By Revin Mikhael D. Ochave, Reporter
THE SY SIBLINGS remained on top of the Forbes list of the Philippines’ 50 richest this year, while ports and casino tycoon Enrique K. Razon, Jr. climbed to second spot.
According to Forbes, the combined wealth of the tycoons in the list was “nearly flat” at $80.8 billion this year, from $80.4 billion a year ago.
“More than half of the country’s 50 richest are less wealthy this year,” it said, noting that elevated inflation and high interest rates are crimping domestic demand.
The lackluster stock market and weaker peso were also cited as reasons for the drop in wealth of some tycoons.
The six Sy siblings, namely Teresita, Elizabeth, Henry Jr., Hans, Herbert, and Harley, posted a combined net worth of $13 billion. This was 9.7% lower than their net worth of $14.4 billion last year, reflecting the weaker peso, Forbes said.
They are the heirs to the SM Group founded by the late Henry Sy, Sr., who was the richest man in the Philippines until his death in January 2019.
“Their group flagship, SM Investments Corp., a conglomerate with interests in banking, property and retail, is expanding in geothermal energy with five new projects across the country,” Forbes said.
Mr. Razon jumped to second spot on the Forbes list for the first time, as his net worth surged by 37% to $11.1 billion from $8.1 billion a year ago.
Forbes said Mr. Razon was the biggest dollar gainer for the second year in a row, as shares of International Container Terminal Services, Inc. soared by about 80% in the past year amid a recovery in global trade. Mr. Razon also owns Bloomberry Resorts Corp., which operates Solaire Resort and Casino.
Property tycoon Manuel B. Villar, Jr. slipped to third place even though his net worth increased by 12.4% to $10.9 billion from $9.7 billion in 2023.
A former Senate president and House speaker, Mr. Villar is the chairman of listed companies Vista Land & Lifescapes, Inc., Golden MV Holdings, Inc., supermarket chain AllDay Marts, Inc, home improvement chain AllHome Corp. and Vistamalls, Inc.
San Miguel Corp. Chairman Ramon S. Ang ranked fourth as his net worth jumped by 11.8% to $3.8 billion from $3.4 billion last year amid the conglomerate’s push into infrastructure, winning bids for airports, toll roads, and power plants.
DMCI Holdings, Inc. Chairman Isidro A. Consunji and his siblings rose to fifth place from eighth last year. Their net worth rose by 17% to $3.4 billion this year from $2.9 billion a year ago.
Tony Tan Caktiong, chairman of fastfood giant Jollibee Foods Corp. was in sixth place even as his net worth slid by 9.4% to $2.9 billion from $3.2 billion last year.
Taipan Lucio C. Tan, chairman of LT Group, Inc., secured the seventh spot as his net worth increased by 1.9% to $2.65 billion from $2.6 billion in 2023.
Jaime Zobel de Ayala and his family were in eighth place with a net worth of $2.6 billion, down by 7.1% from $2.8 billion a year ago.
Entering the top 10 list were Lucio L. Co and his wife Susan P. Co of Puregold Price Club, Inc. in ninth place with a combined wealth of $2.3 billion, unchanged from last year’s numbers.
Completing the top 10 was the Aboitiz family of conglomerate Aboitiz Equity Ventures, Inc. with a net worth of $2.2 billion, down by 30.2% from $3.15 billion in 2023.
Lance Y. Gokongwei and his siblings slipped to 11th spot as their net worth dropped by 37% to $1.9 billion from $3 billion in 2023.
Shares of JG Summit Holdings, Inc. fell year on year as its petrochemicals subsidiary has been affected by weaker global prices and high operating costs.
Another big gainer on the Forbes list was Eusebio H. Tanco of STI Education Systems Holdings, Inc. Mr. Tanco landed in 22nd place as his net worth rose by 35% to $815 million, as shares in his online gaming company DigiPlus Interactive Corp. surged.
Forbes said there were no newcomers to the 2024 rankings due to the lack of initial public offerings.
However, it noted that two tycoons have returned to the annual list. One of the two returnees is Edgar B. Saavedra, ranked 43rd, with a net worth of $270 million after the public listing of Citicore Renewable Energy Corp. in June.
The other returnee is Michael C. Cosiquien, ranked 48th, with a net worth of $205 million. He runs ISOC Holdings, Inc. which has interests in logistics, energy, property, and infrastructure.
Sought for comment, China Bank Capital Corp. Managing Director Juan Paolo E. Colet said the rankings and combined net worth of the country’s tycoons reflect the state of the local equity market.
“Most of their wealth is tied to the value of their publicly listed holdings, so the generally tepid performance of the stock market is affecting their net worth,” he said in a Viber message.
AP Securities, Inc. Research Head Alfred Benjamin R. Garcia said the weaker combined net worth is a result of the “sluggish market” and depreciating peso.
“A big chunk of their net worth is tied to the prices of the stocks they own, and as you know the market has been weak lately,” he said in a Viber message.
“It’s not to say that the companies they own aren’t earning money, it’s more because the risky environment recently is not encouraging investors to place more value in stocks,” he added.
Forbes said the net worth of top Philippine tycoons were based on the closing stock prices and exchange rates as of July 19. Private companies were valued based on similar companies that are publicly traded.
The minimum net worth to join the list was $170 million, lower than the $180 million last year.
