Top 40 Richest Filipinos of 2008

Compared to last year’s Richest Filipinos list (Top 15 Richest Filipinos), this year’s Top 40 Richest Filipinos is said to be poorer by 18%. This is due to the financial crisis that we are experiencing right now which originated from the word’s richest economy – US.

But surprisingly, Henry Sy, (this year’s wealthiest Filipino) is richer by less than $2 billion compared to his last year’s worth of $1.7 billion in 2007. He is now followed by Lucio Tan from last year’s no. 3 spot poorer by $0.1 billion. On no. 3 spot is last year’s richest, Jaime Zobel De Ayala from $2 billion last year, but due to the crisis has only a net worth of $1.2 billion this year.

The top 10 richest in the Philippines are:

1. Henry Sy & family; US$3.1 billion
2. Lucio Tan & family; $1.5 billion
3. Jaime Zobel de Ayala & family; $1.2 billion
4. Andrew Tan; $700 million
5. Tony Tan Caktiong & family; $690 million
6. John Gokongwei Jr. & family; $680 million
7. Eduardo Cojuangco Jr.; $610 million
8. Enrique Razon Jr.; $525 million
9. George Ty & family; $435 million
10. Inigo & Mercedes Zobel; $430 million

1 Henry Sy & family – $3.1 billion
83. Married, 6 children

Mall mogul’s company SM celebrated 50th anniversary by opening its 31st mall. Controls nation’s second-largest bank, Banco de Oro Unibank, run by daughter Teresita Sy-Coson. With family, owns stakes in a dozen companies. Stock of most valuable investment, SM Investments, is down in past year but fortune is up, thanks to confirmation of family’s holdings in China Banking Corp. and new information on family stakes.

2 Lucio Tan & family – $1.5 billion
74. Married, 6 children

Holdings include nation’s largest cigarette maker, Fortune Tobacco; Philippine Airlines; Asia Brewery; mining operations; Hong Kong property. Being prosecuted by a government commission, which claims much of his wealth belongs to late president Ferdinand Marcos’ estate. Won small victory last December, when Supreme Court dismissed sequestration of some of his assets.

3 Jaime Zobel de Ayala & family  Р$1.2 billion
74. Married, 7 children

Stock of family’s conglomerate Ayala Corp. is down 46% since last year, in part because of economic slowdown and declining profits in banking and electronics manufacturing units. Family’s shares all in children’s hands. Jaime is chairman emeritus. Eldest son, Jaime Augusto, is Ayala’s chairman, chief executive.

4 Andrew Tan – $700 million
57. Married, 4 children

Made much of his fortune as office developer for outsourcing industry. Now betting on gaming, tourism.

5 Tony Tan Caktiong & family – $690 million
58. Married, 3 children

Heads fast-food company Jollibee Foods, with more than 1,600 locations and 8 brands in 9 countries. While operating margins have been squeezed because of higher costs, stock is up almost 45% since its 52-week low in July. Announced in September it was borrowing $100 million for China expansion. Tan joined board of Manuel Pangilinan’s (No. 39) Philippine Long Distance Telephone (nyse: PHI news people ) in July.

6 John Gokongwei Jr. & family – $680 million
81. Married, 6 children

Profits at JG Summit, conglomerate he founded decades ago, dropped 70% in first half of 2008 because of foreign exchange losses from dollar-denominated debt and declines in share prices of subsidiaries. Fortune up thanks to better information. Chairman emeritus handed reins to brother James Go, group’s chairman; son Lance, president.

7 Eduardo Cojuangco Jr. – $610 million
73. Married, 4 children

Chief executive of Southeast Asia’s largest food and beverage conglomerate, San Miguel. Best known for beer; spun off 6% of brewing arm in May. With Malaysian billionaire Robert Kuok, announced $1 billion investment to develop public land for farming in effort to boost agricultural sector. Company set Guinness World Record in September for longest bar, set up in Manila.

8 Enrique Razon Jr. – $525 million
48. Married, 2 children

Runs International Container Terminal Services, one of the world’s 5 largest port operators and one of 2 Philippine companies to qualify for FORBES ASIA’s 200 Best Under A Billion list. Has operations in 10 countries, including China, Ecuador. Avid golfer.

9 George Ty & family – $435 million
75. Married, 5 children

Founded Metrobank, one of country’s largest by assets. Stepped down as chairman in 2006. Son Arthur, who shares fortune, runs bank, which has lost more than half its market value since last year on worries about financial services firms.

10 Inigo & Mercedes Zobel – $430 million

Brother and sister inherited stakes in Ayala from late aunt Mercedes Zobel McMicking. Inigo sits on board of San Miguel and family company Mermac. Avid polo player. Mercedes helps run Enrique Zobel Foundation, named after late father, cousin of Jaime Ayala de Zobel (No. 3).

11 Manuel Villar – $425 million
58. Married, 3 children

Philippine Senate President, known as Manny, announced in September plans to run for president in 2010. Largest shareholder in high-end homebuilder Vista Land; son is its chief financial officer. Stock down two-thirds in past year. Has stake in condo developer Polar Property Holdings. Shrimp vendor’s son grew up in slum.

12 Emilio Yap & family – $420 million
82. Married

Has stakes in banking, hospitality, universities, construction materials, media, but biggest source of wealth is his holding in midsize bank Philippine Trust. Moving into health care with new Centro Escolar University Hospital. Shares fortune with children, grandchildren.

13 Vivian Que Azcona & family – $360 million

Owns stake in Mercury Drug, started by father, Mariano Que, in 1945. It’s now nation’s biggest pharmaceutical retailer with 700 stores.

14 Beatrice Campos & family – $325 million
Widowed, 5 children

Late husband Jose Campos cofounded United Laboratories (Unilab) as small drugstore in 1945 and transformed it into pharmaceutical company with over 300 prescription, consumer health brands. Following a 2005 reorganization, daughter Joy runs Unilab; son Joselito, known as Butch, manages family’s food business, NutriAsia Group, which acquired shares of Del Monte Pacific (other-otc: PDMXY.PK news people ).

15 Luis Virata – $270 million
54. Married, 3 children

Owns half of mining company Nickel Asia, one of the largest nickel mining companies in the country.

16 Oscar Lopez & family – $240 million
78. Married, 8 children

Chairs Lopez Inc., family holding group, which he owns with siblings Presentacion and Manuel. Group has a controlling stake in nation’s largest media group, ABS-CBN Broadcasting, run by nephew Eugenio (No. 28), whose fortune is listed separately and partly explains drop in net worth. Family also has interests in Meralco, nation’s largest electricity distributor, which Manuel chairs. Sold stakes in toll road business for $267 million in August.

17 Andrew Gotianun – $235 million
80. Married, 4 children

Chairman emeritus of conglomerate Filinvest Development, started as a small-scale financier of used cars in 1955. Two of his children, Jonathan and Josephine, run daily operations. Main subsidiaries are real estate firms, privately held Filinvest Alabang and publicly traded Filinvest Land. Net worth is down sharply from last year owing to big drop in conglomerate’s stock.

18 Alfonso Yuchengco & family – $200 million
85. Widowed, 8 children

Heads Yuchengco Group of companies, started by his father as a small insurance firm in 1930. A conglomerate with interests in 60 companies, group has been hit by economic slowdown. Stock of its Rizal Commercial Banking, for one, is down more than 30% in past year. Reportedly bid for Philippines unit of troubled U.S. insurance giant AIG (nyse: AIG news people ).

19 Mariano Tan & family – $195 million

One of three cofounders of Unilab, still owns stake in it. Also has holdings in real estate firm Greenfield Development Corp.

20 Manuel Zamora – $130 million
69. Married, 5 children

Chairs mining outfit Nickel Asia, which he founded with brother Salvador (No. 32).

21 Menardo Jimenez & family – $129 million
76. Married, 4 children

With brother-in-law Felipe Gozon (No. 25) and Gilberto Duavit (No. 22), took control of broadcaster GMA Network, founded by an American war correspondent, in 1970. Company went public last year.

22 Gilberto Duavit & family – $127 million
73. Married, 4 children

A former politician, one of 3 major shareholders of GMA Network. Three of his 4 children hold different executive positions in the company including Gilberto Jr., the group’s chief operating officer under whom fortune was listed last year.

23 Alfredo Ramos – $126 million
64. Married, 3 children

Largest shareholder and chairman of Atlas Consolidated Mining & Development (other-otc: ACMBB.PK news people ), country’s second-largest mining company, with nickel, copper interests. Also heads National Book Store, Philippines’ largest book and office supplies chain, started by his parents. Twin brother, Benjamin, and sister Cecilia help run that business.

24 Jon Ramon Aboitiz & family – $125 million

Heads Aboitiz & Co., family holding company with stakes in 4 public companies and many private ones. Fortune shared with 2 brothers: Roberto, chair of Aboitiz Equity Ventures, and Mikel, president of City Savings Bank (otcbb: CSFC.OB news people ), the group’s financial arm. Assets of uncle Enrique (No. 35) are now listed separately.

25 Felipe Gozon & family – $110 million
68. Married, 3 children

Chairman, CEO of GMA Network, launched international program GMA Pinoy TV targeting foreign markets. Studied law at Yale University.

26 David Consunji & family – $105 million
87. Married, 8 children

Founded construction firm DMCI in 1954. Expanded into coal mining, water, energy. Earnings slid 73% in first half of year owing to declines in water business. Shares fortune with his children; son Isidro is DMCI president.

27 Rolando & Rosalinda Hortaleza – $90 million
49, 51. Married, 4 children

Took their personal care products company, Splash, best known for skin whitening products, public in late 2007. Rolando is chairman, chief executive; Rosalinda heads a subsidiary. Med school grads married in 1985, pooled cash wedding presents to start the business.

28 Eugenio Lopez III & family – $85 million

Chairs family-owned listed media company, ABS-CBN Broadcasting. Took over from late father, Eugenio Jr., in 1999.

29 Betty Ang – $80 million

President of privately owned Monde Nissin, famous for its popular Lucky Me! brand of instant noodles. Reportedly divides her time between Philippines, Singapore and Indonesia, where husband is president of Khong Guan Indonesia, a biscuitmaker.

30 Tomas Alcantara & family – $75 million
62. Single

Runs family’s Alcantara Group, with interests in mining, power generation. Shares fortune with siblings, including brother Alejandro, who runs the agriculture business in Sarangani, where his nephew is governor; brother Nicasio, who chairs national oil firm Petron; and sister Editha, who is president of C. Alcantara & Sons.

31 Lourdes Montinola & family – $68 million
80. Widowed, 4 children

Chair of Far Eastern University, founded by her father Nicanor Reyes. FEU is known for its sports teams and art deco buildings in downtown Manila. Son Aurelio, chief executive of the Bank of Philippines Islands, and daughter Gianna, a lawyer, both university trustees and shareholders.

32 Salvador Zamora – $67 million
62. Married, 2 children

Chief executive and president of Nickel Asia cofounded company with brother Manuel (No. 20).

33 Philip Ang – $63 million
67. Married

Business associate of the Zamora brothers, owns stake in Nickel Asia.

34 Wilfred Steven Uytengsu Sr. & family – $55 million
81. Married, 3 children

Stanford-trained engineer founded Alaska Milk in 1972 and turned it into one of the nation’s leading milk producers. Remains chairman. Eldest son, Wilfred Jr., a former swim captain at the University of Southern California, is chief executive. AMC also owns professional basketball team Alaska Aces.

35 Enrique Aboitiz & family – $50 million
86. Married, 7 children

Heads family group in Cebu, with interests in banking, food, logistics, transport. Son Enrique Jr. is CEO of Aboitiz Transport System. Nephew Jon Ramon Aboitiz (No. 24) and his siblings listed separately this year, which lowered Enrique’s fortune.

36 Frederick Dy – $49 million
53. Married, 3 children

Chairman and largest individual shareholder in Security Bank (nasdaq: SBKC news people ), whose shares have fallen nearly one-fourth this year, less than that of some rivals. Also chairs City Industrial Corp. and is vice chairman of St. Luke’s Medical Center.

37 Bienvenido R. Tantoco Sr. & family – $45 million
87. Married, 6 children

Operates Rustans, one of country’s largest luxury goods retailers. Sole franchisee of Marks & Spencer (other-otc: MASPY.PK news people ); licensee of Starbucks (nasdaq: SBUX news people ) Coffee in the Philippines.

38 Jesus Tambunting – $40 million
71. Married, 4 children

Chairman, chief executive of Planters Development Bank, which lends to small and medium-size businesses. Former ambassador to Britain.

39 Manuel Pangilinan – $39 million
62. Single

Chairman of Philippine Long Distance Telephone has been buying up shares in its subsidiary Pilipino Telephone. Also heads Hong Kong-listed holding company First Pacific. Loves badminton.

40 Marixi Rufino-Prieto & family – $30 million
68. Married, 5 children

Chairs family-owned newspaper, the Philippine Daily Inquirer. Daughter Alexandra runs the newspaper while daughter Tessa is a regular lifestyle columnist.

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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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