Page 86 - Forbes - Asia (September 2018)

The Philippines’ 50 Richest

BY GRACE CHUNG

Big Ups and Downs

Volatility shakes up the list this year, enabling seven to make their debut.

here’s been a general lift in Philippine real es-
tate and construction fortunes, and then there’s
Manny Villar: His wealth has tripled over
the past year, making him now the country’s
T second richest. Shares in his Golden Bria (for-
merly Golden Haven) leapt a staggering 1,300% in the first
quarter, as a profitable business in burial services was joined
with a new Villar vehicle for developing housing projects
and condos for middle-class families. Investors saw in the
mix a basis for the magnate building telecom infrastructure,
an especially attractive play.
The 50 ranking had an unusually volatile year, with 19
seeing net worths shift 20% or more, compared with just 12
last year. Ramon Ang, Inigo and Mercedes Zobel and Edu-
ardo Cojuangco were among those on the upside, thanks to

shares in their San Miguel, the country’s largest beer brewer,
rising 70% from a year ago. In July it announced plans to
invest $1 billion in ten new breweries across the Philippines
and in other countries.
Seven newcomers made the list, including self-made
fashion designer Josie Natori and Necisto Sytengco of
chemical-trading outfit SBS Philippines. Isidro Consunji
and his siblings replace their founder father, David, who
died last September (see p. 89). Others who make their
debut are William Belo of big-box chain Wilcon Depot,
Jerry Liu of semiconductor maker Cirtek Holding, and Ra-
Manny Villar: Shares in his Golden Bria leapt 1,300%.
fael Simpao and Alberto Villarosa of Security Bank.
A notable 27 fortunes declined, however. Media tycoons from $120 million a year ago.
Gilberto Duavit, Menardo Jimenez and Felipe Gozon fell The list was compiled using information from the indi-
as shares in their GMA Network dropped 11%. The network viduals, stock exchanges, analysts, private databases, gov-
posted a 21% decline in earnings for the first half of 2018. ernment agencies and other sources. Net worths were based
The biggest loser was Betty Ang of noodle giant Monde on stock prices and exchange rates as of the close of markets
Nissin, who shed 70% of her total on a sharp fall in net on August 24, 2018. Private companies were valued by using
income, according to the latest available annual report. financial ratios and other comparisons with similar publicly
Mining magnates Philip Ang and Luis Virata dropped traded companies.
off the list as the sector suffered from tighter state regula- With reporting by: Pamela Ambler, Prisca Ang, Caroline
tions on nickel extraction and increased competition from Chen, Rebecca Feng, Neerja Jetley, Sean Kilachand, Anis Sha-
Indonesia. kirah Mohd Muslimin, Suzy Nam, Anu Raghunathan, Sheela
In the end, the 2018 barrier to entry was $125 million, up Sarvananda, Jessica Tan and Jennifer Wells.

84 | FORBES ASIA SEPTEMBER 2018