Henry Sy still PH’s richest

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HENRY Sy was named the country’s richest man for the ninth consecutive year, with Forbes magazine pegging his net worth at $13.7 billion.

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Forbes Philippines’ Richest List for 2016, placed Sy, who built the SM mall empire, at the top spot, followed by John Gokongwei Jr. of the rival Robinsons malls ($6.8 billion) and the Aboitiz family ($5 billion).

Forbes said the Filipino tycoons, who have interests in property, infrastructure development and construction, are poised to further expand their fortunes as the administration of President Rodrigo Duterte has committed to invest in infrastructure.

The rest of the top 10 are airline and tobacco magnate Lucio Tan and family, No. 4, with a net worth of $4.9 billion; George Ty of Metrobank, No. 5, $4.6 billion; Tony Tan Caktiong of Jollibee, No. 6, $4.3 billion; Jaime Zobel de Ayala and the Ayala group, No. 7, $4.1 billion; ports and casino tycoon Enrique Razon Jr., No. 8, $3.5 billion; construction taipan David Consunji of DMCI, No. 9, $3.1 billion; and property tycoon Andrew Tan of Megaworld, No. 10, $3 billion.

Edgar Sia 2nd grew his net worth fastest—three times to $1.2 billion from a year ago—with his DoubleDragon Properties Corp., a joint venture with Tan Caktiong. Sia was named 17th richest in the country.

San Miguel’s Ramon Ang landed on 16th place with a net worth of $1.21 billion.

A newcomer to the list was Ben Tiu (No. 44, $175 million), the eldest son of a self-made steel magnate, John
Tiu Ka Cho who took over TKC Metals in 1987 and led its entry into financial services with thrift bank Sterling Bank of Asia. Tiu also co-founded one of the country’s largest non-banking remittance companies, I-Remit.

The biggest loser was Bienvenido Tantoco Sr. of Rustans and SSI Group (No. 46, $165 million), as his wealth fell by 65 percent from $480 million last year on the back of the competitive retail sector and increased expenses involved in his foray into the luxury market.

Three mining businessmen dropped off from this year’s list, including Philip Ang, who ranked No. 41 last year.

The minimum wealth required to make it to the list was $145 million, higher than the $120 million threshold last year.

Forbes Magazine said the list was compiled using share and financial information obtained from families and individuals, stock exchanges, analysts and other sources.

The magazine said the list covered family fortunes, including those shared among extended families such as that of Lucio Tan and his relatives.

“Net worth is calculated based on stock prices and exchange rates as of the close of markets on August 12. Private companies were valued based on similar companies that are publicly traded,” Forbes said.

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5 Comments

  1. that’s not true…..mahusay magtago, magpalusot at mameke ng mga dokumento ang mga local OLIGARCHS…

    Ang alam ng mga tao…..ang pinakamayamang PILIPINO sa ngayon (for the past 10 years) ay ang mga VILLAR families (approx $30 – 40.0 billions), 2nd ang LOPEZes ($30.0 billion more or less) ..3rd COJUANGCOs.($20.0 plus billions) and SY…in that order.

  2. Sy:

    a). Instituted ENDO slavery in the Filipino working class.

    b). Joined the power monopoly so mall electricity were offset to ordinary Filipino consumer billings.

    c). His malls and condos, are a major structural cause of worsening traffic along EDSA.

    TAX Sy and the rest of the billionaires, who are the richest and guiltiest!

    • A. Stupid analogy. Didn’t you know that by buildings malls, Sy was able to create jobs for thousands of Filipinos?

      B. Do you have evidence to support your claims on this?

      C. Do you data to back this up?

      Plain stupid. Minds like you a crab are the reason why the country is in poor state, thanks to President DU30 changes are coming

  3. SY has a responsibility to pay $ Billion for the MRT-LRT improvements because the stations stop at his malls, and he should also pay for the restarting of the Bataan Nuclear Power Plant since SM is the single biggest private consumer of national electricity, and one reason consumer billings are so high.

    HE CAN AFFORD IT!

    • The President is after them Anyway!!he is going to investigate all those Corrupt billioners!!