The Philippines’ 40 Richest (Forbes)

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Source: Business World (06/22/2012)

TYCOON Henry S. Sy, Sr., the man behind the SM Group of Companies, has retained his position as the country’s richest man, according to Forbes’ annual Philippines’ 40 Richest List.

Mr. Sy, 87, chairman of conglomerate SM Investments Corp., and his family saw their net worth climb to $9.1 billion this year from $7.2 billion last year, Forbes said.

Still in second place was Lucio C. Tan, 77, of Philip Morris Fortune Tobacco Corp. and Tanduay Holdings, Inc. who with his family nonetheless saw their net worth jump to $4.5 billion from $2.8 billion.

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The biggest gainer was Enrique K. Razon, Jr. of International Container Terminal Services, Inc., whose net worth more than doubled to $3.6 billion from $1.6 billion for a third place showing, up from 7th last year.

Forbes noted that the country’s 40 richest list all saw their fortunes increase, thanks largely to the Philippines’ robust, remittance-driven economy.

“Their collective wealth grew over $13 billion to $47.4 billion. There are now 15 billionaires, up from 11 a year ago,” it said.

Rounding up the top 10 and their respective net worths were:

  • JG Summit Holdings, Inc.’s John L. Gokongwei, Jr. and family ($3.2 billion);
  • DMCI Holdings, Inc.’s David M. Consunji and family ($2.7 billion);
  • Alliance Global Group, Inc.’s Andrew L. Tan ($2.3 billion);
  • Ayala Corp.’s Jaime Zobel de Ayala and family ($2.2 billion);
  • GT Capital Holdings, Inc.’s George S. K. Ty and family ($1.7 billion);
  • former Trade minister Roberto V. Ongpin ($1.5 billion); and
  • San Miguel Corp.’s Eduardo M. Cojuangco, Jr. ($1.4 billion).

Completing the list, in order of wealth, were:

  • National Grid Corp.’s Robert Coyiuto Jr. ($1.3 billion);
  • Jollibee Foods Corp.’s Tony Tan Caktiong and family ($1.25 billion);
  • Puregold Price Club, Inc.’s Lucio and Susan Co ($1.2 billion);
  • Top Frontier Investment Holdings, Inc.’s Iñigo and Mercedes Zobel ($1.15 billion);
  • Philippine Trust Co.’s Emilio T. Yap ($1.1 billion);
  • Aboitiz Equity Ventures, Inc.’s Jon Ramon Aboitiz and family ($955 million);
  • Filinvest Development Corp.’s Andrew L. Gotianun, Sr. and family ($825 million);
  • Vista Land & Lifescapes, Inc.’s Manuel B. Villar, Jr. ($720 million);
  • United Laboratories, Inc.’s Beatrice Campos and family ($700 million);
  • Mercury Drug Corp.’s Vivian Que Azcona and family ($690 million);
  • Rizal Commercial Banking Corp.’s Alfonso T. Yuchengco and family ($570 million);
  • United Laboratories, Inc.’s Mariano John L. Tan, Jr., ($420 million);
  • Aboitiz & Co.’s Enrique M. Aboitiz, Jr. and family ($400 million);
  • Philippine Bank of Communications’ Eric O. Recto ($300 million);
  • Century Properties Group, Inc.’s Jose E. B. Antonio ($300 million);
  • GMA Network, Inc.’s Gilberto R. Duavit, Jr. and family ($270 million);
  • GMA Network, Inc.’s Menardo R. Jimenez ($265 million);
  • Security Bank Corp.’s Frederick Y. Dy ($260 million);
  • Nickel Asia Corp.’s Manuel B. Zamora, Jr. ($255 million);
  • Atlas Consolidated Mining & Development Corp.’s Alfredo C. Ramos and family ($250 million);
  • First Philippine Holdings Corp.’s Oscar M. Lopez and family ($245 million);
  • GMA Network, Inc.’s Felipe L. Gozon and family ($240 million);
  • Monde Nissin Corp.’s Betty Ang ($235 million);
  • Alaska Milk Corp.’s Wilfred Steven Uytengsu, Jr. and family ($230 million);
  • Juliette G. Romualdez, widow of Benguet Corp.’s Benjamin T. Romualdez ($200 million);
  • Rustan Group’s Bienvenido Tantoco, Sr. and family ($195 million);
  • Republic Biscuit Corp.’s Jacinto Ng Sr. ($190 million);
  • Alson Consolidated Resources, Inc.’s Tomas I. Alcantara and family ($160 million);
  • Michael C. Cosiquien of Megawide Construction Corp. ($150 million); and
  • Edgar J. Sia II, of Mang Inasal Philippines, Inc. ($140 million).

The Co couple of retail giant Puregold and Megawide Construction’s Mr. Cosiquien were newcomers to this year’s list. Puregold and Megawide went public last year.

Out were Luis J. L. Virata of Nickel Asia Corp. and Eugenio L. Lopez III of ABS-CBN Broadcasting Corp., 37th and 39th, respectively, last year.


Disclaimer: Opinions expressed in this article are that of the author and information provided are for general conceptual guidance for public information and are not substitute for expert advice. Contact support@philcpa.org for more information and if you want to avail professional services. Find us on Facebook!



Orlando Calundan is a CPA who has exposures in FS audit of entities in various industries such as real estate, food/restaurants, manufacturing, service organizations and BPOs, automotive, holding/investment companies and more. He also has exposure on internal audit engagements.

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