The Sy family is still the richest in PH

SM Investments Vice President Teresita Sy-Coson (second from left) and Henry Sy Jr. (third from left)

The coronavirus pandemic (COVID19) may have impoverished them by a few billions more than last year, but in this part of the world, they are still the richest.

The heirs of the late SM founder Henry Sy Sr. remain the richest in the Philippines with a collective net worth estimated at $ 13.9 billion, according to the 2020 Forbes Philippines Rich List.

His fortune fell by $ 3.3 billion this year amid the COVID19 pandemic that has hit the SM group’s banking, retail and property businesses.

According to the latest Forbes list, the 10 richest in the Philippines are:
1) Sy brothers; $ 13.9 billion
2) Manuel Villar; $ 5 billion
3) Enrique Razón Jr .; $ 4.3 billion
4) Lance Gokongwei and brothers; $ 4.1 billion
5) Jaime Zobel de Ayala; $ 3.6 billion
6) Andrew Tan; $ 2.3 billion
7) Lucio Tan; $ 2.2 billion
8) Ramon Ang; $ 2 billion
9) Tony Tan Caktiong; $ 1.9 billion
10) Lucio and Susan Co; $ 1.7 billion

Jaime Augusto Zobel de Ayala (left) and Hans Sy -ROMY HOMILLADA

A total of 32 listeners on the 2020 Forbes Philippines Rich List saw their net worths fall by 22 percent to $ 60.6 billion as the pandemic dragged the national economy into the first recession seen since 1998.

This is the thirteenth year the Sy family has topped the Forbes list. Each of the second-generation Sy siblings (Teresita, Henry Jr., Hans, Herbert, Elizabeth, and Harley) have an individual fortune of approximately $ 2 billion.

Since 2017, the Forbes list no longer includes families in which the founder of the business passed away, unless the successors are wealthy enough to make the cut individually. In such cases, inherited fortunes are compounded.

Real estate mogul Manuel Villar maintained his rank as the second richest in the country, even as his wealth fell from $ 1.6 billion to $ 5 billion.

Manuel Villar Jr .: self-made billionaire

Port and casino operator Enrique Razón Jr. moved one spot to no. 3 this year with a net worth of $ 4.3 billion, down from $ 5.1 billion previously.

Enrique Razon Jr.

Banking tycoons were hit especially hard. The Ty brothers (number 12, $ 1.4 billion) of GT Capital and Metrobank saw their net worth decrease by 46 percent, while Frederick Dy (number 37) was impoverished by 46 percent to $ 190 million, already that his Security Bank’s shares fell 52 percent. During the past year.

Fast food billionaire Tony Tan Caktiong (number 9, $ 1.9 billion) suffered a pandemic-induced hit to his wealth this year when fast food giant Jollibee Foods Corp.’s businesses around the world declined due to closing protocols. Tan Caktiong’s net worth had decreased by 37 percent.

TWO DRAGONS Tony Tan Caktiong (left) and Edgar Sia II

The net worth of Oscar López (No. 32), who owns a majority stake in the ABS-CBN television network, nearly halved to $ 240 million after Philippine lawmakers rejected the company’s offer in July. company to renew its 25-year broadcast license. ABSCBN shares have lost about 65 percent of their value in the past year.

Among the 10 listeners whose fortunes rose, Edgar Sia II (No. 21) was the top earner this year in both percentage and dollar terms. Sia added $ 300 million, or 75 percent to his net worth, which is now $ 700 million. The increase was partly due to the successful initial public offering of his new company, MerryMart Consumer Corp., in June, when closure measures boosted grocery sales.

The two newcomers to the list include Lance Gokongwei and his brothers, who debuted at No. 4 with a net worth of $ 4.1 billion, replacing Father John Gokongwei Jr., who passed away in November 2019. Gokongwei shares this. fortune with his five sisters Faith, Hope, Lisa, Marcia and Robina.

URC President Lance Gokongwei with URC President and CEO Irwin Lee

Eduardo Cojuangco de San Miguel’s estate, who passed away in June, was inherited by his wife, Soledad Oppen-Cojuangco, who is ranked 16th with a net worth of $ 1.15 billion. She shares the fortune with her four children Carlos, Luisa, Margarita and Mark.

Six names fell off the list, including Edgar Saavedra of Megawide Construction. Megawide shares fell more than 65 percent after reporting a net loss in the first half of P398 million pesos ($ 8 million). However, Megawide co-founder Michael Cosiquien remained on the list as most of his wealth is tied to a previous sale of the company’s stock. Cosiquien occupies the position no. 40 with a net worth of $ 175 million.

Megawide founders Edgar Saavedra and Michael Cosiquien

Four moguls returned to the ranks, largely due to this year’s lowest cut, which fell 23 percent from last year’s list to $ 100 million. These are: Michael Romero (# 46, $ 135 million) of Globalport 900; Luis Virata (no. 48, $ 115 million) from Nickel Asia, Mikel Aboitiz (no. 49, $ 110 million) from Aboitiz Equity Ventures, and Lourdes Montinola (no. 50, $ 100 million) from Far Eastern University.

The list was compiled using information from individuals, stock exchanges, analysts, private databases, government agencies, and other sources. Net values ​​were based on stock prices and exchange rates at the close of the markets on August 28, 2020. Private companies were valued using financial ratios and other comparisons with similar publicly traded companies.

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