The Sy family’s siblings remain the richest in the Philippines as ranked by Forbes Magazine.
The magazine pegged the siblings’ combined worth at $13 billion, topping their peers that include Enrique Razon Jr., $11.1 billion; Manuel Villar, $10.9 billion; Ramon Ang, $3.8 billion; and Isidro Consunji and siblings, $3.4 billion in the top five of the annual Philippines’ 50 Richest.
Forbes said the combined worth of the 50 is $80.8 billion, 0.5 percent increase from $80.4 billion last year.
Forbes said the list was compiled using shareholding and financial information obtained from the families and individuals, stock exchanges, analysts and other sources.
Net worths are based on stock prices and exchange rates as of the close of markets on July 19, 2024.
Forbes said while the Sy siblings, heirs to the late SM Group head Henry Sy Sr., kept the top spot in the list, their net worth dropped to $13 billion from $14.4 billion the year before, reflecting the weaker peso.
Razon, whose ventures are in container terminals and casino, inched up in ranking to take the second top spot, with his wealth rising $3 billion to $11.1 billion.
“Shares of (Razon’s) International Container Terminal Services, which has been in expansion mode, jumped by nearly 80 percent in the past year amid the global trade rebound,” Forbes said.
Former senator and realtor Manuel Villar dropped to third from second place despite his wealth rising by $1.2 billion to $10.9 billion.
“Featured on the cover of the August issue of Forbes Asia is Ramon Ang of San Miguel Inc., who takes the No. 4 spot, as his net worth rose $400 million to $3.8 billion,” Forbes said.
Rounding out the top five on the list is Isidro Consunji & siblings of DMCI Holdings with a fortune of $3.4 billion, up from $2.9 billion last year.
The minimum net worth to make the list was $170 million, down slightly from $180 million last year.
The ranking can be viewed on forbes.com/philippines.
