Special Report
The Philippines 40 Richest
Justin Doebele 10.18.07, 6:00 PM ET
THE Philippines is making a comeback. Second-quarter growth of 7.5% was the highest in two decades; unemployment was 8%, the lowest since 1997. After a slip on subprime financial worries in August the stock market has made a full recovery and recently posted record highs. It is up 28% for the year.
The Philippines' 40 Richest by Forbes Magazine
#1 Jaime Zobel de Ayala & family
10.18.07, 6:00 PM ET
NETWORTH: $2 billion
AGE: 73
MARITAL STATUS: Married, 7 children
Patriarch of country's largest conglomerate, Ayala Corp. Family referred to as the Filipino royal family. Stepped down as chairman last year. Personally holds no shares; wealth now in children's hands. Eldest son, Jaime II, Ayala's chairman, chief executive.
#2 Henry Sy & family
10.18.07, 6:00 PM ET
Paul Hu / assignmentasia.com
NETWORTH: $1.7 billion
AGE: 82
MARITAL STATUS: Married, 6 children
Completed merger of his Banco de Oro with competitor Equitable PCI in May, forming nation's second-largest bank. His SM Prime Holdings is nation's largest shopping mall developer. Shares fortune, which includes stakes in a dozen companies, with his children.
#3 Lucio Tan & family
10.18.07, 6:00 PM ET
Darren Whiteside/Reuters/Corbis
NETWORTH: $1.6 billion
AGE: 73
MARITAL STATUS: Married, 6 children
Former chemical engineer from China mopped floors to pay for school. With family, owns Fortune Tobacco, nation's largest cigarette maker; Philippines Airlines, which just emerged from 9 years in receivership. Being sued on claims that much of his wealth belongs to late president Ferdinand Marcos' estate.
#4 Andrew Tan
10.18.07, 6:00 PM ET
JOEL NITO/AFP/Getty Images
NETWORTH: $1.1 billion
AGE: 55
MARITAL STATUS: Married, 4 children
Big boost to fortune from restructuring holding company Alliance Global; shares of his property company, Megaworld, also higher. Likes to eat breakfast at McDonald's (his group owns stake in country's franchise) and sip his Emperador brandy, world's largest seller by volume. Son of factory worker walked to college campus—couldn't afford bus fare.
5 Manuel Villar
10.18.07, 6:00 PM ET
NETWORTH: $940 million
AGE: 57
MARITAL STATUS: Married, 3 children
Philippine senate president (and possible 2010 presidential candidate) also largest shareholder in real estate firm Vista Land. Shrimp vendor's son grew up in slum, got start in construction.
#6 George Ty
10.18.07, 6:00 PM ET
ROMEO GACAD/AFP/Getty Images
NETWORTH: $870 million
AGE: 74
MARITAL STATUS: Married, 5 children
Metrobank founder passed on chairmanship to eldest son, Arthur, last year. Family's Toyota Motor Philippines supplies nearly half country's new cars and trucks. Teaming up with John Gokongwei (15) to develop luxury condos in Metro Manila's Mandaluyong City
#7 Andrew Gotianun
10.18.07, 6:00 PM ET
NETWORTH: $860 million
AGE: 79
MARITAL STATUS: Married, 2 children
Started out salvaging ships after World War II. Branched into car financing with help of wife, Mercedes. Main companies are public real estate firms, Filinvest Development, Filinvest Land; also privately held East West Bank. Going into biofuels; bought 2 sugar mills and a plantation in June in a deal worth $215 million. Children Jonathan and Josephine run daily operations; Gotianun chairman emeritus.
#8 Enrique Razon Jr.
10.18.07, 6:00 PM ET
NETWORTH: $820 million
AGE: 47
MARITAL STATUS: Married, 2 children
Chairs International Container Terminal Services, which buys, develops, manages container ports and terminals worldwide. Has operations in 9 countries including the Philippines, China, Ecuador. Enjoys golf, helped save Philippine Open this year from near cancelation.
#9 Tony Tan Caktiong & family
10.18.07, 6:00 PM ET
ROMEO GACAD/AFP/Getty Images
NETWORTH: $790 million
AGE: 57
MARITAL STATUS: Married, 3 children
Fast-food king heads Jollibee, now with more than 1,500 locations and 7 brands. Bought out partner in Shanghai fast-food chain Yonghe King, acquired Chinese restaurant chain Hongzhuangyuan for $50 million in September, opened store in Las Vegas.
#10 Oscar Lopez & family
10.18.07, 6:00 PM ET
AFP/Getty Images
NETWORTH: $775 million
AGE: 77
MARITAL STATUS: Married, 8 children
Scion of one of Philippines' best-known family businesses. Harvard grad heads its Lopez Inc., which has controlling stake in media group ABS-CBN Broadcasting, run by his nephew. Family who shares fortune also has interests in construction, power generation.
#11 Vivian Que Azcona & family
10.18.07, 6:00 PM ET
NETWORTH: $670 million
AGE: NA
MARITAL STATUS: NA
Runs Mercury Drug, nation's biggest drugstore chain with more than 500 outlets and an 87% share of the retail drug market. Private group recently launched a credit card with Citibank for use in its outlets. Shares fortune with father, Mariano Que, who began selling single-dose pills from pushcart in 1945.
#12 Inigo & Mercedes Zobel
10.18.07, 6:00 PM ET
NETWORTH: $660 million
AGE: NA
MARITAL STATUS: NA
Children of late Enrique Zobel, cousin of Jaime Ayala de Zobel (1), inherited their stakes in Ayala from late aunt, family matriarch Mercedes Zobel McMicking. Inigo sits on San Miguel's board and runs one of nation's largest mango exporters. Mercedes helps run Enrique Zobel Foundation.
The Philippines' 40 Richest
#13 Eduardo Cojuangco Jr.
10.18.07, 6:00 PM ET
Rolex Dela Pena / EPA / Landov
NETWORTH: $540 million
AGE: 72
MARITAL STATUS: Married, 4 children
Chief executive of country's largest food and beverage conglomerate, San Miguel. Planning to take its beer business public, possibly next year. Owns a large stud farm in Australia. Former presidential candidate lost 27% of San Miguel stake in 2005 court decision; still faces civil suit over last 15.5%, which government says were "ill-gotten" during Ferdinand Marcos' reign.
#14 Emilio Yap & family
10.18.07, 6:00 PM ET
NETWORTH: $445 million
AGE: 81
MARITAL STATUS: Married
Midsize bank Philippine Trust is biggest source of his wealth. Trying to take over Philippine Bank of Communications; battling with biggest shareholder for control. Also owns newspaper Manila Bulletin. Chairman of Centro Escolar University.
#15 John Gokongwei Jr. & family
10.18.07, 6:00 PM ET
Mike Alquinto/epa/Corbis
NETWORTH: $430 million
AGE: 81
MARITAL STATUS: Married, 6 children
Chairman emeritus of JG Summit, conglomerate he founded, donated half his stake to family charity. Still supposedly carries 2 cell phones. Brother James Go is chairman, son Lance president. Group, with interests in telecom, property, food, bought Philippine branch of U.S. hardware chain True Value this year; also owns Handyman hardware chain.
#16 Enrique Aboitiz & family
10.18.07, 6:00 PM ET
NETWORTH: $375 million
AGE: 85
MARITAL STATUS: Married, 7 children
Heads family business, which includes stakes in 4 public companies and more than 50 private ones. In July listed its Aboitiz Power, raising $220 million. Family got start in late 1800s in hemp trading, branched into shipping.
#17 Alfonso Yuchengco & family
10.18.07, 6:00 PM ET
NETWORTH: $365 million
AGE: 84
MARITAL STATUS: NA
Former ambassador to China, Japan, United Nations heads Yuchengco Group of Companies. Conglomerate encompasses 60 companies in banking, education, construction, health care. Eldest daughter, Helen, to succeed him.
#18 Beatrice Campos
10.18.07, 6:00 PM ET
NETWORTH: $220 million
AGE: NA
MARITAL STATUS: Widowed, 5 children
Largest shareholder in United Laboratories (Unilab), country's largest drugmaker, cofounded by late husband and Mariano Tan (24). Just got U.S. patent for a process to reduce bitter taste of medicines.
#19 David Consunji & family
10.18.07, 6:00 PM ET
NETWORTH: $210 million
AGE: 86
MARITAL STATUS: Married, 8 children
Started as concrete inspector. Founded DMCI 1954. Now one of country's largest construction firms. Family also has interests in mining, real estate.
#20 Luis Virata
10.18.07, 6:00 PM ET
NETWORTH: $200 million
AGE: 53
MARITAL STATUS: Married, 3 children
Owns half of privately held nickel producer Nickel Asia. Chairman of investment firm CLSA Exchange Capital Inc. Served briefly as Philippines Airlines chief.
#21 Gilberto Duavit Jr. & family
10.18.07, 6:00 PM ET
NETWORTH: $191 million
AGE: 43
MARITAL STATUS: NA
President of media group GMA Network. Took it public in July. A daughter of the late dictator Ferdinand Marcos claimed just before offering that her family owned Duavit Jr.'s GMA shares and asked that offering be suspended until "cloud of doubt" about ownership was resolved. GMA and stock exchange proceeded with listing despite claim.
#22 Menardo Jimenez & family
10.18.07, 6:00 PM ET
NETWORTH: $190 million
AGE: NA
MARITAL STATUS: NA
Joined with brother-in-law Felipe Gozon (23) and father of Gilberto Duavit Jr. (21) to take control of media company GMA in 1970s. Family owns about 30% of newly public GMA; son Joel, daughter Laura sit on board. Son Menardo (Butch) Jimenez Jr. is executive vice president of Philippine Long Distance Telephone (PLDT); also makes movies.
#23 Felipe Gozon & family
10.18.07, 6:00 PM ET
NETWORTH: $165 million
AGE: 67
MARITAL STATUS: Married, 3 children
Chairman of GMA Network. Yale-educated lawyer still practices, specializes in aviation law. Fortune includes his and his 3 children's holdings.
#24 Mariano Tan & family
10.18.07, 6:00 PM ET
NETWORTH: $140 million
AGE: NA
MARITAL STATUS: NA
Started small drugstore in Manila 1945; helped transform it into drugmaker Unilab. Shares fortune with 4 relatives.
#25 Ramon del Rosario Jr.
10.18.07, 6:00 PM ET
NETWORTH: $137 million
AGE: 63
MARITAL STATUS: 6 children
President of investment firm Phinma, cofounded by his father. Served one year as nation's secretary of finance; also stint as chief financial officer of San Miguel. Director of Ayala Land, Holcim Philippines, Roxas Holdings, PSi Technologies. Phinma acquired the Philippine franchise of U.S. chain Microtel Inns & Suites last year.
#26 Ronaldo & Rosalinda Hortaleza
10.18.07, 6:00 PM ET
NETWORTH: $110 million
AGE: 48/50
MARITAL STATUS: Married, 4 children
Med school grads started personal care products company Splash 1985, same year they married. First hit was affordable hair spray. Now sells dozens of products. Ronaldo, nicknamed Doc, is chairman, chief executive. Rosalinda is chief of a subsidiary. Listing group by year's end. Their children all have names starting with letter A.
#27 Manuel Zamora
10.18.07, 6:00 PM ET
NETWORTH: $105 million
AGE: 68
MARITAL STATUS: Married, 5 children
Chairman of Nickel Asia is a lawyer by training. Brother Salvador (32) is the mining outfit's chief executive.
#28 Betty Ang
10.18.07, 6:00 PM ET
NETWORTH: $100 million
AGE: NA
MARITAL STATUS: NA
President of Monde Nissin, maker of instant noodles, biscuits, snacks started 1979. One of nation's 50 largest, posted $340 million sales 2006.
#29 Tomas Alcantara & family
10.18.07, 6:00 PM ET
NETWORTH: $90 million
AGE: 61
MARITAL STATUS: Single
Heads Alcantara Group and publicly traded Alsons Consolidated Resources. Father started 1954 in logging, now interests in power, property, also fish farms that raise sea bass, prawn, tilapia. Brother Nicasio chairs national oil firm Petron. Family shares fortune.
#30 Frederick Dy
10.18.07, 6:00 PM ET
NETWORTH: $70 million
AGE: 51
MARITAL STATUS: Married, 3 children
Chairman of Security Bank, in which he acquired a stake in 1989. Bank's net profits up average 55% in past 3 years. Vice chairman of St. Luke's Medical Center. Net worth doesn't include sister Anastasia's 2% stake.
#31 Wilfred Steven Uytengsu Sr.
10.18.07, 6:00 PM ET
NETWORTH: $60 million
AGE: 80
MARITAL STATUS: 3 children
Chairs Alaska Milk, country's largest milk producer, founded 1972. In April acquired 3 local brands previously held by Nestlé. Son Michael model for small boy pictured on product labels. Other son Wilfred Jr. is company president.
#32 Salvador Zamora
10.18.07, 6:00 PM ET
NETWORTH: $55 million
AGE: 61
MARITAL STATUS: Married, 2 children
Chief executive of mining outfit Nickel Asia.
#33 Oscar Hilado & family
10.18.07, 6:00 PM ET
NETWORTH: $51 million
AGE: 69
MARITAL STATUS: Married, 3 children
Chairman of investment firm Phinma; also of its listed subsidiary, Bacnotan Consolidated Industries. Harvard M.B.A. helps build homes for Habitat for Humanity.
#34 Philip T. Ang
10.18.07, 6:00 PM ET
NETWORTH: $50 million
AGE: 66
MARITAL STATUS: Married
Business associate of Zamora family (27 and 32) owns stake in Nickel Asia.
#35 Magdaleno Albarracin Jr.
10.18.07, 6:00 PM ET
NETWORTH: $49 million
AGE: 71
MARITAL STATUS: NA
Mag, as he is nicknamed, is vice chairman of Phinma. Also chairman of cement company Holcim Philippines. Chairman emeritus Philippine Cement Manufacturers Association. Likes to play tennis.
#36 Jesus Tambunting
10.18.07, 6:00 PM ET
NETWORTH: $47 million
AGE: 70
MARITAL STATUS: Married, 4 children
Chairman of Planters Development Bank, lender to small and midsize companies such as fast-food chain Plato Wraps. Set up industrial park for those companies this year. Former ambassador to England, still uses title. Fortune reflects only his personal holdings, not those of siblings.
#37 Antonio Roxas
10.18.07, 6:00 PM ET
NETWORTH: $36 million
AGE: 65
MARITAL STATUS: Single
Chairman emeritus of Roxas Holdings, which owns majority stake in large sugar producer. Founded by his family, business is celebrating its 80th anniversary. Worked at Standard Chartered Bank in London; oil firm Shell in New York before joining family firm.
#38 Manuel Pangilinan
10.18.07, 6:00 PM ET
JAY DIRECTO/AFP/Getty Images
NETWORTH: $35 million
AGE: 61
MARITAL STATUS: Single
Chairman of Philippine Long Distance Telephone, has dual listing on NYSE. Loves badminton; there's a well-known tournament named after him.
#39 Marixi Rufino-Prieto & family
10.18.07, 6:00 PM ET
NETWORTH: $33 million
AGE: 67
MARITAL STATUS: Married, 5 children
Chairperson of the Philippine Daily Inquirer, started in 1985, as so-called "mosquito press" (small but annoying) opposing Ferdinand Marcos' dictatorship. Now claims 2.7 million readers. Daughter Alexandra is president.
#40 Lourdes Montinola
10.18.07, 6:00 PM ET
NETWORTH: $30 million
AGE: 79
MARITAL STATUS: NA
Head of trustees of Far Eastern University, founded by father 1928. Led recent ceremony for school's upcoming 80th anniversary. Selects work from Philippine artists to display on campus. Son Aurelio is president of Bank of Philippine Islands; daughter Gianna is a lawyer; both are university trustees.
All of this helped boost the fortunes of many of its richest citizens, who were also helped out by the falling dollar, down roughly 10% against the peso for the year. For the first time in a decade a Filipino broke into the billionaire ranks. The son of a poor immigrant factory worker, Andrew Tan restructured his holding company, Alliance Global, and reaped the benefits; his net worth jumped to $1.1 billion, up from $480 million last year.
In Pictures: The World's Billionaires
The year's biggest gainer is Manuel Villar, the Philippine senate president, who is worth $940 million, up from $110 last year. He got a big boost from the public offering of Vista Land & Lifescapes. Seven other tycoons including Tony Tan Caktiong and Enrique Razon Jr. saw their fortunes jump by at least $100 million. Fifteen others are wealthier than last year.
But not all rich listers fared as well. Fourteen are worth less than in 2006 but for reasons that often have to do with estate planning and better reporting. John Gokongwei gave away half his shares in JG Summit, the conglomerate he founded, to his family's foundation.
We also learned more details on holding company structures of such longtime rich listers as Henry Sy and Lucio Tan that resulted in lower valuations. As is the case with our other Asian rich lists, we try to focus where we can on individual--or at least nuclear family--wealth, so this year we broke up the billionaire Ayala clan into two separate groups.
The Philippine list is still the easiest to make in all of Asia, requiring a net worth of only $30 million, $5 million more than last year, but $50 million less than any other country we track. The top 40 are worth a total of $17 billion, up from $16 billion last year.
Wealth in public companies is calculated using stock prices and exchange rates from early October, while values of privately held outfits are estimates based on comparisons to prevailing price-to-earnings or price-to-sales ratios for similar publicly traded companies.
Listing Bonanza
"If you want to know the past, talk to an economist. If you want to know the future, follow the tycoons," says Manuel Villar.
In the Philippines, that has lately meant restructuring companies or listing them on the robust stock market, which has seen daily turnover--a measure of liquidity--jump tenfold to $121 million since 2003.
Three companies backed by Philippine tycoons went public in a two-week period in July as these rich listers took advantage of strong market conditions. The first was Enrique Aboitiz, who spun off Aboitiz Power in a public listing, raising $220 million. Next was Villar, who de-listed his C&P Homes and took public a new company, Vista Land & Lifescapes, which included previously private assets as well as those from C&P. The maneuver helped boost Villar's net worth by $830 million.
At the end of the month came the debut of GMA Network, the nation's second-largest media outfit, controlled and run by rich listers Gilberto Duavit Jr., Felipe Gozon and Menardo Jimenez. It ran into some controversy when a daughter of Ferdinand Marcos tried to prevent the offering, claiming that Duavit Jr.'s shares actually belonged to her. Stock exchange officials allowed the listing to go ahead.
Up next is Splash, the personal care company operated by Rolando and Rosalinda Hortaleza, on track to go public later this year. Tycoon-backed companies that will likely follow suit include John Gokongwei's budget airline Cebu Pacific; the beer business of Eduardo Cojuangco's San Miguel, and McDonald's Philippines franchise, in which Andrew Tan has a 49% stake.
In Pictures: The World's Billionaires
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