Top 40 Richest Filipinos of 2012 – Why MVP and RSA are Not Included in the List

The last time I was able to post Top 40 Richest Filipinos based on was way back 2008 (Top 40 Richest Filipinos of 2008). Where was I in the last 3 years? Uhmmm.

But anyway, here’s the Top 40 Richest Filipinos of 2012 according to Forbes Magazine. Still leading the pack is no other than lolo Henry Sy (haha) of SM Prime with $9.1 Billion. Followed by uncle Lucio Tan ($4.5Billion) and surprisingly, it is Enrique Razon, Jr. ($3.6Billion) on the 3rd spot followed by John Gokongwei, Jr. ($3.2Billion) with David Consunji ($2.7Billion) at the 5th spot.

Looking at the top 10 list, the biggest drop vs. 2008 is Tony Tan Caktiong from 5th spot down to 12th spot. New entries in the top 10 are David Consunji (5th) and Roberto Ongpin (9th).

Below is the complete list of Philippines Richest Filipinos of 2012.

Top Life Insurance Companies in the Philippines for 2011

RankCompanyTotal Premiums
1SunLife (Sun Life of Canada Phils Inc.)13,884,308,664
2Philam Life (Philippine American Life & General Insurance Co.)13,507,442,515
3Axa Life (Philippine AXA Life Insurance Corp.)9,983,494,021
4Pru Life UK (Pru Life Insurance Corp. of UK)9,900,022,868
5Insular Life (Insular Life Assurance Co. Ltd)7,483,646,727
6 BPI Philam (BPI Philam Life Assurance Corp. Inc.)6,420,399,324
7Manulife (Manufacturers Life Insurance Co. Phils Inc.)4,994,562,292
8SunLife Grepa (Sun Life Grepa Financial, Inc.)3,048,820,156
9United Cocolife2,916,473,766
10Generali Pilipinas Life Assurance Co., Inc.2,079,639,957
11PNB Life (PNB Life Insurance Inc.) 2,026,879,674
12Manulife Chinabank Life Assurance Corp. 1,732,352,220
13Asian Life & General Assurance Corp.1,298,458,158
14Pioneer Life Inc.1,058,272,554
15Phil Prudential Life Insurance Company Inc.979,585,514
16Fortune Life Insurance Company, Inc.828,661,373
17First Life Financial Company, Inc.715,435,317
18Paramount Life and General Insurance Corp.713,878,116
19Beneficial Life Insurance Corp.663,127,507
20CLIMBS Life & General Ins. Cooperative523,977,856
21Country Bankers Life Insurance Corp.310,638,028
22Cooperative Insurance System of the Phils304,355,986
23Asian Financial Life250,911,061
24Manila Bankers Life Insurance Corp128,394,370
25Philam Equitable Life Assurance Co. Inc.122,781,625
26Philippines International Life Ins.Co. Inc86,604,809
27Caritas Life Insurance Corp.68,894,412
28CAP Life Insurance Corp.67,250,301
29Manulife (Branch)66,340,729
30BF Life Insurance Corp.48,911,816
31Sony Life Insurance (Phils) Corp.46,848,675
32United Life Assurance Corp.43,619,424
33 Banclife Insurance Co. Inc40,705,946
34Great Life Financial Assurance Corp.


Some people ask, why Manny Pacquiao isn’t on the list? If Manny Pacquiao’s networth will be converted to US$, his total networth is only $31.45Million. Still way below from the last one on the list.

[ad#content300] How bout Joseph Calata? Still not on the list eventhough Joseph Calata is the youngest Filipino billionaire (I only assume), he’s still way below from the last person which is around P6Billion pesos.

And the biggest question, why Manny Pangilinan (MVP) and Ramon Ang (RSA), who are both very known in the business community are not on the richest list? I was also intrigued. Further searching on the net and I found this on Inquirer.

The common explanation for the absence of “RSA” and “MVP”—as both men are known in the business community—from the Forbes list year in and year out is the fact that both men, as heads of their respective conglomerates, are “mere employees.”

But interviews made by the Inquirer with business associates and longtime observers of the dynamics of Philippine business reveal that the absence of both corporate titans, indeed, exposes one of the biggest weaknesses of the celebrated roster.

“Mere employees? Nothing can be further than the truth,” said one businessman familiar with the corporate structures of Ang’s San Miguel Corp. and Pangilinan’s PLDT group.


‘Very high’ on list

“For the list to be accurate, they should be high on the Top 40 list of Filipino billionaires,” said the businessman, requesting anonymity. “Very high.”

He explained that both Ang and Pangilinan had, in fact, “very creative methods” of keeping their wealth from public view, including structuring their ownership in various corporations through several layers of ownership in holding companies.

“If you were to pierce the veil of ownership in the various firms they work for, you will find that they actually have bigger stakes than what people think,” he said. “It’s not illegal, just creative.”

Full story here

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Garry Zaldy de Castro is an advocate, Financial Advisor, Certified Investment Solicitor (Mutual Fund Representative), blogger, IT practitioner, husband to Aileen and a dad to Jacob and JohnD. He started Financial Planning Philippines in 2008 just to share his financial learning to friends, relatives and anyone who wishes to be financially independent.

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