THE Philippines’ booming stock market lifted the fortunes of the country’s richest people to an all-time high, bringing their collective wealth to $34 billion against last year’s $22.8 billion, Forbes magazine says in its Web site.
The number of Filipino billionaires also more than doubled this year to 11, with the country’s 32 tycoons getting richer.
And for the fourth year in a row Henry Sy held the top spot with a net worth of $7.2 billion, up from $5 billion last year, Forbes says.
The biggest gainer in percentage terms was former trade minister Roberto Ongpin, whose fortune soared more than fourfold to $1.3 billion. Most of that gain was thanks to an increase in his stake in the listed mining firm Atok-Big Wedge, though Ongpin says the company’s stock price overinflates its value.
Among the newly minted billionaires is port operator Enrique Razon Jr., who saw his net worth jump to $1.6 billion from $975 million last year. Only two fortunes declined this year, both because of a better understanding of their assets and not because their companies performed poorly.
Among the four newcomers were Jose Antonio, founder of high-end property developer Century Properties; Jacinto Ng Sr., founder of biscuit maker Rebisco; and 34-year-old Edgar Sia II, the youngest on the list, who sold his barbecue chain Mang Inasal to Tony Tan Caktiong’s Jollibee Foods.
A minimum of $85 million was needed to make the list this year, up from last year’s $50 million, Forbes says.
Four from 2010 didn’t make the cut, including Lourdes Montinola, whose family owns 41 percent of Far Eastern University; and Jesus Tambunting, who controls Planters Development Bank, Forbes says. Their gains couldn’t match the stellar performance of others on the list. –Manila Standard Today
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