Jul 10, 2010

Top 10 Richest Filipinos (2009)

Mirror, mirror on the wall, who’s the richest of them all?

If you’re interested to know who the wealthiest people are in the Philippines, you need not ask the magic mirror but instead refer to Forbes Magazine’s list of The Philippines’ 40 Richest released this August 2009.

Who are the richest Filipinos? Read below.

SM mall mogul Henry Sy is still the richest man in the Philippines for two consecutive years now. In the 2008 Richest Filipinos list, he topped the list followed by Lucio Tan, Jaime Zobel de Ayala, and Andrew Tan. There is no change in the Top 4 this year.

There are three new Filipinos added to the list. Robert Coyiuto Jr. (#18) is the president of Oriental Petroleum & Minerals. Imelda Marcos’ younger brother, Benjamin Romualdez (#30) has stakes in Banco de Oro and Benguet Mining Corporation. The third, Marian Rosario Fong (#40), is a former partner of Sy’s supermarkets and has a 1% stake in SM Investments.

Last year’s #39, Manuel Pangilinan of PLDT and Metro Pacific, is out of the list this year.

The complete 40 Richest Filipinos list below.

Top 10 Richest People in the Philippines – 2009

1. Henry Sy

Networth: $3.8 billion
Age: 84
Marital Status: Married, 6 children

Stock price of his SM Investments has almost doubled since December low. Group, with interests in malls, retail, property, posted 14% increase in net income in first half of 2009. Daughter Teresita Sy-Coson runs its Banco de Oro Unibank, country’s largest bank by assets, which signed deal in May to acquire GE Capital’s Philippines banking arm in exchange for strategic investment from the U.S. company; deal expected to close this month. Sy, who got start selling shoes, shares fortune with wife and children.

2. Lucio Tan

Networth: $1.7 billion
Age: 75
Marital Status: Married, 6 children

His Philippine National Bank received regulatory approval to buy 38% of China’s Allied Commercial Bank in August. Former electrical engineer’s other holdings include Fortune Tobacco, Asia Brewery, Philippine Airlines and Hong Kong properties. Government case against Tan for allegedly holding assets for the late Ferdinand Marcos has dragged on for 22 years. Some of his fortune still sequestered as part of the long-running investigation.

3. Jaime Zobel de Ayala

Networth: $1.2 billion
Age: 75
Marital Status: Married, 7 children

Chairman emeritus of family’s Ayala Corp., one of the country’s largest conglomerates, which celebrated its 175th birthday this year. Eldest son, Jaime II, replaced his dad as chairman more than a decade ago; son Ferdinando is vice-chairman. Family’s shares now in his children’s hands.

4. Andrew Tan

Networth: $850 million
Age: 57
Marital Status: Married, 4 children

His holding company, Alliance Global Group, reported jump in first-quarter earnings thanks in part to strong food, beverage businesses (he owns the Philippines’ McDonald’s franchise) and improving real estate sales. Resort World Manila, his $1.35 billion casino joint venture with Malaysia’s Star Cruises, opened last month. Son of a factory worker made his first fortune in brandy, and later in property development through Megaworld.
5. John Gokongwei

Networth: $720 million
Age: 82
Marital Status: Married, 6 children

Shares of his conglomerate JG Summit — which has interests in airlines, telecoms, power, banking and real estate — are up more than 300% since last December’s low. Also owns Robinsons retail department store operations, with stores in 7 countries. Brother James Go chairs the group and son Lance is president.

6. Tony Tan CaktiongNetworth: $710 million
Age: 59
Marital Status: Married, 3 children

His fast-food company Jollibee Foods is expanding: it already has 1,800 locations, 9 brands in 11 countries, including popular burger joint Jollibee; plans to open another 200 this year in such countries as China, Vietnam and the U.S. Completed purchase of a congee restaurant chain in China last October. Got his start 34 years ago when he opened 2 ice cream parlors.

7. Eduardo Cojuangco Jr.

Networth: $660 million
Age: 74
Marital Status: Married, 4 children

Chief executive of Southeast Asia’s largest food and beverage conglomerate, San Miguel. Company has been buying up stakes in a power company, oil refiner and bank; has shown interest in buying Dole Food’s Asian assets. In July announced it is negotiating with potential investors to sell part of branded food, alcohol operations. Son Mark is a member of the Philippines’ House of Representatives.

8. Enrique Razon

Networth: $620 million
Age: 49
Marital Status: Married, 2 children

Was part of consortium, which also included China’s State Grid and Robert Coyiuto (No. 18), that paid $3.95 billion for National Grid Corp. of the Philippines. Runs port operator International Container Terminal Services, with operations in 10 countries; it posted one-third drop in net income for first half of year due to decline in global trade.

9. Manuel Villar
Networth: $530 million, Age: 59
Marital Status: Married, 3 children

Philippines Senate president, known as Manny, is a candidate in the 2010 presidential race. He is also the largest shareholder in property firms Vista Land & Lifescapes and Polar Property Holdings. Both sons are on board of Vista Land, whose stock hit 52-week high in August. Shrimp vendor’s son grew up in slum.

10. George Ty
Networth: $515 million Age: 76
Marital Status: Married, 5 children

His Metrobank, the country’s second-largest lender, saw profits rise in first quarter for first time in a year. Founded bank decades ago. His son Arthur replaced him as chairman 2006. Family, which includes Ty and his children, hold 40% of the bank.

Source: Forbes


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