The 2010 list of Richest People in the Philippines is once again dominated by old-timers but they are much wealthier now compared to last year.
For three consecutive years now, Henry Sy of SM Malls remains to be the country’s richest and also the year’s biggest gainer, with his net worth up 28% to $5 billion. JG Summit’s John Gokongwei (#3) is the newest billionaire with a $1.5 billion net worth, joining the ranks of Sy, Philippine Airlines’ Lucio Tan (#2), Ayala Group’s Jaime Zobel de Ayala (#4), and Megaworld’s Andrew Tan (#5).
First time to join the Top 10 is Unilab’s Beatrice Campos (#8), also the richest woman in the Philippines. Out of the Top 10 is Manny Villar (#17), down from #9 last year, whose net worth fell following his loss in the Philippine Presidential race.
According to Forbes Magazine’s list of The Philippines’ 40 Richest, the country’s richest are collectively worth $22.8 billion this year, up 39% in 2009.
Top 10 Richest People in the Philippines – 2010
1. Henry Sy
2009 Rank: #1 (unchanged)
Networth: $5.0 billion
Age: 85
Marital Status: Married, 6 children
Starting with small shoe store in Manila, he built SM Prime into country’s largest mall developer. Run by son Hans, it’s expanding in China, where it will open a fourth mall later this year. Stock of his SM Investment, family’s biggest asset, up more than 25% in past year. Scrapped plans for a Las Vegas-style casino complex in Manila Bay, which was scheduled to open this year. Son Henry Sy Jr. recently bought Enrique Razon Jr.’s (No. 7) stake in power transmission company National Grid Corp. and became its president and CEO in June. Banco De Oro Unibank, country’s largest bank, is run by daughter Teresita Sy-Coson.
2. Lucio Tan
2009 Rank: #2 (unchanged)
Networth: $2.1 billion
Age: 76
Marital Status: Married, 6 children
Owns nation’s largest cigarette maker, Fortune Tobacco, second-largest beermaker, Asia Brewery, and stake in Philippine Airlines. Biggest chunk of fortune comes from Hong Kong-based Eton Properties, which is selling land in one of its township developments to Henry Sy’s SM Prime. Much of former electrical engineer’s wealth still sequestered by the presidential commission on good government, while cases make their way through country’s court system.
3. John Gokongwei
2009 Rank: #5 (+2)
Networth: $1.5 billion
Age: 83
Marital Status: Married, 6 children
His JG Summit Holdings outperformed market, making him a billionaire for the first time. Shares hit 2-year peak earlier this year partly on plans to list group’s budget carrier, Cebu Pacific, whose IPO subsequently got delayed. Brother James Go chairs JG Summit, son Lance is president. Group’s retail unit, Robinsons, has stores in 7 countries.
4. Jaime Zobel de Ayala
2009 Rank: #3 (-1)
Networth: $1.4 billion
Age: 76
Marital Status: Married, 7 children
His Ayala Corp., Philippines’ largest conglomerate by market capitalization, plans to invest $1.6 billion in various projects, including power generation. Interests include real estate, hotels, financial services, telecom, utilities. While he is chairman emeritus, family stake held by his 7 children. Jaime II, eldest, is chairman, son Fernando vice chairman and president.
5. Andrew Tan
2009 Rank: #4 (-1)
Networth: $1.2 billion
Age: 58
Marital Status: Married, 4 children
Son of factory worker put himself through college, worked in appliance store. Later made his first fortune in brandy. Holding company Alliance Global Group’s businesses include food and beverage, real estate, gaming. Shares up 25% from last year. Co-owns casino Resort World Manila with Genting Hong Kong.
6. Tony Tan Caktiong
2009 Rank: #6 (unchanged)
Networth: $980 million
Age: 60
Marital Status: Married, 3 children
Founded Jollibee Foods in 1975, with an ice cream parlor. Now country’s largest fast-food company, with 700 American-style Jollibee burger outlets and numerous other brands in Asia, Middle East and the U.S. Opened its first Chowking, a Chinese food outlet, in Qatar in November; plans to expand that brand in the Middle East this year.
7. Enrique Razon Jr.
2009 Rank: #8 (+1)
Networth: $975 million
Age: 50
Marital Status: Married, 2 children
Port operator recently sold his stake in power unit National Grid to Henry Sy Jr. Profits from sale boosted his fortune. Shares in his International Container Terminal Services, which he runs, have nearly doubled since last year on uptick in global trade. Avid golfer.
8. Beatrice Campos
2009 Rank: #13 (+5)
Networth: $840 million
Age: NA
Marital Status: Widowed, 5 children
Late husband Jose Campos cofounded drug firm Unilab, which accounts for biggest portion of family’s wealth. Also has controlling stake in Singapore-listed Del Monte Pacific, run by son Joselito, who recently invested in San Miguel Corp. with Roberto Ongpin (No. 21) and Inigo Zobel (No. 11).
9. George Ty
2009 Rank: #10 (+1)
Networth: $805 million
Age: 77
Marital Status: Married, 5 children
Founded Metrobank, country’s second-largest lender, in his 20s. Profits at the bank, which son Arthur now chairs, were up nearly a third in first quarter. Holds almost 40% of the bank with his children. Metrobank Foundation, which he created nearly 30 years ago, supports health care, art and education projects.
10. Eduardo Cojuangco Jr.
2009 Rank: #7 (-3)
Networth: $760 million
Age: 75
Marital Status: Married, 4 children
Recently sold an option to buy out his stake in San Miguel Corp., one of Asia’s largest food and beverage companies, to Top Frontier, an investor group led by Roberto Ongpin (No. 21). Surprise move sparked rumors of his ill health, but he remains chief executive.
Source: Forbes
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