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The Sy brothers of the SM group and former politician Manuel B. Villar Jr. remain the richest Filipinos in 2020, according to the Forbes list of the richest people in the Philippines.
However, many of those included by Forbes in the list of the 50 richest Filipinos saw their profits fall due to the Covid-19 pandemic.
The Sy brothers, who took over the list after their father’s death early last year, stayed at the top with a net worth of $ 13.9 billion. However, the figure is $ 3.3 billion lower. The Sy family operates the SM shopping mall chain in the Philippines and China and the Banco de Oro, the country’s largest lender.
Villar was at number two, but he was still the richest man in the country individually, with a net worth of $ 5.5 billion, $ 1.6 billion less than the previous year. Villar is primarily involved in real estate development, but has recently expanded into retail.
Port magnate Enrique K. Razon Jr. rises to third place, from fourth place last year, with a fortune of $ 4.3 billion, also significantly less than last year’s $ 5.1 billion.
“The collective wealth of the richest 50 in the Philippines fell to $ 60.6 billion from $ 78 billion a year earlier,” Forbes said, adding that 32 on the list saw their net worth decline.
Lance Gokongwei and his brothers debuted on the list at No. 4 with $ 4.1 billion, replacing their father John Gokongwei Jr., who died in November last year. Lance shares the fortune with his 5 sisters: Faith, Hope, Lisa, Marcia and Robina.
The magazine said bank fortunes were hit hard as well, with the Ty brothers of GT Capital and Metrobank losing 46 percent of their fortune to $ 1.4 billion, up from $ 2.6 billion last year. The net worth of Frederick Y. Dy of Security Bank Corp. fell by more than 46 percent to $ 190 million.
The Ty brothers were at 12th, while Dy was at 37th.
Edgar Sia II, who was ranked 21st, was this year’s biggest winner. His net worth expanded by 75 percent, or $ 300 million, to $ 700 million.
“That increase was due in part to the successful IPO [initial public offering] from their Merry Mart in June; the grocery store’s stock has nearly doubled since listing as quarantine measures boosted sales, “the magazine said.
Six names were removed from the list, including Edgar Saavedra of Megawide Construction Corp.
However, Megawide co-founder Michael Cosiquien, who has already left the company to establish his own real estate firm, remained on the list as most of his wealth was tied to a previous sale of the company’s stock.
Eduardo Cojuangco de San Miguel’s farm, who died in June, was inherited by his wife, Soledad Oppen-Cojuangco, who entered the 16th position. She shares the fortune with her 4 children: Carlos, Luisa, Margarita and Mark. Mikel Aboitiz, Lourdes Montinola, Michael Romero and Luis Virata, all at the bottom of the Forbes list, returned to the rankings, but their return was largely due to this year’s lower limit, which fell 23 percent to $ 100 million.
Meanwhile, Don Jaime Zobel de Ayala remained in fifth place with his net worth slightly below $ 3.6 billion, up from $ 3.7 billion last year, while businessman Andrew Tan climbed to sixth from 10th. last year with $ 2.3 billion, also down from $ 2.55 billion last year.
Tycoon Lucio Tan was in seventh place with $ 2.2 billion; Ramon S. Ang from San Miguel Corp. ranked eighth with $ 2 billion; Tony Tan Caktiong of fast food giant Jollibee Foods Corp. ranked ninth with $ 1.9 billion; Lucio and Susan Co of the Puregold supermarket chain ranked 10th with $ 1.7 billion; and Mercedes Gotianun, matriarch of the brothers who operate the Filinvest group, ranked 11th with $ 1.5 billion.
Forbes said it compiled the list using information from individuals, stock exchanges, analysts, private databases, government agencies and other sources. Her net worth was based on stock prices and exchange rates at the close of the markets on August 28.
