Makati, Metro Manila, Philippines – Sept 2020: Early evening shot of Makati skyline.
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This story is part of Forbes’ coverage of Philippines’ Richest 2023. See the full list here.
The Philippine economy logged 6.4% growth in the first quarter of 2023, marking two years of continuous expansion since its recovery from the pandemic. Although the economy must now deal with inflation and higher interest rates, the country’s benchmark stock index rose 6% from a year ago when fortunes were last measured. As a result, the combined wealth of the country’s 50 richest increased to $80 billion from $72 billion last year.
More than half of those on the list are wealthier this year, led by the top three. The Sy siblings, heirs to the group built by the late Henry Sy Sr., retained the No. 1 spot, adding $1.8 billion to their net worth, which now stands at $14.4 billion. Shares of their flagship SM Investments, a conglomerate with interests in banking, property and retail, jumped 19% from a year ago amid a post-pandemic rebound in consumer spending.
Property tycoon Manuel Villar continued to hold second place with a fortune of $9.7 billion, up $1.9 billion, on the back of a resilient housing market. Villar also listed his power business, Premiere Island Power REIT, in December 2022. Enrique Razon Jr. was the biggest dollar gainer, thanks to sustained improvement in supply chains that led International Container Terminal Services’ shares to jump 24% from a year ago. The ports magnate remained at No. 3 and boosted his fortune by $2.5 billion to $8.1 billion.
Another notable gainer is Ramon Ang, president and CEO of listed conglomerate San Miguel Corp., who moved up five spots to No. 4. His wealth was up nearly 40% to $3.4 billion following the acquisition of his majority owned Eagle Cement, one of the archipelago’s largest cement makers, by San Miguel. (The company said he was not involved in the decision.)
The country’s richest were not immune to market headwinds. The Sy family’s SM Prime postponed a $1 billion initial public offering of its shopping mall REIT, originally scheduled for last year. The IPO of Prime Infrastructure Capital, controlled by Razon, was also delayed, with investors showing a preference for fixed income securities amid interest rate hikes.
The wealth of husband and wife Dennis Anthony and Maria Grace Uy, cofounders of Converge ICT Solutions, dropped the most in both dollar and percentage terms. Their net worth almost halved to $930 million as shares in the broadband services provider continued to slide following the exit of private equity firm Warburg Pincus last year.
Josephine Gotianun-Yap (left) and Federico Lopez (right).
Courtesy of Filinvest Development; Courtesy of Lopez Holdings
The three new entrants are all inheritors. The Gotianun family, at No. 22 with $850 million, inherited stakes in conglomerate Filinvest Development from matriarch Mercedes Gotianun, who died last December. The Yuchengco family, heirs to Alfonso Yuchengco and the biggest shareholder of Rizal Commercial Banking Corp., one of the country’s largest lenders, also joins the ranks with $420 million. Federico Lopez debuts on the list with $300 million, shared with his family, after taking over the media, property and power empire from his father, Oscar, who died in April at age 93.
Roberto Ongpin, who was chairman of upscale property developer Alphaland and had a net worth of $830 million last year, died in February at age 86. That fortune doesn’t appear on the list due to insufficient information about the division of his estate. The cutoff this year was $180 million, down from $185 million in 2022.
Reporting by Jonathan Burgos, Gloria Haraito, Anis Shakirah Mohd Muslimin, Phisanu Phromchanya, Anuradha Raghunathan, Yessar Rosendar, Jessica Tan and Yue Wang.
Full Coverage of Philippines’ Richest 2023:
Methodology:
The list was compiled using shareholding and financial information obtained from the families and individuals, stock exchanges, analysts and other sources. Unlike our billionaire rankings, this list includes family fortunes, including those shared among extended families. Net worths are based on stock prices and exchange rates as of the close of markets on July 21, 2023. Private companies were valued based on similar companies that are publicly traded. The list can also include foreign citizens with business, residential or other ties to the country, or citizens who don’t reside in the country but have significant business or other ties to the country. The editors reserve the right to amend any information or remove any listees in light of new information.
Acknowledgement:
Special thanks to Leechiu Property Consultants and the other experts who helped us with our reporting and valuations, including Eduardo Francisco, BDO Unibank, Govinda Singh, Colliers; Daphne Ashley Sze, Maybank Securities.