in its Philippines’ 50 Richest list rose to $80 billion from $72 billion last year.
Their combined wealth rose 11 percent as the Philippine economy marked two years of continuous expansion since its recovery from the coronavirus pandemic, Forbes said on Wednesday, Aug. 9.
The Philippine economy grew 6.4 percent in the first quarter of 2023. Despite elevated inflation and higher interest rates, the country’s benchmark stock index rose 6 percent from a year ago when Forbes last measured fortunes, it noted.
More than half of those on the 50 Richest list are wealthier this year, Forbes said.
Late tycoon Henry Sy’s children retained the top spot in the list.
Forbes said Teresita Sy Coson, Henry Sy Jr., and Hans, Herbert and Harley, saw their net worth grow by $1.8 billion to $14.4 billion.
Shares of their SM empire “jumped 19 percent from a year ago amid a rebound in consumer spending,” Forbes noted.
Real estate tycoon Manuel Villar was the second richest with a net worth of $9.7 billion. Forbes said the former senator’s net worth grew on the back of a resilient housing market.
Ports and casino magnate Enrique Razon was still the country’s third richest, after his wealth grew to $8.1 billion. Forbes noted that shares in his International Container Terminal Services surged 24 percent from a year ago due to improvement in supply chains.
His Bloomberry Resorts Corporation, owner and operator of Solaire Resort and Casino, nearly doubled its net income to P3.4 billion in the second quarter of 2023.
San Miguel Corporation president Ramon S. Ang moved up five spots to No. 4 on the richest list. Forbes said his wealth was up nearly 40 percent to $3.4 billion following the acquisition of his majority owned Eagle Cement.
In the fifth spot is Jollibee’s Tony Tan Caktiong, who was seventh in last year’s list. His net worth grew to $3.2 billion.
The Aboitiz family, JG Summit Holdings’ Lance Gokongwei and siblings, DMCI’s Isidro Consunji and siblings, Ayala Corp.’s Jaime Zobel de Ayala, and Lucio Tan rounded out the top 10. (ABS-CBN News)
