The Philippines is a stable country with unstable economic conditions and high illiteracy and poverty rate. However, like any other country, the Philippines have its share of money magnets, which consist of some of the world’s richest business tycoons. Most of these billionaires started from the bottom, but they are unarguably the most powerful and influential people in the Philippines today.
Forbes Magazine recently released the list of wealthiest business tycoons in the Philippines as of September 2018. While most of the names have remained the same, there are a couple new ones joining the fray.
10. Andrew Tan | $2.6 billion
Andrew Lim Tan is a Chinese billionaire who invests in goods like liquor, fast food, and real estate. In 2011, he was ranked as the fourth richest Filipino by Forbes magazine with his net worth of $2 billion and in 2014, he became the 3rd richest person, boosting his fortune over $5 billion. He is the founder of Alliance Global Group Inc., which deals with real estates and retail investments. He also holds franchise of brands like McDonald’s and Emperor Brandy in the Philippines.
9. George Ty | $2.75 billion
George Siao Kian Ty is a business magnate and banker in the Philippines. He is responsible for founding and running the largest bank in the Philippines called Metropolitan Bank and Trust Company. He also holds stakes in Bank of the Philippine Islands, Philippine Savings Bank, and Federal Land. He also owns Makati’s GT International Tower. He is almost 85 but still has the same head and aptness for business as he did in his early years. His family is popular for owning Marco Polo and Grand Hyatt under GT Capital Holdings.
8. Ramon Ang | $2.85 billion
Ramon See Ang is a Chinese-Filipino businessman. He is the President and Chief Executive Officer of Top Frontier Investment Holdings, Inc., the largest shareholder of San Miguel Corporation (SMC). He is also the Vice-Chairman, President and Chief Operating Officer of SMC and the Chairman of Cyber Bay Corporation and Eagle Cement Corporation. Ang was elected Vice-Chairman of SMC in January 1999; and in March 2002, its President and Chief Operating Officer. In June 2012, he gained control of SMC.
7. Lucio Tan | $3.8 billion
Lucio Tan is a Filipino businessman and educator who actively invests in banking and marketing modules. He has investments in liquor, airline, tobacco, and real estate industries. In 2013, he was ranked as the second richest person in the Philippines with a total fortune of $7.5 billion by Forbes magazine. He is the current Chairman and CEO of LT Group, Inc. which made a revenue of $52.125 billion in 2014 according to Wikipedia. This company was founded in 1937 by Tan family which is owned by their parent company Tangent Holdings Corporation.
6. Tony Tan Caktiong | $3.85 billion
Tony Tan Caktiong is a Chinese-Filipino billionaire. He is the CEO, Chairman, and founder of Jollibee which is a Filipino fast-food chain established in 1978. The company eventually took over Greenwich Pizza Corp. which helped in expanding their business. In 2008, it was reported that Jollibee had established over 1,480 stores worldwide which included chains like Red Ribbon, Chowking, Manong Pepe’s, Mang Inasal, and Tita Frita’s.
5. Enrique Razon, Jr. | $3.9 billion
Enrique’s father was the founder of International Container Terminal Services, Inc. which was established in 1987. Enrique serves as the President and Chairman of the company. It is among the world’s largest and most successful port management business. Asian Development Bank has cited this port as one of the most significant maritime operators. Their port operates import and export with countries like Brazil, China, Mexico, Pakistan, Iraq, Indonesia, Croatia, etc.
4. Jaime Zobel de Ayala | $4 billion
Jaime Zóbel de Ayala y Pfitz also known as Jaime Zóbel, is a prominent Filipino businessman, philanthropist, and art photographer. He is the chairman emeritus of Ayala Corporation. He has received numerous awards for business leadership, philanthropy, and photography.
3. John Gokongwei, Jr. | $4.4 billion
John Gokongwei founded JG summit in 1957. Unlike Henry Sy, John was born in a wealthy family. JG summit deals in businesses like banking, air transportation, hotels, power generation, real estate, property development, telecommunications, and food manufacturing. John holds majority shares in companies like Cebu Pacific and Digital Telecommunications Philippines. He is one of the richest men in Southeast Asia. JG Summit is one of the most profitable stock exchange companies in the Philippines.
2. Manuel Villar | $5 billion
Manuel ‘Manny’ Bamba Villar Jr. is one of the richest people in the Philippines. He has also served as Philippine Senator and Nacionalista Party president. He is most popular for his political career and involvement in the Philippines. His active participation in country’s politics has helped him gain stable fame and fortune. He is one of the most powerful and influential people in the Philippines. He owns a private real estate business, which has built more than 200,000 homes across the Philippines. He served the nation as the Senate from 2006 until 2008. He was a potential candidate for 2010’s elections but unfortunately lost it to Benigno Aquino III.
1. Henry Sy | $18.3 billion
Henry Sy Sr. founded the SM in 1958, which is basically a Shoemart store. Their business is involved in three core modules: SM Prime Holdings (property), Banco de Oro and Chinabank (banking) and SM Retail (retail). They have equity investments in companies like Belle Corporation, CityMall, myTown, 2GO and Atlas Mining Development Corp.
He is also a chairman of SM Investments Corporation, BDO Universal Bank, SM Prime Holdings and also the Chairman of the China Banking Corporation. Henry Sy is the richest man in the Philippines and one of the richest billionaires on the planet. He started off his life working for a multinational company and today he owns multiple outlets of his own multinational.
The list was compiled using information from the individuals, stock exchanges, analysts, private databases, government agencies, and other sources. Net worths were based on stock prices and exchange rates as of the close of markets on August 24, 2018.
It’s remarkable that not even the rise of the US dollar budged the net worth of most of these billionaires down. Many of them still managed to maintain, if not increase, their riches and keep their spot in the ranks while some even soared higher.