The weak peso and slow economy in the first half of the year weighed on the wealth of the country’s richest, with their combined net worth flat at $80.8 billion versus last year’s $80.4 billion, according to Forbes Magazine.
The Sy siblings of the SM Group empire, whose diverse business is composed of retail, banking and property, remained the wealthiest in the Philippines with their net worth totaling $13 billion, down from $14.4 billion.
“While the country’s benchmark stock market index gained 2 percent since firtunes were last measured, the peso fell 6 percent. As a result, more than half of the country’s 50 richest are less wealthy this year,” Forbes said.
Ports tycoon Enrique Razon Jr. of International Container Terminal Services Inc. took the No. 2 spot for the first time as his wealth ballooned by $3 billion to $11.1 billion.
Real estate mogul and former Senator Manny Villar was wealthier by $1.2 billion as his net worth jumped to $10.9 billion, although he slipped to third place.
Ramon S. Ang of conglomerate San Miguel Corp. was fourth with a $3.8-billion net worth, up by $400 million.
Completing the Top 5 is Isidro Consunji and his siblings with a combined fortune of $3.4 billion, up from $2.9 billion.
Others in the Top 10 are: Tony Tan Caktiong ($2.9 billion), Lucio Tan ($2.65 billion), Jaime Zobel de Ayala ($2.6 billion), Lucio and Susan Co ($2.3 billion), and the Aboitiz family ($2.2 billion).
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The article was originally published in Inquirer and written by Meg J. Adonis.
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