August 12, 2022
MANILA – Filipino billionaires have lost a combined $7 billion – 387.1 billion pesos at the current exchange rate – over the past year as their fortunes have been rocked by the fall in the value of the peso against the US dollar and a weak stock market through which most of their assets are accounted for.
Despite this, Forbes magazine said the Sy family behind retail and real estate conglomerate SM remained the wealthiest in the Philippines with an estimated combined net worth of $12.6 billion.
The net worth of the six Sy siblings — Teresita, Elizabeth, Henry Jr., Hans, Herbert and Harley — has dropped $4 billion since last year’s tally of $16.6 billion, according to the list annual.
The empire was started by their late father, Henry Sr., who sold shoes in 1968 from a store in Carriedo, Manila, which he called “Shoemart”. The company has since grown to become one of Southeast Asia’s largest conglomerates covering retail (department stores and supermarkets), banking, leisure and leisure, mining and real estate.
Villar biggest winner
“Overcoming hurdles, real estate billionaire Manuel Villar listed his VistaREIT in June and is the biggest dollar earner this year,” Forbes said. “Villar, which is accelerating the development of high-rise condominiums, townships and a casino, added $1.1 billion and retained second place with a fortune of $7.8 billion.”
Ports tycoon Enrique Razon Jr. retained third place, although the magazine noted his net worth fell slightly to $5.6 billion.
“Razon is doubling down on investments in casinos and renewable energy with plans to build the world’s largest solar farm in the archipelago for $3 billion,” Forbes said.
The Gokongwei family, led by Lance Gokongwei and his siblings, who are collectively worth $3.1 billion, rank fourth this year. They are the driving force behind the JG Summit conglomerate which controls the country’s largest airline, Cebu Pacific, as well as interests in the food industry, real estate, retail, hospitality and publishing.
The diverse Aboitiz group – now led by third-generation family member Sabin Aboitiz – was the fifth-richest in the country in 2022 with an estimated value of $2.9 billion. It is involved in power generation, power distribution, food manufacturing and processing, real estate and banking.
Isidro Consunji and his siblings, who work in construction, engineering and real estate, are the sixth richest in the Philippines with a net worth of $2.65 billion.
Tony Tan Caktiong and his family, who control Jollibee Foods Corp., are worth $2.6 billion this year, landing in seventh place.
They are followed in eighth place by the Zobel family, led by patriarch Jaime Zobel, who are worth $2.55 billion, thanks to the fortune they made through Ayala Corp. The country’s oldest conglomerate is involved in real estate, retail, hotels, power generation and electronics manufacturing, among others.
In ninth place with a net worth of $2.45 billion is tycoon Ramon Ang, chairman and CEO of the country’s largest conglomerate by assets, San Miguel Corp. The company is also the largest food and beverage company in Southeast Asia and produces beer and frozen foods, among others. San Miguel has also diversified into power generation, infrastructure, real estate and is building a 745 billion peso international airport north of Manila.
In 10th place is Megaworld and Alliance Global founder Andrew Tan, who is worth $2.4 billion. His empire was built on real estate businesses, but has since expanded to include hotels and Emperador, the world’s largest brandy company by revenue. (See chart for Top 11 to 50.)