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| Photo from Forbes |
Last September, Forbes released their annual list of top 10 richest people in the Philippines. Some were retained on their positions since last year while others found their new place in this year’s list.
Although people included in the list were tagged as the richest people in the country by Forbes, they were also impacted with the gravity of the COVID-19 pandemic. Majority of them have lost not only millions but billions of their revenue due to certain closure and restrictions made to combat the pandemic. Nevertheless, they were able to survive their businesses with their strategic plans perfectly crafted with the current situation.
Below is the complete list of Forbes’ top 10 richest people in the Philippines this 2020.
1. Sy siblings
Networth: US$13.9 billion
Leading the list of the richest people in the Philippines are the six heirs of the late business tycoon Henry Sy, Sr. namely Teresita, Elizabeth, Harley, Herbert, Hans, and Henry Jr. Although their networth was cut down by $3.3 billion this year because of the pandemic, their combined wealth of $13.9 billion still brought them in the first spot.
The Sy siblings operate the Sm Group, the largest and most successful conglomerate in the Philippines that focuses on real estate development, tourism, banking, business spanning retail and of course shopping mall management and development. They are also the major shareholder of Banco de Oro (BDO), the largest lending company in the country.
2. Manuel Villar
Networth: $5 billion
Sitting at number two is former senator Manny Villar whose net worth reached $5 billion or ₱250 billion, lowered by $1.6 billion compared to the previous year. He is the loving husband of Cynthia Villar who serves as a senator in the Philippines.
Villar is a businessman who is mostly interested in property development but also has involvement in business retails. He founded and currently chairs Vista Mall, one of the largest shopping mall retailers in the Philippines, and Vista Land & Landscapes, the largest property developer in the country.
3. Enrique Razon Jr.
Networth: $4.3 billion
From being in the 4th place last year, Enrique Razon is now the 3rd richest Filipino in the country with a fortune of $4.3 billion, down from $5.1 billion in 2019. Razon is the chairman and CEO of International Container Terminal Services, Inc. (ICTSI), the terminal operating giant in the Philippines which has a daughter company in America, Africa, and Eastern Europe.
Razon also chairs the Bloomberry Resorts which operates the famous Solaire Resort and Casino in the country.
4. Lance Gokongwei & siblings
Networth: $4.1 billion
Inheriting their fortune from their late father John Gokongwei Jr, Lance Gokongwei and his sisters Robina, Marcia, Hope, Faith and Lisa grabbed the fourth place in the rich list. Their combined wealth of $4.1 billion was majorly derived from their stock ownership in JG Summit, a giant conglomerate that works on airlines, power generation, food, banking, property, and telecommunications.
Lance is the chief executive officer of JG summit chaired by his uncle James Go while Robina acts as a president at Robinson Retail Holdings Inc.
5. Jaime Zobel de Ayala
Networth: $3.6 billion
Jaime Zobel de Ayala was also in the fifth spot last year. His fortune of $3.6 billion was only cut down slightly compared to his networth of $3.7 billion in 2019. He once acted as the chairman of Ayala Corporation but in 2006, he retired and passed the position to his son, Jaime II.
6. Andrew Tan
Networth: $2.3 billion
Andrew Tan is a Filipino-Chinese businessman with an estimated fortune of $2.3 billion making him the sixth richest Filipino based on Forbes rich list. He is the chairman of Alliance Global, a company that builds businesses related to foods, beverages, real estate, and gaming.
Alliance Global owns the Mcdonald’s franchise in the Philippines and Emperador Incorporation that produces cut brandy Emperador. He also founded Megaworld corporation with little capital he saved from earning as a regular employee for Leonard Ty.
7. Lucio Tan
Networth: $2.2 billion
With a networth of $2.2 billion, Lucio Tan was ranked seventh in this year’s rich list. He is a businessman with a massive interest in banking, tobacco, liquor, beverages, airline, real estate, and even in education. In 2013, he was listed by Forbes as the second richest billionaire from the Philippines with a combined wealth of $7.5 billion.
Tan is the chairman, president, CEO, and COO of Philippine Airlines (PAL). He is the chairman and founder of LT group which established Asia Brewery, a beverage company in the country.
8. Ramon Ang
Networth: $2 billion
On the eight place, Ramon Ang sits with his $2 billion fortune. He is the President, Chief Operating Officer, and vice chairman of San Miguel Corporation, the oldest giant conglomerate in the Philippines.
Ramon Ang also serves as the President of Ginebra San Miguel Incorporation, President and Chief Operating Officer of Petron Corporation and Top Frontier Investment Holdings Inc, the largest shareholder of San Miguel Corp. He is also the Chairman of the Board of Directors of Eagle Cement Corporation.
9. Tony Tan Caktiong
Networth: $1.9 billion
Boasting in ninth place is the Filipino businessman named Tony Tan Caktiong with a networth of $1.9 billion. He is the founder and chairman of the famous Jollibee Foods Incorporation. With more than 3,300 branches locally and more than 2,500 stores overseas, no wonder why Jollibee is always referred as one of the fastest-growing food chains in the Philippines.
Caktiong is also the co-chairman of DoubleDragon properties, a real estate development which was founded in 2009 and based in Makati City.
10. Lucio & Susan Co
Networth: $1.7 billion
Completing the list are the couple Lucio and Susan Co with a combined wealth of $1.7 billion or P82.4 billion. They are the owners of Puregold Price Club, a supermarket chain in the Philippines which they co founded in 1998 in Mandaluyong City. Lucio is the chairman while his wife sits as the vice-chairman of their company.
Aside from Puregold which has more than 300 stores nationwide, the tandem also operates hypermarkets, supermarkets, extra stores, minimarts, S & R warehouse clubs and quick service restaurants. They also have an interest in hotel, gaming, and wine distribution.
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