Richest Filipinos still Henry Sy, Ayala, Lucio Tan
March 12, 2009 by dragon
The Philippines' biggest mall operator and his family have increased their wealth by $1.4 billion despite the global financial turmoil, making them the wealthiest Filipinos this year, Forbes Asia magazine said Thursday.
Forbes said 83-year-old Henry Sy and his family are worth $3.1 billion. They rose from No. 2 position last year on the back of their holding company SM Investments Corp., which has interests in a dozen companies, including the country's second largest bank, Banco de Oro Unibank.
Tobacco tycoon Lucio Tan and his family, who own national carrier Philippine Airlines and have interests in beer brewing and mining, came in second with a net worth of $1.5 billion.
Jaime Zobel de Ayala and his family, last year's richest, dropped to third place after losing $800 million, Forbes said. The stock of their conglomerate Ayala Corp. has been down 46 percent since last year, partly due to the economic slowdown and waning profits in banking and electronics, the magazine said.
Mall magnate Henry Sy and tobacco tycoon Lucio Tan, and their respective families, managed to stay on Forbes magazine's annual billionaires list, even as more than 300 people fell from the ranks of the world's richest.
Forbes said the global financial turmoil has pared down the collective wealth of the Philippines' 40 richest by 18 percent to $14 billion from $17 billion in 2007.
It said 25 Filipino tycoons, including some in real estate and banking, "are poorer" this year because the Philippine stock exchange had fallen 35 percent in the last 12 months.
The country's riches politician, Senate President Manuel Villar, who is the largest shareholder in high-end homebuilder Vista Land & Lifescapes Inc., fell outside the top 10 list from No. 5 to No. 11 after his net worth plunged 55 percent to $425 million.
The list of the Philippines richest will be featured in the Oct. 29 issue of Forbes Asia magazine, which will be available this week. - AP
I know they’ll still top the list for years to come. I will not get surprise if one of the top 3 became the sole proprietor of the entire philippines soon. If they’re gonna combined their billions I’m sure our country will be free from our mountain like debts!
Their just great, Ive read also some of their assets at http://www.tsinoy.com and whoah! their assets are just enormous!
As a teacher in the higher education of a public institution, I really felt there is an in dire need to reach out to people like Henry Sy, Lucio Tan, Ayala, who can very afford to help a school that is operating at a very low budget that quality of education is at stake.
THis comment or the things that would servwe as soliciting or elicing funds from priate and wealthy people is a desperate move on us from our school to ask for financial aid or assistance in terms of our infrastructure, laboratory equipment facilities and laboratory resources.
Please help us in terms of building our resources. Please relay this message to any one of the very wealthy families who in the long term help build our nation, our youth specially who are enrolled in the chemical engineering and food technology programs of the School of Technology, U.P. Visayas located in Miag-ao, Iloilo.
Thank you
Hope these people, Henry Sy, Lucio Tan, Ayala can get in touch with us and help our School of Technology, UPVisayas, Miag-ao, Iloilo. We really badly need their financial assistance or grants to build up our resources (infrastructure, laboratory facilities and library).