Sep 25, 2019,09:26pm EDT

A New Generation Of Tycoons Debut On

2019 Forbes Philippines Rich List

Forbes Press ReleasesForbes Staff

Leadership

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SINGAPORE (September 26, 2019) – The 2019 Forbes Philippines Rich

List saw a dramatic reshuffle as five long-time listees passed away since last
year’s list and a new class of second-generation successors made their debut.
The complete list can be found at www.forbes.com/philippines and in the
October issue of Forbes Asia, available on newsstands now.
The Sy siblings make it to the list for the first time this year, replacing their
father Henry Sy, Sr., as the new No. 1, a position which the late Sy held for 11
consecutive years. They have a combined net worth of US$17.2 billion,
stemming largely from the family’s SM group, the country’s largest
conglomerate.   

The Ty siblings of GT Capital — Arthur, Alfred, Alesandra and Anjanette —

enter the list at No. 9 with a combined net worth of $2.6 billion. They
succeeded their father George Ty, who built GT into a major conglomerate
with interests in autos, banking, insurance, power generation and real estate.

Another new listee and second-generation successors, the Campos siblings —

Jocelyn, Joselito and Jeffrey — debut on the list at No. 23, replacing their late
family matriarch Beatrice Campos. Their combined net worth of $650 million
comes from the country’s pharmaceutical giant Unilab. Jocelyn, the eldest of
the three, is now chairman of the company cofounded by their late father Jose
Campos.

The Sy, Ty and Campos siblings are among the six newcomers on the list
which also included three self-made entrepreneurs. Among them is logistics
and energy tycoon Dennis Uy who made the list after net assets of his Udenna
group rose 28% in 2018. Uy is awaiting approval for the backdoor listing of
Udenna on the Philippine Stock Exchange. He ranks No. 22 on the list with a
net worth of $660 million.

Delfin Wenceslao (No. 25) makes his debut with a net worth of $500 million
after taking real estate developer D.M. Wenceslao & Associates public in June
2018. Antonio Lee Tiu, also a first-timer, is ranked No. 49 with a net worth of
$135 million as shares of AgriNurture, the agri-products company he founded
22 years ago, rose steadily over the past three years.
 PROMOTED

Despite the lackluster performance of Philippine stocks, with the benchmark

index rising a mere 2%, 21 listees added to their fortunes. They included
Manuel Villar, who remains at No. 2 with a net worth of $6.6 billion, John
Gokongwei, Jr., who retains his No. 3 spot with $5.3 billion, up from $4.4
billion, and Enrique Razon, Jr., who rose one position to No. 4 at $5.1 billion,
up from $3.9 billion.

One of the biggest gainers on this year’s list is Mercedes Gotianun (No. 12),
whose wealth surged 91% to $2.2 billion as shares in her Filinvest
Development soared after posting a 31% leap in net income for 2018.
Revenues for Filinvest’s main property and banking segments rose on higher
rental income and fees from lending.

There are five returnees this year including Tomas Alcantara (No. 33, $300
million) of Alsons Consolidated Resources; Eusebio Tanco (No. 41, $205
million) of STI Education Systems; Erramon Aboitiz (No. 43, $165 million) of
Aboitiz Equity Ventures; Philip Ang (No. 44, $160 million) of Nickel Asia and
Bienvenido Tantoco (No. 48, $140 million) of SSI Group.

Among the 16 listees who saw their fortunes decline is Tony Tan Caktiong (No.
7), whose net worth was down $850 million to $3 billion. Shares at his fast
food chain Jollibee took a hit in July 2019 after announcing the $350 million
acquisition of loss-making Coffee Bean & Tea Leaf.

The top 10 richest in the Philippines are:

1. Sy siblings; US$17.2 billion

2. Manuel Villar; $6.6 billion
3. John Gokongwei, Jr.; $5.3 billion
 4. Enrique Razon, Jr.; $5.1 billion
5. Jaime Zobel de Ayala; $3.7 billion
6. Lucio Tan; $3.6 billion
7. Tony Tan Caktiong; $3 billion
8. Ramon Ang; $2.8 billion
9. Ty siblings; $2.6 billion
10.Andrew Tan; $2.55 billion

The list was compiled using information from the individuals, stock
exchanges, analysts, private databases, government agencies and other
sources. Net worths were based on stock prices and exchange rates as of the
close of markets on September 6. Private companies were valued by using
financial ratios and other comparisons with similar publicly traded
companies. Since 2017, the list no longer includes families in which the
founder of the business has died, unless the successors are wealthy enough to
make the cut off individually; in these cases, inherited fortunes are combined.

For more information, visit www.forbes.com/philippines.

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