[ad_1]
Metro Manila (CNN Philippines, September 17) – The country’s billionaires were not spared from the impact of the pandemic, their fortunes reduced after months of lockdown, according to the latest Forbes list of the richest Filipinos.
Despite an overall drop in net worth, the heirs of the late Taipan Henry Sy, Sr., namely Teresita, Elizabeth, Henry Jr., Hans, Herbert, and Harley of the SM Group, remained at the top with a wealth combined $ 13.9 billion or ₱ 670 billion. This declined from its combined value of $ 17.2 billion in 2019, which the global magazine attributed to a “contracting economy and rising unemployment.”
Luzon, the country’s largest economic center, was on lockdown from mid-March to May when a COVID-19 outbreak was confirmed in Metro Manila. Strict quarantine rules are in place, limiting movement and stifling sales, income and economic activity.
Former senator and real estate giant Manny Villar, 70, retained second place with $ 5 billion (about ₱ 250 billion) to his name, down from $ 6.6 billion last year.
Port giant Enrique Razon, Jr., who recently ventured into the energy business in Iloilo, rose to third place with a $ 4.3 billion fortune, down from his $ 5.1 billion in 2019. Jr., who came in fourth with a combined wealth of $ 4.1 billion.
RELATED: Businessman Enrique Razón buys in besieged Manila Water
The late Gokongwei passed away at the age of 93 in November last year, leaving his inheritance to his son Lance and his five daughters Faith, Hope, Lisa, Marcia and Robina.
Every member of the top 10 saw their fortunes fall, reeling from the recession. Among those who suffered big drops were Philippine Airlines owner Lucio Tan (down $ 1.4 billion) and Jollibee Group founder Tony Tan Caktiong (down $ 1.1 billion).
The biggest ‘losers’
Forbes said the heirs of the late tycoon George SK Ty suffered the biggest drop in value, as their collective wealth plunged 46 percent to $ 1.4 billion. Last year, the Ty brothers were the ninth richest with $ 2.6 billion.
Meanwhile, Oscar López also saw his wealth fall to $ 240 million following ABS-CBN’s bad luck securing a new legislative franchise. Shares in the network have plunged 65 percent, Forbes said.
READ: ABS-CBN will lay off workers starting August 31
Banker Frederick Dy, now ranked 37th, also saw his wealth nearly halved to $ 190 million as Security Bank stock collapsed 52 percent last year.
Among those who fell from the top 50 was Megawide Construction founder Edgar Saavedra after the contractor experienced a net loss in the first half.
Winners 2020
There were 10 entrepreneurs who managed to do more despite the global health crisis.
Leading this group is Edgar “Injap” Sia II, owner of the real estate firm DoubleDragon. Forbes credited the $ 300 million (approximately ₱ 14 billion) increase in its net worth to MerryMart, a new supermarket chain that has been the only company to have an initial public offering so far this year.
Another winner is Vivian Que Azcona, president of the Mercury Drug pharmacy chain, and her brother, who are likely to see sales increase as people spend more on healthcare needs.
Meanwhile, Soledad Oppen-Cojuangco took the place of her late husband, the president of the San Miguel Corporation, Eduardo “Danding” Cojuangco, Jr., on the richest list, inheriting $ 1.15 billion.
New entrants to the richest 50 list were 1-Pacman Party-List port magnate Rep. Michael Romero ($ 135 million), Nickel Asia’s Luis Virata ($ 115 million), Aboitiz Equity Ventures’ Mikel Aboitiz ($ 110 million) and the president of the University of the Far East. emerita Lourdes Montinola ($ 100 million).
See the full list here:
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)
11. Mercedes Gotianun ($ 1.5 billion)
12. Ty Brothers ($ 1.4 billion)
13. Vivian Que Azcona and brothers ($ 1.34 billion)
14. Isidro Consunji and brothers ($ 1.3 billion)
15. Roberto Ongpin ($ 1.2 billion)
16. Soledad Oppen-Cojuangco ($ 1.15 billion)
17. Ricardo Po, Sr. ($ 1 billion)
18. Inigo Zobel ($ 990 million)
19. William Belo ($ 900 million)
20. Roberto Coyiuto, Jr. ($ 890 million)
21. Edgar Sia II ($ 700 million)
22. Dennis Uy ($ 650 million)
23. Hermanos Campos ($ 600 million)
24. Dean Lao ($ 500 million)
25. Jacinto Ng ($ 490 million)
26. Mariano Tan, Jr. ($ 350 million)
27. Delfin Wenceslao, Jr. ($ 340 million)
28. Tomas Alcantara ($ 300 million)
29. Manuel Zamora ($ 280 million)
30. Carlos Chan ($ 260 million)
31. Wilfred Steven Uytengsu, Jr. ($ 250 million)
32. Oscar Lopez ($ 240 million)
33. PJ Lhuillier ($ 230 million)
34. Jorge Araneta (220 million dollars)
35. Alfredo Yao (210 million dollars)
36. Eusebio Tanco ($ 200 million)
37. Frederick Dy ($ 190 million)
38. Betty Ang ($ 185 million)
39. José Antonio ($ 180 million)
40. Michael Cosiquien ($ 175 million)
41. Jose Ma Concepcion ($ 174 million)
42. Felipe Gozón ($ 170 million)
43. Juliette Romualdez ($ 160 million)
44. Erramon Aboitiz ($ 150 million)
45. Philip Ang ($ 140 million)
46. Michael Romero ($ 135 million)
47. Menardo Jimenez ($ 125 million)
48. Luis Virata (115 million dollars)
49. Mikel Aboitiz ($ 110 million)
50. Lourdes Montinola ($ 100 million)
[ad_2]
