RP’s richest getting richer

Henry Sy is once again the country’s richest person.

MANILA, Philippines – Many of the country’s tycoons have gotten richer.

In the Forbes magazine edition released Aug. 26, retail magnate Henry Sy, once again the country’s richest person, was the biggest gainer.

Sy, owner of SM shopping malls, now has a net worth of $3.8 billion, which increased from $700 million last year after shares of his holding company, SM Investments, appreciated by 28 percent.

The magazine reported that this year, 25 tycoons became richer, including nine of the top 10 richest persons in the country.

This was the first time since Forbes Asia’s November 2007 India Rich List that everyone in the top 10 among an Asian country’s 40 richest had increased their fortunes or maintained them.

Aside from Sy, the other moguls in the top 10 richest Filipinos include Lucio Tan ($1.7 billion), Jaime Zobel de Ayala ($1.2 billion), Andrew Tan ($850 million), John Gokongwei ($720 million), Tony Tan Caktiong ($710 million), Eduardo Cojuangco Jr. ($660 million), Enrique Razon ($620 million), Manuel Villar ($530 million), and George Ty ($515 million).

Forbes also reported that among the 40 richest in the Philippines, another big gainer was David Consunji, whose net worth increased from $105 million to $300 million after the stock price of his construction firm, DMCI, more than doubled. –(The Philippine Star)