Philipines by Jules Bss/Unsplash

10 Wealthiest People from the Philippines


 

The economy of the Philippines is the world’s 32nd  largest economy by nominal GDP according to the International Monetary.

Economic growth in the Philippines slowed from 2017 through 2019, turned negative in 2020, and rebounded in 2021.

The Philippines are facing external headwinds from rising world inflation, notably from higher world oil prices, as well as moderating global economic growth.

By 2033 the Philippines is set to join the ranks of a small group of countries in the Asia-Pacific region that have a GDP exceeding one trillion dollars.

1. The Sy Siblings

The Sys have a combined net worth of $12.6 billion, $4 billion lower from a year ago’s $16.6 billion.

They inherited their fortune from their late father and SM Group founder Henry Sy, Sr., who died in 2019.

The six children of the late taipan now head SM Group as a unit, carrying on the legacy their father left behind.

Late tycoon Henry Sy’s children remain as the country’s richest, according to the Forbes Philippines’ Richest 2022 list.

The SM Group is now one of Southeast Asia’s biggest conglomerates with diversified interests in malls, real estate, supermarkets, and banks.

However, the siblings also saw a multi-billion dollar drop in their net worth during the covid 19 pandemic.

2.Manuel Bamba Villar

Manny Villar by Unknown Arthur/Wikimedia Commons

Manuel Manny Bamba Villar, Jr. is a Filipino billionaire businessman and former politician. At an early age, he helped his mother sell seafood at the Divisoria market.

He previously served as a senator from 2001 to 2013 and as the President of the Senate of the Philippines from 2006 to 2008.

Manuel Villar chairs property developer Vista Land and Lifescapes run by his son Manuel Paulo.

The company listed VistaREIT, a real estate investment trust, in June 2022 with an initial portfolio of ten shopping malls and two office towers.

His wife Cynthia and son Mark are senators in the Philippines, while daughter Camille is a congressman representing their hometown Las Pinas in southern Metro Manila.

3.Enrique Anselemo Klar Razon Jr.

Enrique Anselmo Klar Razon Jr. is a Filipino billionaire and the chairman and CEO of the Manila-listed company International Container Terminal Services, Inc. ICTSI.

ICTSI is the country’s leading port operator, International Container also has subsidiaries in the Asia-Pacific, Eastern Europe, Africa, and the Americas.

ICTSI’s net profit jumped 50% in the first half to $294.5 million, after quadrupling to an all-time high of $428.6 million in 2021, thanks to volume growth and higher shipping rates.

He owns a Gulfstream private jet apart from three Bentleys of black color, Razon is also stepping up investments in renewable energy.

4. Lance Gokongwei

President Rodrigo Roa Duterte Meets with PH-Japan Conglomerates by unknown Arthur/Wikimedia Commons

Lance Gokongwei is the only son of the late John Gokongwei Jr. who founded JG Summit, one of the Philippines’ largest conglomerates.

The Gokongwei family has launched a master brand for the Gokongwei Group to represent all the companies under its diversified business portfolio, including some of the country’s largest entities.

Lance Yu Gokongwei is President and CEO of JG Summit Holdings Inc. one of the largest and most diversified Filipino conglomerates.

Lance Y. Gokongwei, who heads the group, said the family name carries with it the legacy of his father.

The group’s founder John L. Gokongwei, Jr., and the industrialist’s brothers Henry, Johnson, and James.

5. Aboitiz family

Aboitiz & Company ACO was founded by Paulino Aboitiz in the late 1800s as an abaca trading and general merchandise business in Ormoc.

Five generations of the Aboitiz family have transformed Aboitiz Equity Ventures AEV into one of the leading conglomerates in the Philippines.

The Conglomerates have expanded their interests in power, banking, and financial services, food, infrastructure, land, and data.

The Aboitiz family, whose combined fortune is $2.9 billion, Today’s fourth-generation members head the family business.

Pandora Papers show several members of the Aboitiz family as having offshore companies, but only one has been mentioned publicly.

6. Isidro Consunji

Siblings Isidro, Josefa, Jorge, Luz, Maria Cristina, and Maria Edwina inherited their fortune from their late father David Consunji.

Their wealth stems from DMCI Holdings, one of the Philippines’ largest property development companies, founded by the elder Consunji in 1954.

The founder’s eldest son, Isidro Consunji, is chairman and president of the firm, which also has interests in mining, power generation, and water services.

Isidro Consunji may be unmarried son of the Filipino businessman Voctor David Mendoza Consunji.

Isidro Consunji and his siblings, who are into construction, engineering, and real estate, are the sixth wealthiest in the Philippines with a net worth of $2.65 billion.

7. Tony Tan Caktiong

Tony Tan Cokationg & Aquino 2016 by Unknown Arthur/Wikimedia commons

Tony Tan Caktiong, is a Filipino billionaire businessman. He is the founder and chairman of Jollibee Foods Corporation.

Tony Tan Caktiong is the founder and chairman of Jollibee Food, one of the world’s fastest-growing Asian restaurant chains.

Forbes Magazine has ranked Tony Tan Caktiong as the 9th richest man in the Philippines as of January 2021, with a net worth of $2.4 billion.

Born from a cook who used to work at a Buddhist temple, he experienced hardships early in his life.

8.Jaime Augusto Miranda Zobel de Ayala

Jaime Augusto Miranda Zóbel de Ayala II, also known as Jaime Augusto Zóbel, is a Filipino businessman from the prominent Zóbel de Ayala family.

Jaime chaired his family’s Ayala Group until retiring in 2006 when his son, Jaime II, took over.

Now Jaime’s seven children control more than one-third of the $3.9 billion conglomerate, Jaime has anchored Ayala’s sustainability goals around all 17 Global Goals.

He has worked to create Ayala strategies and business models that address many of his country’s social and economic challenges.

9. Ramon Ang

President Rodrigo Duterte shares a light moment with businessman Ramon Ang by Unknown Arthur/Wikimedia Commons

Ramon See Ang, also known by his initials RSA, is a Filipino businessman. He is the president and chief executive officer of Top Frontier Investment Holdings, Inc.

It’s the largest shareholder of San Miguel Corporation, San Miguel is proposing to build a $15 billion airport and city complex at a 2,500-hectare location along Manila Bay.

Ang has also pumped investments into banking, energy, infrastructure, aviation, and media, driving up SMC’s revenues and profits from PHP168 billion in 2008.

10. Andrew Lim Tan

Andrew Lim Tan is a Chinese Filipino billionaire with business interests in real estate, liquor, and fast food.

Andrew Tan chairs Alliance Global, a holding company with interests in food and beverage, gaming, and real estate.

Alliance Global runs Emperador, the world’s largest brandy company by sales volume, he has a net worth of $2.5 billion.