Revealed:The 20 Richest People in the Philippines

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Philippines, the exotic Island surrounded by the Philippines Sea and the South China Sea, has its own multi-billionaires and tycoons. Here’s the 20 Richest People in the Philippines of 2016, according to Forbes rich list.

#20 Roberto Ongpin

Source Of Wealth: Diversified, Self Made

Net Worth-$900 million(₱42,227,550,000.00)

High profile, controversial tycoon settled long-standing dispute last June with UK fund Ashmore, his partner of 9 years in property developer Alphaland. The deal, brokered by fellow rich lister and nephew Eric Recto, slashed his debt and sent his net worth soaring.

#19 Betty Ang

Source of Wealth: Food
Net worth: $905 million(₱42,462,147,500.00)

President and founder of food manufacturer Monde Nissin, which has grown dramatically over the last 5 years, in recent months scooping up Australian firms such as Menora Foods and Black Swan. The new product offerings complement their famous Lucky Me! Brand of instant noodles and Nissin and M.Y. San Biscuits. Monde Nissin was the first firm in country to sell pouches of dry noodles to make instant soup, and currently boasts more than a 60% share in the market and more than 30% of the biscuit sector.

#18 Oscar Lopez & family

Source of Wealth: Media
Net worth: $1 Billion (₱46,919,500,000.00)

Chairman emeritus of Lopez Holdings. Interests lie in banking and power generation and distribution but the company is best known for its publicly traded ABS-CBN Broadcasting subsidiary. The firm’s film production outfit, Star Cinema, had a banner first half of 2015 with the release of 8 movies and stellar earnings. Also has a controlling stake in First Gen Corporation, one of the country’s leading renewable energy producers with geothermal, hydro and natural gas plants. It manages publicly listed firm Energy Development Corporation, one of the world’s largest integrated geothermal power producer.

#17 Dean Lao

Source of Wealth: Chemicals
Net worth: $1.27 Billion (₱51,611,450,000.00)

Lao’s listed D&L Industries, which specializes in food, plastics, and aerosol industries, announced net income growth of 27% in 2014 thanks to low crude oil prices, a surge in commodities and exports of specialty plastics. It also acquired the remaining stake in agro-chemical firm Chemrez Technologies that it didn’t already own.

#16 Andrew Gotian

Source of Wealth: Real estate, Self Made
Net worth: $1.27 Billion (₱59,587,765,000.00)

Founder and chairman of conglomerate Filinvest Development, with interests in real estate development, sugar, hospitality, power generation and banking. Subsidiary East West Banking Corp is the fifth largest credit card issuer in the Philippines. Started the business 60 years ago with wife Mercedes and 8 employees, offering appliances and financing for second-hand cars. Today daughter Josephine runs it all. His Andrew Gotianun Foundation invests in education.

#15 Alfredo Yao

Source of Wealth: Diversified
Net worth: $1.27 Billion (₱60,995,350,000.00)

Ran errands for his street vendor mother at age 12. His journey to businessman began with a printing press to shrink-wrap biscuits and candies. Soon his homemade fruit juice, packed in innovative stand-up pouches, became a hit. Today his Zest-O brand juices are sold in 44 countries. Now in an aggressive expansion mode: investments span banking, real estate, airlines, food, pharmaceuticals and hospitality.

#14 Yap family

Source of Wealth: Banking
Net worth: $1.4 Billion (₱65,687,300,000.00)

Fortune is shared by the heirs of Emilio Yap, who passed away last year. Family has announced that it does not intend to break up the family empire, but otherwise has kept a low profile. The largest piece of their fortune stems from a stake in Philitrust Bank. They also own the Manila Bulletin Publishing Corp., responsible for the country’s second oldest leading newspaper, the Manila Bulletin. Son Basilio Yap was named chairman of Manila Bulletin, while grandson Emilio Yap III serves as Vice Chairman and Executive VP of President-Advertising.

#13 Manuel Villar

Source of Wealth: Real Estate,Self Made
Net worth: $1.49 Billion (₱69,910,055,000.00)

Manuel Villar, a former presidential candidate and current senate president, has stakes in Starmalls (operates what name suggests: huge malls) and Vista Land & Lifescapes (a homebuilder). Wharton-educated son Paolo runs Vista. As a kid, Manuel helped mom sell seafood in a Manila market.

#12 Robert Coyiuto, Jr.

Source of Wealth: Power
Net worth: $1.65 Billion (₱77,417,175,000.00)

Robert Coyiuto chairs Prudential Guarantee & Assurance, one of the largest insurance firms in the Philippines, started by his father in 1981. Coyiuto also holds a 30% stake in National Grid Corporation of the Philippines, the privately-held firm consortium responsible for the power grid for the entire country. He is also chairman and owner of PGA Cars, a Filipino auto distributor of luxury brands like Porsche, Audi, Lamborghini, and Bentley. As part of his involvement with PGA Cars, Coyiuto established the first Porsche training facility outside of Germany, allowing underprivileged Filipinos to become elite technical specialists for Porsche vehicles, or “Mechatronics.” Brother Miguel, former president of PGA Cars, passed away in 2013.

#11 Enrique Razon, Jr.

Source of Wealth: Ports
Net worth: $1.65 Billion (₱145,720,150,000.00)

Enrique Razon chairs and runs International Container Terminal Services, the Philippines’ largest port operator. His grandfather began with a port in Manila in 1916. Razon’s dad rebuilt the business after World War II. Razon started out in the port business with his dad in Manila and transformed it into a global giant with presence in Eastern Europe, Africa and the Americas, where ICTSI is among the largest port operators. His hospitality firm, Bloomberry Resorts Co., includes its crown jewel, the Solaire Casino and Resort in the Philippines.

#10 Lucio and Susan Co

Source of Wealth: Retailing
Net worth: $1.81 Billion (₱84924295000.00)

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Husband and wife team started with one hypermarket in 1998; closed 2015 with 274 stores, making them the country’s second largest retailer, after Henry Sy’s SM Group. The network of hypermarkets, supermarkets and discount stores continues to expand. The Co family also has money transfer company, retail pharmaceuticals, office supplies, gaming, hotels, wine distribution, property development. In September 2015, the Philippines’ Supreme Court cleared the company of liability in a $58 million tax case involving alcohol and tobacco imports.

#9 David Consunji

Source of Wealth:Construction
Net worth: $3.2 Billion (₱150,420,800,000.00)

Consunji, a former concrete inspector, founded construction company DMCI in 1954. Now the company gets most of its income from power generation, real estate and infrastructure. He also has stakes in the country’s largest coal miner, listed subsidiary Semirara Mining. His son Isidro heads DMCI Holding and Semirara. Consunji shares his fortune with his children.

#8 Andrew Tan

Source of Wealth:Diversified
Net worth: $3.4  Billion (₱112,815,600,000.00.00)

Andrew Tan, son of a factory worker, built his fortune developing large apartment complexes in and around Manila. He put himself through college doing odd jobs and saved money earned as a kitchen appliance salesman to buy a distillery; he then made his first fortune in brandy. Tan’s holding company, Alliance Global, has interests in food and beverage, gaming and real estate. He also owns the Philippines’ McDonalds franchise. In November of 2015 his group’s liquor arm, Emperador, agreed to buy Beam Suntory’s brandy business in a $297 million deal. Alliance Global also launched five new township developments that same year. In 2016 the company says it plans to accelerate office and retail projects.

#7 Jaime Zobel de Ayala & family

Source of Wealth:Diversified
Net worth: $3.5 Billion (₱164,522,750,000.00)

Family’s Ayala Corp, which he chaired until retiring in 2006, was founded 181 years ago. Juggernaut conglomerate booked a record $400 million in profits last year, spurring 8% boost in stock price. Started with small distillery in Manila; later expanded into banking, real estate, hotels, telecommunications, utilities, education. Listed in 1976; now one of country’s largest conglomerates and holding company for publicly traded Ayala Land, Bank of the Philippine Islands, Globe Telecom, Manila Water. In July Ayala Corp bought a 50% stake in drug store chain Generika for an undisclosed sum. His seven children control more than one third of company. Jaime II, eldest, is chairman and CEO; son Fernando is president and COO. Started working at company as executive assistant after graduating from college. Amateur photographer.

#6 Aboitiz family

Source of Wealth:Diversified
Net worth: $3.6 Billion (₱169,223,400,000.00)

Family controls Cebu-based publicly listed conglomerate Aboitiz Equity Ventures (AEV), with interests in power, transportation, banking, food and property. AEV was founded by Paulino Aboitiz, the son of a Spanish farmer, in the late 1800s after he migrated to the Philippines. It began as an abaca-trading and general-merchandise business and later moved into interisland shipping, transporting goods across the Visayas. In 1994 the family took AEV public on the Philippine Stock Exchange, but it retains private interests in construction and shipbuilding. Nineteen family members, mostly fourth- and fifth-generation, are involved in day-to-day operations. The family, known to hold reunions for 400-plus relatives, has a constitution and formal process for those descendants interested in joining the company and/or working their way up to management.

#5 Tony Tan Caktiong & family

Source of Wealth:Fast Food
Net worth: $4.2 Billion (₱197,427,300,000.00)

From Saudi Arabia to the borough of Queens in New York City, Tony Tan Caktiong’s fast food restaurants dot the globe. His publicly traded Jollibee Foods marked its entry into the mainstream burger market with a 40% acquisition of food chain Smashburger in October of 2015. Jollibee Foods is the fastest-growing Asian restaurant chain in the world. They sell Filipino, Chinese, American and European recipes adapted to a modern, quick serve, affordable format. His younger brother Ernesto Tanmantiong is CEO. Tony is charting a new course building community malls in partnership with fellow rich lister Edgar Sia II.

#4 George Ty & family

Source of Wealth:Banking
Net worth: $4.25 Billion (₱206828600000.00)

At age 19 George Ty was refused a bank loan to start a business. The difficulties spurred him to start his own bank at 29, with no financial training or experience. Today Metrobank is the country’s second-largest bank in terms of assets. The serial entrepreneur has gone on to set up power plants, distribute Toyota vehicles, sell insurance, develop real estate and other ventures. He has been consolidating nonfinancial businesses under GT Capital. The group is looking to expand deeper into infrastructure, business process outsourcing and retail. Son Arthur stepped down in 2014 as chairman of GT Capital to become co-vice chairman as the company brought in outside professionals to help it consolidate. His other children are also involved in the business. Ty’s Metrobank Foundation runs Manila Tytana Colleges in memory of his late mother. Ty collects Chinese ink paintings and Filipino art.

#3 Lucio Tan & family

Source of Wealth:Diversified
Net worth: $4.3 Billion (₱202,127,950,000.00)

Lucio Tan’s LT Group has interests in banking, property development, beverages, spirits and tobacco. In 2014 Tan retained 100% control of Philippines Airlines, the country’s oldest airline. Tan, who mopped floors to pay for school, got his business start as a chemical engineer. He enjoys flying helicopters.

#2 John Gokongwei, Jr

Source of Wealth:Diversified
Net worth: $4.3 Billion (₱305,542,250,000.00)

Gokongwei started a cornstarch plant in the 1950s and transformed it into JG Summit with interests in food and beverages, airlines, telecoms, property development, banking, hotels and power generation. He owns a stake in publicly listed Robinson Retail Holdings and franchises for True Value, Top Shop, Toys R Us, Daiso. His retailers have more than 1,500 outlets. Gokongwei’s brother James Go chairs JG Summit. Gokongwei’s son Lance is president and his daughter Lisa runs Summit Media with more than 20 magazine titles including Forbes Philippines, which launched in 2014.

#1 Henry Sy & family

Source of Wealth:Diversified
Net worth: $15.5 Billion (₱728,600,750,000.00)

Henry Sy, the richest person in the Philippines, owns retailers and real estate throughout the country. His SM Investments Corp is the largest retailer in the Philippines with over 200 individual outlets around the country. It announced in February 2016 that it is merging all its retail-related businesses under SM Retail. The firm is also one of the country’s largest conglomerates with interests in real estate development, shopping malls and banking. Sy has a stake in privately-held electricity firm National Grid Corp., which supplies power to the entire country. Sy studied retail at his father’s elbow in the family convenience store. Not satisfied with merely filling dad’s shoes, he saved up to start a footwear shop, the humble origins of his empire.

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