Forbes Philippines 40 Richest
October 17, 2008 by dragon
The list of 40 takes the booby prize among the region's rich. As a group, wealthy Filipinos are actually the poorest, when compared to their brethren in Indonesia, Malayasia, Singapore and Thailand. They had the smallest total net worth, $16 billion; fewest number of billionaires, just three; and lowest minimum net worth, a mere $25 million The nation's historic political instability certainly hasn't helped, nor has the fact that the Philippine Stock Exchange has the tiniest market capitalization, an estimated $50 billion, in the region. Still the country is showing signs of life, according to Forbes. Its stock market is up a third, making it one of the best performers in Asia this year. And foreign investors and businesses are more welcomed than in the past, thanks to President Gloria Macapagal Arroyo's policies. In summary, the top 10 richest Filipinos are: 1. Henry Sy & family; US$3.1 billion Henry Sy, founder and chairman of the SM group of companies, has been named the Philippines wealthiest man, according to the Forbes Asia 2008 Philippines Rich List. Sy ranked second in last year's Forbes list. In second place is business tycoon Lucio Tan and family with a net worth of $1.5 billion, down by $100 million from last year. A common trait among the rich listers, in part due to the stock market's size, is their tendency to keep their fortunes private. Another is the fact that almost all the wealth assigned to an individual is actually shared by families, sometimes large extended ones. Several of these tycoons are true bootstrappers: John Gokongwei Jr. lived on the street as a teenager after his father's death; son of a shrimp vendor, Manuel Villar grew up in a Manila slum before building a fortune providing affordable housing. The source of fortunes is diverse, coming from more than a half-dozen industries including media, household products, mining and education. While most of these magnates make their money within the Philippines, several are pushing into new markets. Jaime Zobel de Ayala and family, last year’s richest, have slipped to third position as their wealth suffered a massive drop of $800 million. The stock of their conglomerate Ayala Corp. is down 46 percent since last year in part because of the economic slowdown and declining profits in banking and electronics manufacturing units. Also seeing his wealth hit is Filinvest Land’s Andrew Gotianun, who is now ranked No. 17, down from seventh position last year. He is $625 million poorer and is now worth $235 million. Senate President Manuel Villar, who is the largest shareholder in high-end homebuilder Vista Land, also saw his wealth tumble. His net worth dived 55 percent to $425 million. He is at No. 11, down from fifth position last year. In fourth place is Andrew Tan with a net worth of $700 million, $400 million less than last year. The 57-year old made much of his wealth as office developer for the outsourcing industry and is now betting on gaming and tourism. Tony Tan Caktiong, who has more than 100 restaurants in China, is opening his first Jollibee fast-food restaurant in Las Vegas, Nevada next year; he also plans to roll out another restaurant chain on the East Coast of the U.S. Plus, he's announced plans to enter India soon, possibly through acquisition. 1. Henry Sy Philippines' leading retailer opened his biggest mall yet in May on Manila's waterfront. Now on verge of becoming nation's second-largest banker, once merger with his Banco de Oro and Equitable PCI is finalized ( Click here for story). 2. Lucio Tan The Filipino-Chinese magnate made his fortune from a variety of sources, including tobacco and beer. Also owns Philippine Airlines. With Hong Kong property portfolio, cashed in on booming Asian real estate market. 3. Jaime Augusto Zobel de Ayala Patriarch of Ayala Corp., Philippines' oldest conglomerate, founded in 1834. Interests in real estate, water, telecom. Officially retired in April, though sons Jaime Jr. and Fernando have run daily operations for the past decade. 4. Eduardo Cojuangco Known as "Danding." Shares of San Miguel Corp., the food and beverage group he chairs, briefly suspended in November, after alleged inflation of sales figures of its Coca-Cola Bottlers. Company denies allegations. 5. George Ty Founder and chairman of Metrobank, one of the Philippines' largest financial institutions with branches in Asia, U.S. and Europe. Known to wear suit and tie to office every day. May soon relax a bit: founder handed over chairmanship earlier this year. 6. John Gokongwei Jr. Lived on street at age 13 after wealthy father died. Peddled thread, soap, candles during World War II. Later founded JG Summit, a conglomerate with telecom, property, food, airline and textiles interests, that is celebrating fiftieth anniversary this year. Chairman emeritus, leaves daily operations to son Lance, who is president. 7. Tony Tan Caktiong Got start with 2 ice cream parlors; soon switched to hamburgers. Today his fast-food group Jollibee, which he still runs, has almost 1,500 locations operating under 6 brands. Also 167 restaurants abroad, including 100-plus in China. Plans to open locations on U.S.' East Coast and in Las Vegas, and to enter India next year. 8. Andrew Tan Chairs Megaworld Corp., large real estate company known for its Manila complexes that integrate office, residential and commercial units. Now developing technology parks. Just broke ground on a new Marriott hotel in Newport City. 9. Emilio Yap Controls Manila Bulletin, one of the nation's oldest and largest dailies. Hands-on chairman reportedly approves story lineups. Has investment in historic Manila Hotel. Son Enrique helps run the business. 10. Oscar Lopez 11. Enrique Razon Jr. Chairs International Container Terminal Services, which family cofounded in 1987. Group operates 9 port terminals, including 4 in the Philippines and 1 each in Brazil, Poland, Japan, Indonesia, Madagascar. In July won concession to operate terminal in Syria. 12. Andrew Gotianun Founded consumer finance group Filinvest 1955; eventually moved into property. Remains chairman emeritus of Filinvest Development; son Jonathan chairman; daughter Lourdes Josephine G. Yap president. 13. Enrique Aboitiz Heads family conglomerate with interests in 60 companies in banking, food, logistics. Runs nation's largest private network of ferries and buses. 14. Alfonso Yuchengco Father, Enrique, set up insurance group 1930s. Alfonso took over 1946, diversified into banking, construction, education. Empire now reportedly includes 40 mostly private companies. Yuchengco served as ambassador to China and Japan. In February announced that eldest daughter, Helen Yuchengco Dee, would succeed him. 15. Menardo Jimenez With 2 partners, took control of GMA Network, founded by an American war correspondent, in 1970s. Overhauled media group, adding local programming to stable of overseas programs. Now country's second largest. Former GMA chief executive sits on board of Cojuangco's San Miguel. 15. Gilberto Duavit Jr. Executive vice president and chief operating officer of GMA Network. He and family own 35% of group, expected to finally go public next year. 17. Ramon del Rosario Jr. Chief executive of Philippine Investment-Management (Phinma), cofounded by his father. Served for one year as nation's secretary of finance. Known as RRR (Ramon R. del Rosario), this Harvard M.B.A. was recently elected chairman of the prominent Makati Business Club. Has big interest in education, pushing Phinma into investing in colleges. Also chairs board of advisers of the Ramon V. del Rosario, Sr. Center for Corporate Responsibility. 18. Felipe Gozon Part of triumvirate that took over GMA Network in the 1970s. Remains chairman and chief executive of GMA, which has 46 VHF stations and 26 radio stations. 19. Beatrice Campos Low-profile widow of Jose Campos, who died in May. He was one of the cofounders of United Laboratories (Unilab), nation's largest pharmaceuticals maker. Secretive group is one of nation's largest private firms. 20. Luis J.L. Virata Investment banker made headlines in 1999 when he briefly stepped in as chief executive of then nearly bankrupt Philippine Airlines, replacing Lucio Tan. His family is now a major shareholder in Nickel Asia, the Philippines' largest nickel producer. Company's plans to go public this fall were reportedly canceled because of poor pricing. 21. David M. Consunji Started out making chicken coops in 1954; eventually grew business into one of the largest construction firms. Chairs DMCI group, which has built such landmarks as the Manila Doctor's Hospital and Manila Hotel. Son Isidro is chief executive, daughter Edwina treasurer. Group's coal subsidiary, Semirara Mining Corp., is nation's largest. 21. Bienvenido R. Tantoco Sr. From Cartier to Tiffany, the Tantocos bring life's luxuries to Filipinos through their Rustan retail empire. Tantoco Sr., who has served as Philippine ambassador to the Vatican, chairs the group, which has interests in malls and supermarkets; son Bienvenido R. Tantoco Jr. is president. 23. Betty Ang President of privately held Monde Nissin, maker of instant noodles, biscuits and snack foods, founded in 1979. Brands include Lucky Me!, Monde and Bingo. 24. Manuel Villar Son of a shrimp vendor, grew up in a Manila slum. Started off with a couple of trucks to haul gravel to construction sites. Big break in 1983 when market crashed: bought up large numbers of abandoned projects on the cheap. Today his C&P Homes is a leading developer, specializing in affordable housing. Currently a senator in the national congress. 25. Mariano Tan Opened a small drugstore in Manila in 1945; helped transform it into Unilab, which makes more than 300 types of medicine. Tan and 4 relatives still hold large stake. 26. Rolando & Rosalinda Hortaleza Newlyweds started personal-care business in 1985 with $240, operating out of 270-square-foot apartment. Big break came two years later when they introduced a popular, affordable hair spray. Today he is chief executive and chairman of their company, Splash, which has $56 million in sales from such items as shampoo, hand lotion and massage oil. Bestselling brands include Extraderm and Skin White. Rosalinda is chairwoman and chief executive of subsidiary HBC chain of retail stores. 27. Oscar Hilado Chairman of Phinma. Was Smith Mundt/Fulbright scholar at Harvard Business School. Said to be an eternal optimist who enjoys picnics. 28. Vivian Que Azcona Her father sold drugs from a pushcart, eventually opening a store in 1945 and pioneering many services such as selling drugs in small doses, known as "tingi tingi," that were more affordable to the masses. Family's Mercury Drug, which Que Azcona now runs, is country's largest drugstore chain with 500 locations. 29. Manuel Zamora Chairman and cofounder of Nickel Asia, Philippines' largest nickel producer, formed in early 2006 to consolidate ownership of several related companies. Plans to take group public this fall were shelved. A lawyer by training, also director of Philippine companies Philex Mining Corp. and CLSA Exchange Capital. 30. Magdaleno Albarracin Jr. Nicknamed "Mag," known as a cement-industry pioneer. Remains chairman emeritus of Philippine Cement Manufacturers Association. Chief executive of Holcim Philippines, a joint venture between Phinma and Holcim of Germany, and vice chairman of Phinma. Got M.B.A. from Harvard Business School. Avid tennis player.
FORBES ASIA wrapped up their inaugural series of country-specific lists of Southeast Asia's wealthiest with the Philippines' 40 richest.
2. Lucio Tan & family; $1.5 billion
3. Jaime Zobel de Ayala & family; $1.2 billion
4. Andrew Tan; $700 million
5. Tony Tan Caktiong & family; $690 million
6. John Gokongwei Jr. & family; $680 million
7. Eduardo Cojuangco Jr.; $610 million
8. Enrique Razon Jr.; $525 million
9. George Ty & family; $435 million
10. Inigo & Mercedes Zobel; $430 million
$4 billion
82. Married. 6 children.
$2.3 billion
72. Married. 6 children.
$2 billion
72. Married. 7 children.
$840 million
71. Married. 4 children.
$830 million
74. Married. 5 children.
$700 million
80. Married. 6 children.
$575 million
53. Married. 3 children.
$480 million
57. Married. 4 children.
$350 million
81. Married.
$315 million
76.
Harvard grad heads family holding company Lopez Inc., which has controlling stake in ABS-CBN Broadcasting Corp., founded by late father, Eugenio. Now nation's largest media group, run by late brother's son, Eugenio III. Group also has interests in power generation, construction.
$285 million
46. Married. 2 children.
$280 million
78. Married. 4 children.
$275 million
84. Married. 7 children.
$225 million
83.
$210 million
74.
$210 million
$205 million
62. Married. 4 children.
$180 million
$160 million
Widowed. 5 children.
$150 million
$145 million
85. Married. 8 children.
$140 million
$115 million
$110 million
57.
$100 million
$90 million
$85 million
69. Married. 3 children.
$80 million
$75 million
66.
$73 million
70. Married. 1 child.
31. Jesus Tambunting
$70 million
69. Married. 4 children.
His family known for chain of pawnshops, but this Tambunting has no connection to that business. Instead, he took control of Planters Development Bank, the nation's biggest private lender to small and midsize companies. Briefly listed before being taken private again during the Asian crisis. Bank recently launched private equity fund with British-Norwegian joint venture to invest in small and midsize companies. Tambunting, who shares fortune with siblings, served as Philippines ambassador to the U.K. and still likes to use the title "Ambassador."
32. Frederick Dy
$65 million
51. Married. 3 children.
Took control of Security Bank, founded 55 years ago, in early 1989; listed it in 1995. Largest individual shareholder, benefiting from recent run-up in its stock.
33. Tomas Alcantara
$60 million
60. Single.
Father, Conrado, got start, according to lore, with $100, a jeep and a typewriter. Today Tomas is chairman of the family's listed holding company, Alsons, named reportedly for Alcantra and sons, with interests in power, property and distribution. Shares fortune with several relatives. Has an interest in art and M.B.A. from New York City's Columbia University.
34. Lourdes Montinola
$50 million
78.
Father, Niconar Reyes, founded Far Eastern University 1928. Lourdes served as sixth president from 1970 to 1989; now head of the board of trustees. Also its largest shareholder.
35. Salvador Zamora
$45 million
59.
Brother of Manuel (No. 29), Salvador is chief executive and cofounder of Nickel Asia, which has interests in 6 mines. President of its subsidiaries, Taganito Mining Corp., Hinatuan Mining Corp. HMC and Cagdianao Mining Corp. since 1980, 1987 and 1997, respectively. Also chief executive of Montreal Entertainment (Phils.) Inc., a private entertainment company, and director of Baguio Leisure Corp., a resort and hotel operator.
36. Antonio Roxas
$40 million
64.
Family founded one of nation's first sugar mills 1927. Today Roxas chairman emeritus of Roxas Holdings, nation's largest producer of raw sugar and second-largest refiner of raw sugar.
37. Wilfred Steven Uytengsu Sr.
$38 million
79. Married. 3 children.
Chairs Alaska Milk Corp., which was founded as a partnership between a Dutch milk company and his General Milling Corp. in 1972. Now the nation's leading provider of milk. Son Wilfred Jr. is now group's president. AMC recently gained rights to distribute Kellogg's cereal products, helping diversify its business and boost profits in the latest quarter. Firm also owns the Alaska Aces, a contender in the Philippines Basketball Association league.
38. Philip T. Ang
$35 million
Vice chairman of Taganito Mining Corp. and a business associate of Zamora family, holds stake in Nickel Asia.
39. Marixi Prieto
$30 million
66. Married. 5 children.
Family is majority owner of Philippine Daily Inquirer. Newspaper claims to have 2.7 million readers, up from 30,000 when it was founded in 1985, partly to provide an alternative to that era's 3 government-owned papers. Marixi is chairman; daughter Alexandra Prieto-Romualdez is chief executive.
40. Manuel Pangilinan
$25 million
60. Single.
Expatriate is chief executive of Hong Kong's First Pacific Company Ltd., which owns major stakes in Philippine Long Distance Telephone and Indonesian noodlemaker Indofood, controlled by Indonesia's wealthy Salim family. Loves badminton; well-known tournament named after him
with sources from abs-cbnnews.com and forbes.com, The list was compiled using shareholding information and financial data obtained from the Philippine Securities & Exchange Commission, the Philippine Stock Exchange, analysts or the companies themselves. Privately held companies, for whom in most cases only 2004 data were readily available, were valued based on comparisons to prevailing price-to-earnings or price-to-sales ratios for similar publicly traded companies. Net worths were calculated using stock prices and exchange rates from early December.
[...] Financemanila writes: The list of 40 takes the booby prize among the region’s rich. As a group, wealthy Filipinos are actually the poorest, when compared to their brethren in Indonesia, Malayasia, Singapore and Thailand. They had the smallest total net worth, $16 billion; fewest number of billionaires, just three; and lowest minimum net worth, a mere $25 million [...]
[...] Forbes Philippines 40 Richest | Finance Manila Family is majority owner of Philippine Daily Inquirer. Newspaper claims to have 2.7 million readers, up from 30000 when it was founded in 1985, partly to provide an alternative to that era’s 3 government-owned papers. … Leave a Reply [...]