The last time I was able to post Top 40 Richest Filipinos based on Forbes.com 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
1 SunLife (Sun Life of Canada Phils Inc.) 13,884,308,664
2 Philam Life (Philippine American Life & General Insurance Co.) 13,507,442,515
3 Axa Life (Philippine AXA Life Insurance Corp.) 9,983,494,021
4 Pru Life UK (Pru Life Insurance Corp. of UK) 9,900,022,868
5 Insular Life (Insular Life Assurance Co. Ltd) 7,483,646,727
6 BPI Philam (BPI Philam Life Assurance Corp. Inc.) 6,420,399,324
7 Manulife (Manufacturers Life Insurance Co. Phils Inc.) 4,994,562,292
8 SunLife Grepa (Sun Life Grepa Financial, Inc.) 3,048,820,156
9 United Cocolife 2,916,473,766
10 Generali Pilipinas Life Assurance Co., Inc. 2,079,639,957
11 PNB Life (PNB Life Insurance Inc.) 2,026,879,674
12 Manulife Chinabank Life Assurance Corp. 1,732,352,220
13 Asian Life & General Assurance Corp. 1,298,458,158
14 Pioneer Life Inc. 1,058,272,554
15 Phil Prudential Life Insurance Company Inc. 979,585,514
16 Fortune Life Insurance Company, Inc. 828,661,373
17 First Life Financial Company, Inc. 715,435,317
18 Paramount Life and General Insurance Corp. 713,878,116
19 Beneficial Life Insurance Corp. 663,127,507
20 CLIMBS Life & General Ins. Cooperative 523,977,856
21 Country Bankers Life Insurance Corp. 310,638,028
22 Cooperative Insurance System of the Phils 304,355,986
23 Asian Financial Life 250,911,061
24 Manila Bankers Life Insurance Corp 128,394,370
25 Philam Equitable Life Assurance Co. Inc. 122,781,625
26 Philippines International Life Ins.Co. Inc 86,604,809
27 Caritas Life Insurance Corp. 68,894,412
28 CAP Life Insurance Corp. 67,250,301
29 Manulife (Branch) 66,340,729
30 BF Life Insurance Corp. 48,911,816
31 Sony Life Insurance (Phils) Corp. 46,848,675
32 United Life Assurance Corp. 43,619,424
33 Banclife Insurance Co. Inc 40,705,946
34 Great 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.
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.”