Constructing Bigger Bankrolls

Development can be a blueprint for capitalizing on a boom.

EDITED BY ABRAM BROWN
REPORTING BY CAROLINE CHEN, RUSSELL FLANNERY, NEERJA PAWHA JETLEY,
SEAN KILACHAND, SUZANNE NAM, PHYLLIS FANG SAVAGE AND JESSICA TAN
FORBES ASIA
THE PHILIPPINES 50 RICHEST
WEALTH LIST
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wo of the strongest
forces in the Philip-
pines recent prosperity:
construction and popular
consumption. The trends
are particularly entwined in the
case of Manuel Villar (No. 14). His
publicly traded Starmalls builds what
its name suggests: gigantic malls. And
after laying out plans to open 22 new
ones by 2017, Starmalls stock has sky-
rocketed. Investors have increased its
market value by about three-quarters
(to $1.3 billion) since June.
Another plutocrat growing even wealthier from
transforming parcels of land is David Consunji
(No. 6). The DMCI Holdings founder is more than
$1 billion richer this year, a result of a 60% increase in
DMCI shares since FORBES ASIA last calculated his
fortune. Prots nearly doubled last year to $447 mil-
lion, and Deutsche Bank sees a 40% growth in the order
backlog from 2014 to 2015. With Davids son Isidro in
charge, the Consunji reach extends from a facelift at
Ninoy Aquino International Airport to highway expan-
sions to palatial high-rise apartments.
Even a pair better known for sandwiches than saws
have gotten into the action. Fast food titans Tony Tan
Caktiong (No. 10) and Edgar Sia (No.
31) got together to form DoubleDrag-
on Properties, a mall and residence
developer. It went public in April, and
since its IPO, shares have risen 260%.
Beyond dirt and double-beams,
its been a healthy 2014 for domes-
tic investments in general, with the
Philippine stock index up 20% since
January. Consumers have enjoyed
added buying power, which lters
up the ranks. The nations 50 Rich-
est together are worth $74 billionup
12% from 2013.
Four newcomers join the 50: the Po Family (canned
goods, No. 21), Dean Lao (chemicals, No. 26), the Con-
cepcions (household appliances and food, No. 34) and
P.J. Lhuillier (pawnshops, No. 49). The only loser in
the Top 10 was Lucio Tan (No. 2), whose fortune fell
on worries about the cigarette market. Media moguls
Gilberto Duavit (No. 44), Jimenez Menardo (No. 45)
and Felipe Gozon (No. 48) all dropped on a lower stock
price for their GMA Network.
Meantime, a $65 million higher threshold for the
list left a few magnates behind, including conglomer-
ate chief Manuel Pangilinan and education baroness
Lourdes Montinola. F
DMCI Holdings founder David Consunji.
4. Andrew Tan
$5.1 BILLION
SOURCE: DIVERSIFIED
AGE: 62. MARRIED, 4 CHILDREN
Property plutocrat with large stake in
Megaworld, builder of apartment complexes
doubling as small cities. Big into brandy, too: His
Emperador Distillers went public last year and
agreed to buy Scotchmaker Whyte & Mackay
for $720 million in May. Fortune also extends to
408 McDonalds restaurants in the Philippines
(owns franchise via his Alliance Global
conglomerate) and Resorts World Manila.
5. John Gokongwei Jr.
$4.9 BILLION
SOURCE: DIVERSIFIED
AGE: 87. MARRIED, 6 CHILDREN
Prosperity abounds at conglomerate, JG
Summit Holdings, which he founded. Stock
is at record highs. Another part of fortune in
Robinsons Retail Holdings (department stores,
supermarkets); it went public in largest Filipino
IPO last year. Also has stakes in airliner Cebu
Pacic, food, beverages and land.
6. David Consunji
$3.9 BILLION
SOURCE: CONSTRUCTION
AGE: 92. MARRIED, 8 CHILDREN
Construction czars wealth has increased
with 60% rise in his DMCI Holdings stock.
Foundation for fortune: early gig as a concrete
inspector. Laid real cornerstone in 1954, when
he founded DMCI. It has built more than 500
buildings since. One particularly opulent
ofering: Taguig-based Acacia Estates. Son
Isidro runs it all now; he hopes recent move into
power pays of.
7. George Ty
$3.7 BILLION
SOURCE: BANKING
AGE: 81. MARRIED, 5 CHILDREN
Started Metropolitan Bank & Trust Co.
(known as Metrobank) in his 20s. Mind for
math, eye for art: each Metrobank branch
was decorated with paintings he chose.
Reserved, reclusive and buttoned-up. Gave
up chairmanship to son, Arthur, in 2006.
Family also has stakes in Toyota Motor
Philippines, Philippine AXA Life Insurance.
2. Lucio Tan
$6.1 BILLION
SOURCE: DIVERSIFIED
AGE: 80. MARRIED, 6 CHILDREN
Keeps long-held red ribbon as second richest.
Impressive given 32% drop in his main holding,
LT Group, since last time fortunes were
calculated. With roughly 45% of its revenue
from cigarettes, dreary forecast for that
industry coupled with black market for smokes
have upset investors. Shareholders can drown
their sorrows in another LT Group product; it
owns brewery behind popular pale lager Beer
na Beer. Mopped oors to pay for school, then
became a chemical engineer.
1. Henry Sy
$12.7 BILLION
SOURCE: DIVERSIFIED
AGE: 89. MARRIED, 6 CHILDREN
Retains top spot for seventh year in a row.
Richer than ever, thanks to rising share price
for his SM Prime Holdings, countrys largest
mall operator, and Banco de Oro. Kids run
things now, but Hawaiian shirt-clad Henry
was once a frequent sight in malls halls.
Studied retail at fathers elbow in familys
convenience store. Wasnt satisfied with
merely filling dads shoes. Saved up to start
footwear shop, the humble origins of retail
empire.
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3. Enrique Razon Jr.
$5.2 BILLION
SOURCE: PORTS
AGE: 54. MARRIED, 2 CHILDREN
Casino chief placing a big bet on continued expansion of Solaire Resort & Casino. Solaire is adding
300 more rooms, a shopping mall and a theater. Eying future plays in Macau, Japan and Latin
America. Known as Ricky to all, made rst fortune not with poker tables but with ports. Inherited
International Container Terminal Services, which operates ports in 22 countries, from father in
1995. In downtime nd him on the links: avid golfer backs the Philippines Golf Tour.
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THE PHILIPPINES 50 RICHEST
FORBES ASIA
10. Tony Tan Caktiong
$2 BILLION
SOURCE: FAST FOOD
AGE: 61. MARRIED, 3 CHILDREN
Prospered from selling American-style
burgers in the Philippines. His Jollibee Foods
is nations largest fast-food joint, with more
than 750 restaurants. In addition to namesake
chain, also has Chowking (Chinese food) and
Greenwich Pizza & Pasta. Started with 2 ice
cream parlors he opened in 1975.
11. Robert Coyiuto Jr.
$1.8 BILLION
SOURCE: POWER
AGE: 61. MARRIED
Chairs one of the Philippines largest insurance
companies, privately held Prudential Guarantee
& Assurance. Bulk of fortune from 30% holding
in National Grid, which is also partially owned
by Henry Sy (No. 1). Holds stake in Oriental
Petroleum & Minerals, a petroleum exploration and
production rm.
12. Lucio & Susan Co
$1.7 BILLION
SOURCE: RETAILING
MARRIED, 3 CHILDREN
Struck gold with the Puregold Price Club, known
for its hypermarkets. Planning to open smaller
stores now, too. Other business interests span
gaming, hotels, wine distribution, property, energy.
13. Yap family
$1.475 BILLION
SOURCE: BANKING
Heirs of Emilio Yap, who died this year. Family
has vowed not to break up empire Emilio created.
Crown jewel: Philtrust Bank.
14. Manuel Villar
$1.460 BILLION
SOURCE: REAL ESTATE
AGE: 64. MARRIED, 3 CHILDREN
As a kid, helped mom sell seafood in Manila
market. Studied hard, became nancial analyst.
Saved 10,000 pesos to start company. His
publicly traded Starmalls up big (see intro).
Another gainer: mansion builder Vista Land
& Lifescapes, run by his son, Paolo. Active in
politics. Current senator. Onetime presidential
candidate.
15. Inigo &
Mercedes Zobel
$1.2 BILLION
SOURCE: DIVERSIFIED
Brother and sister inherited fortune from
wealthy aunt. Cousins to Jaime Zobel de Ayala
(No. 9). Own stake in Ayala Corp., the familys
conglomerate.
8. Aboitiz family
$3.6 BILLION
SOURCE: DIVERSIFIED
Clan of power players, with its Aboitiz Power
mulling expansion into Indonesia. Company
generates and distributes power. Rest of fortune
largely comes from Aboitiz Equity Ventures, with
investments in businesses like Filipino UnionBank
and our-and-feed producer Pilmico Foods. The
rst Aboitizes made money as 19th-century hemp
traders. Fortune formerly listed under Enrique (d.
2013) and his nephew Jon Ramon, the current
chairman.
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9. Jaime Zobel de Ayala & family
$3.4 BILLION
SOURCE: DIVERSIFIED
AGE: 80. MARRIED, 7 CHILDREN
The 180-year-old Ayala Corp. is run by a clan of corporate aristocrats. Modern expansion
was started by Jaimes grandfather, who pushed the tribe into banking, real estate and
hotels. Patriarch Don Jaime is a renaissance man: Harvard architecture student, world-class
photographer, former diplomat. Ran companies like Bank of the Philippine Islands, which
Ayala Corp. still owns. He has handed reins to his children: Jaime II is chairman, Fernando is
president and chief operating ofcer.
Jaime Zobel de Ayala II,
chairman.
I
t is a curious
situation, says
Stephen Briggs,
BNP Paribas wise
man of metals, from
his perch observing
the London Metals
Exchange.
That is not how
the usual ho-hum tales about nickel
usually start. Yet truer words were
never spoken.
Nickel prices had slumped in
recent years as supply piled up. But
when Indonesia, the worlds top nickel
miner, slammed down a ban on exports
in Januaryin hopes of stimulating
a domestic industry in rening the
orethe benchmark nickel price has
soared from approximately $11,000
a ton to $19,000 a ton. It has turned
nickel from a grim bear market into a
fairly dramatic price recovery, explains
Briggs. Its not often you get a market
completely based on one factorthe In-
donesian banand one factor alone.
While supply has weakened, de-
mand hasnt. China still keenly desires
nickel for its role in producing stainless
steel. As any Economics 101 student
can gure out, nickel miners outside of
Indonesia will see their business greatly
expand.
Such is the case for Philippines-
based Nickel Asia. Its revenue through
the rst half of 2014 more than doubled
from a year ear-
lier, to $206 million.
Prot expanded
by 419% to $75
million. Its mines
were thrown into
overdrive, and their
volume increased
by some 40%. Its
four quarries stretch across the archi-
pelago from Palawan to Mindanao.
Its Palawan-based Rio Tuba mine is
the oldestoperations started there in
1975but it is only a fraction of the size
of the Taganito Mine in Mindanao.
Analysts believe Nickel Asia can
end 2014 with $568.6 million in sales (a
117% increase from a year earlier)and
conclude 2015 with $750 million.
Nickel Asias good fortunes should
make a particular trio of rich-listers
smile. Manuel Zamora (No. 27), Philip
Ang (No. 35), Luis Virata (No. 37) each
have stakes in the miner. Fittingly,
Zamora, who founded Nickel Asia with
his brother, has the largest one, worth
$588 million.
Boom times should continue as long
as the incoming Indonesia govern-
ment doesnt change the policy. Were
going from a very large surplus to a very
large decit, says Briggs, who projects
the benchmark nickel price could hit
$25,000 a ton within a year. And 2014 is
just the transition year. In other words,
pedal to the metal. A.B.
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COMMODITY PLAY
Nickels New Shine
16. Alfredo Yao
$1 BILLION
SOURCE: DIVERSIFIED
AGE: 70. MARRIED, 3 CHILDREN
Skyrockets up the list to billionaires club
after additional insight on fortune. Executed a
backdoor listing of Macay Holdings, a bottling
and beverage company, last October. Fortune
also in juicemaker Zest-O, which Yao founded in
1980. Has a stake in Philippine Business Bank.
17. Andrew Gotianun
$955 MILLION
SOURCE: REAL ESTATE
AGE: 86. MARRIED, 4 CHILDREN
Founder, chair of conglomerate Filinvest
Development, with interests in real estate,
banking, sugar, hospitality, power. His daughter
Josephine runs it all. Among Filinvests projects,
The Beaufort, luxury apartments in towers
overlooking golf course. Recently bid for $320
million Mactan-CEBU International Airport
expansion. Cried foul play when another
companyone with an alleged conict of
interestofered the highest bid.
18. Vivian Que Azcona
$935 MILLION
SOURCE: RETAILING
President of privately held Mercury Drug, countrys
largest drugstore chain, with more than 900 stores.
Started by father Mariano Que, who sold drugs
from a pushcart in Manila before opening rst
store in 1945. Mariano, and later Vivian, consistently
found new ways to peddle pills: rst with a delivery
system (1948), then 24-hour stores (1965) and later
drive-through pharmacies (2012).
19. Eduardo Cojuangco
$870 MILLION
SOURCE: DIVERSIFIED.
AGE: 79. MARRIED, 4 CHILDREN
Nicknamed Boss for the way his imposing shadow
fell across the Philippines for decades. Condant to
president Ferdinand Marcos, shrewd businessman
even after the regime fell. Became a billionaire as
his widely diversied San Miguel conglomerate
grew. Fortune fell below 10-digit mark after selling
stake in beer and food rm San Miguel in 2012.
Remains San Miguel chairman.
THE PHILIPPINES 50 RICHEST
FORBES ASIA
20. Beatrice Campos
$825 MILLION
SOURCE: PHARMACEUTICALS
WIDOWED, 5 CHILDREN
Widow of Jose Campos, cofounder of drugmaker
Unilab, which accounts for biggest part of fortune.
Stake in food and beverage business Del Monte
Pacic is down 20% since November on concerns
about its acquisition of U.S.-based Del Monte
Foods.
21. Po family
$770 MILLION
SOURCE: CANNED FOOD
Progenitor Ricardo S. Po ran erstwhile stock
brokerage before market crash in 1973. Nearly
lost all. Acquaintance in seafood industry
mentioned tuna had potential. Studied up on the
sea creature. Founded Century Canning in 1978
on $100,000 loan secured through a golf buddy.
At rst, just a supplier (still one today to likes
of Bumble Bee and Subway restaurants). Later
took advantage of sardine shortageFilipinos
favored shto push his own tinned tuna brand.
Shrewd marketer. In 1995 launched canned corn
beef; called it Argentina Corn Beef to associate
the brand with that countrys premium meat. Son
Chris runs company now.
22. Oscar Lopez
$700 MILLION
SOURCE: MEDIA
AGE: 84. MARRIED, 8 CHILDREN
Chairman emeritus of Lopez Holdings,
conglomerate best known for its ABS-CBN
Broadcasting unit. Its real estate arm, Rockwell
Land Corp., is turning an abandoned thermal power
plant into luxury homes.
23. Alfonso Yuchengco
$685 MILLION
SOURCE: DIVERSIFIED
AGE: 81. MARRIED, 8 CHILDREN
Former ambassador and public accountant.
Once considered wearing a clerics collar rather
than a businessmans suit. He cashed in on
credit cards as the rst to bring plastic to the
Philippines. His empire today includes some 60
businesses across banking, property, travel, car
dealerships, education. Daughter Helen runs
agship Rizal Commercial Bank.
A
son can be a
fathers natu-
ral succes-
sor in business. Yet
the relationship can
as naturally become
a feud, as between
Reghis Romero II and
son Michael.
The younger Rome-
ro, 41, took over Manilas
Harbour Centre Port
Terminal in 2003. It was not doing re-
ally wellit was a big challenge. I took
that challenge and turned the company
around, he says. It has become one of
the countrys largest commercial hubs,
with 6 million metric tons of cargo
passing through each year.
At the outset Romero asked his father
to be Harbour Centres chairman. That
wasnt to tap dads logistics smarts
(Reghis, 63, runs R-II Builders). Rather it
was an efort, he says, to conform to a Fili-
pino expectation and include his parent.
Michael blames what followed on
his fathers envy. Rehgis, he says, had
trouble at his construction rm, so he
turned his sights on Harbour Centre.
(Reghis didnt respond to bids for com-
ment.) In March father accused son and
two others of stealing $200,000 from
company cofers. While the Romeros
traded lawsuits over control of the
company, prosecutors cleared Michael
of wrongdoing. But the bad blood had
spilled into the public
eye, attracting Filipino
media coverage.
And it worried
more than just govern-
ment ofcials. Ramon
Ang (No. 32), head of
San Miguel Corp., was
reported to worry the
ght will damage his
and Michaels four-
year-old joint venture to
modernize Manila North Harbor Port,
the biggest domestic container terminal
in the Philippines. (Ang didnt get back
to FORBES ASIA.)
Michael has vowed to x his re-
lationship with Reghis. (We are still
blood relatives. It is just so unfortunate
that there are other people involved,
like his lawyers.) But even as he tries
to smooth things over, Michael has
prosecutors looking at whether he
conspired with government ofcials
to win control of Subic Bay Freeport
in 2010. He chalks it up to a political
witch hunt: We were just collateral
damage in this. Then theres what he
describes as a software mix-up that
led regulators to suspend trading of
his holding company, GlobalPort 900,
in May. It still hasnt relisted, and his
wealth estimate is down 25% to $375
million, even as he vows a return to the
Philippine Stock Exchange.
Samantha Sharf
BLOOD FEUD
MICHAEL ROMERO
Ports in a Storm
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28. Carlos Chan
$550 MILLION
SOURCE: FOOD
AGE: 73 . 6 CHILDREN
Started Liwayway in postwar Manila as a corn-
starch packager. Today its a snackmaker, selling
potato chips, candy, prawn chips. Anticipated
Chinese demand for consumer goods early on; set
up an outpost in Shanghai in the 1980s. Feeding the
mainlands masses earned him an honorary Chinese
citizenship in 2005.
29. Jorge Araneta
$510 MILLION
SOURCE: REAL ESTATE
Patriarch of Araneta family, which owns the
Araneta Complex, home to Smart Araneta
Coliseum, one of Asias largest indoor sports
arenas. Called The Big Dome, it is known for
hosting basketball contests. Planning $690 million
expansion of the Complex to add malls, residential
towers, outsourcing ofces and hotels. He and
siblings inherited it from their father, J. Amado.
32. Ramon Ang
$380 MILLION
SOURCE: DIVERSIFIED
AGE: 60. MARRIED
Runs conglomerate San Miguel. Strengthened grip on the company by buying out a partners
stake earlier this year. Took command of San Miguel in 2007, then diversied the beer and food
company into power, infrastructure, oil and gas. Captain of Philippine Airlines, too. Also has stakes
in Eagle Cement and Manilas Diamond Hotel.
24. Roberto Ongpin
$680 MILLION
SOURCE: DIVERSIFIED
AGE: 77. MARRIED, 4 CHILDREN
Chairs miner Atok-Big Wedge and runs
property developer Alphaland. Attempting
to end nasty spat with business partners
Ashmore Group and Wenceslao Group. Plans
to complete agreement with Ashmore to
split up assets of troubled Alphaland. If deal
goes through at numbers he suggests, his net
worth could be signicantly higher. Fortune
down $620 million from last yearresult of
lower valuation on Alphaland and additional
information on his holdings.
25. Betty Ang
$670 MILLION
SOURCE: FOOD
MARRIED
Noodle queen. President and founder of Monde
Nissin, seller of Lucky Me! instant-noodle brand.
In the 1980s, it was the rst in the country to sell
pouches of dry noodles for easy-to-make soup.
Controls some 60% of that market today. Also
sells biscuits.
26. Dean Lao
$625 MILLION
SOURCE: CHEMICALS
AGE: 55. MARRIED
Started D&L Industries in 1963 with brother
Leon. From seed capital of 2,000 pesos (half
his savings, half a loan from dad), D&L is
now an $880 million (market cap) business.
Produces fats, colorants, additives. Customers
include global rms like 3M, McDonalds and
KFC and big Filipino rms like San Miguel,
Universal Robina and Jollibee. Chemrez
Technologies, maker of polymers, paint resins
and bio-diesels, another part of chemicals
kingdom.
27. Manuel Zamora
$620 MILLION
SOURCE: MINING
AGE: 74. MARRIED, 5 CHILDREN
Mining magnate. More than doubled fortune
since last year on signicant rebound in nickel
prices (see box, p. 91). Son Martin is a Nickel
Asia VP.
30. Mariano Tan Jr.
$445 MILLION
SOURCE: PHARMACEUTICALS
AGE: 52
Father cofounded company as a corner drugstore
in Manila after World War II. Company legend
holds it wouldnt turn anyone awaywhether they
could pay or not. Changed course from selling
drugs to making drugs under Unilab name. Has
20% market share. Unilab makes tonics for colds,
allergies, aches, among others.
31. Edgar Sia
$390 MILLION
SOURCE: FAST FOOD
AGE: 37. MARRIED, 2 CHILDREN
BBQ chicken baron now getting into real estate.
Founded fast-food outlet Mang Inasal (known for
its grilled chicken). Sold part to Tony Tan Caktiongs
(No. 10) Jollibee Foods in 2010 for $68 million. More
recently teamed up with Tan to start real estate
company DoubleDragon Properties. Took it public
in April. DoubleDragon focuses on small malls in
nations provinces.
THE PHILIPPINES 50 RICHEST
FORBES ASIA
38. Alfredo Ramos
$260 MILLION
SOURCE: DIVERSIFIED
AGE: 70. MARRIED, 3 CHILDREN
Saw writing on the wall about publishings
future. After inheriting National Book Store,
diversified fortune. Today a metals mogul.
Chairman of miner Atlas Consolidated
Resources since 2003. Has stake in oil and
gas explorer Philodrill.
39. Wilfred Steven
Uytengsu Jr.
$255 MILLION
SOURCE: MILK
AGE: 52. MARRIED, 3 CHILDREN
Made his money from milk. Sold stake in
Alaska Milk Corp. in 2012 to Dutch Royal
FrieslandCampina. Still runs everything.
Became chief executive after founder father
stepped down in 2007. Former University
of Southern California swim captain, helped
organize the Philippines first Ironman race.
33. Michael Romero
$375 MILLION
SOURCE: PORTS
AGE: 41. MARRIED, 4 CHILDREN
Worked in venture capital in Singapore. Returned
home and got into port business (see box, p. 92),
including Harbour Centre Port. Avid buyer of
Filipino art; close to 1,000 pieces in collection.
34. Concepcion Family
$320 MILLION
SOURCE: DIVERSIFIED
Twin brothers inherited dads manufacturing
and food businesses. Raul took the
manufacturer, Concepcion Industrial, and
expanded it from air conditioners to other
household appliances. Jose got the food rm,
RFM, today one of the countrys largest food-
makers, with products spanning the pantry:
cake mixes, milk, meat, ice cream.
35. Philip Ang
$315 MILLION
SOURCE: MINING
AGE: 73. MARRIED
Reclusive Nickel Asia vice chairman got much
richer from rising company shares. Started in the
textile business after American education.
36. Frederick Dy
$310 MILLION
SOURCE: BANKING
AGE: 59. MARRIED, 3 CHILDREN
Chairs Security Bank, nations eighth largest
by assets. Improving economy bolstering its
loan portfolio, deposits and investment returns.
Recorded a 115% gain in prot in rst half of 2014.
37. Luis Virata
$300 MILLION
SOURCE: MINING
AGE: 60. MARRIED, 3 CHILDREN
Bulk of wealth comes from stake in Nickel Asia.
Chairs investment-bank CLSA-Exchange Capital;
runs Cavitex Holdings, which operates a toll road
between Manila and his home province of Cavite.
Late father Leonides Sarao Virata was one of the
countrys top economists.
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42. Bienvenido
Tantoco Sr.
$235 MILLION
SOURCE: RETAILING
AGE: 93. WIDOWED,
6 CHILDREN
Lladr porcelain, Armani jeans
nd those luxury brands and
many others at Rustans, the
upscale stores he founded with
his wife in 1951 (and run today by
daughter Zenaida). Franchisee
for Marks & Spencer, Starbucks,
Prada, too. Former ambassador
to the Vatican.
40. Tomas Alcantara
$250 MILLION
SOURCE: DIVERSIFIED
AGE: 68. SINGLE
Powerful at home and abroad. His Alsons
Consolidated Resources has generated electricity
in impoverished Mindanao region for more than
a decade. Consults on power plants in Vietnam,
Pakistan and Indonesia. Japanese government
made him member of the prestigious Order of the
Rising Sun last year for promoting economic ties
between the 2 nations.
41. Jose Antonio
$240 MILLION
SOURCE: REAL ESTATE
AGE: 67. MARRIED, 4 CHILDREN
Founded Century Properties in 1986. Stock down
recently as property deal with Japanese Okada Group
fell apart. Understands marketing magic behind
Western names. Developer behind looming Forbes
Media Tower in Manila. Did a deal with billionaire
Donald Trump. Let Paris Hilton design a beach club.
One newer project: medical center with GE Healthcare.
43. Jacinto Ng
$230 MILLION
SOURCE: DIVERSIFIED
MARRIED, 4 CHILDREN
Pushing Asia United Bank, which he cofounded, toward aggressively expanding its network
of 178 branches. Another 44 already planned. Banking today; biscuits yesterday. Founded
snackmaker Rebisco in 1963 in a small, rented Manila factory. Best known for its cream-lled
cracker sandwiches.
M E T H O D O L O G Y
The list was compiled using sharehold-
ing and nancial information obtained
from the families and individuals, stock
exchanges, analysts and other sources.
Unlike our billionaire rankings, this list
includes family fortunes, including those
shared among extended families such
as that of John Gokongwei Jr. and his
relatives. Net worths are based on stock
prices and exchange rates as of the close
of markets on Aug. 18. Private companies
were valued based on similar companies
that are publicly traded.
44. Gilberto Duavit
$200 MILLION
SOURCE: MEDIA
AGE: 79. MARRIED, 4 CHILDREN
Controls GMA Network along with Felipe Gozon
(No. 48) and Menardo Jimenez (No. 45); his son
Gilberto Jr. is GMA president. Shares of GMA, a
TV and radio broadcaster, have fallen 13%. Trio
plan to sell minority stake of the company to
Ramon Ang (No. 32) after a long courtship with
Manuel Pangilinan ended in February.
45. Menardo Jimenez
$195 MILLION
SOURCE: MEDIA
AGE: 82. MARRIED, 4 CHILDREN
Part of triumviratewith Felipe Gozon (No. 48)
and Gilberto Duavit (No. 44)that controls GMA
Network. Also CEO of Alindeco, manufacturer of
abaca pulp sheet, a particularly thick ber prized
for its durability (used in banknotes, tea bags).
46. Eric Recto
$190 MILLION
SOURCE: DIVERSIFIED
AGE: 51.
Fortune more than halved due to lower valuation
of troubled real estate developer Alphaland,
which uncle Roberto Ongpin (No. 24) runs.
47. Walter Brown
$183 MILLION
SOURCE: MINING
AGE: 75. MARRIED
Wealth down by 32% with shares in mining
company Atok-Big Wedge plummeting.
Stock fell on uncertainty over Atoks drilling
rights in South China Sea. (He was Atok-Big
Wedge president until 2012; now a director.)
Founded and chairs A Brown Co., property
developer in Mindanao region thats
also into palm oil production, power,
hospitality.
48. Felipe Gozon
$182 MILLION
SOURCE: MEDIA
AGE: 74. MARRIED, 3 CHILDREN
CEO of GMA Network and one of 3 major
shareholders along with Gilberto Duavit (No. 44)
and Menardo Jimenez (No. 45).
49. P.J. Lhuillier
$180 MILLION
SOURCE: PAWNSHOPS
AGE: 69. MARRIED, 7 CHILDREN
Pawnshop titan. His Cebuana Lhuillier has
more than 1,700 branches. Father started it
in 1935. P.J. ran it next, then turned it over to
sons Jean Henri and Philippe Andre. Jean Henri
extended fortune from informal credit markets
to insurance, money-wiring and savings &
loans. Scored big partnerships with money-
transfer giants like Xoom, MoneyGram and
Xpress Money.
50. Juliette Romualdez
$170 MILLION
SOURCE: BANKING
WIDOWED, 4 CHILDREN
Widow of Benjamin (Kokoy) Romualdez, Imelda
Marcos younger brother. Sold familys minority
stake in Banco de Oro to a group of foreign
funds last year. Oxford-educated son Benjamin
Jr. continues to run nations oldest mining rm,
Benguet, in which family has small stake. Across
the Benguet boardroom table is another son,
Daniel, whos chairman.
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