Page 57 - Forbes - Asia (October 2019)

The Philippines’ 50 Richest

BY GRACE CHUNG

Change of Guards

A generation’s passing makes way for a new crop of leaders.

ive long-time members of
the country’s richest passed
away since we last measured
Ffortunes in August 2018, creat-
ing a new class of second-generation
successors who secured a spot on this
year’s list. The transition comes at a
challenging time, amid rising concern
of a global recession. From left: Arthur Ty, Alfred Ty, Alesandra Ty and Anjanette Ty Dy Buncio.
The Sy Siblings best illustrate this
shift. With a combined net worth of
$17.2 billion emanating from the country’s biggest conglom- and banking segments rose on higher rental income and fees
erate, SM group, the six siblings made the list at No. 1, which from lending.
their father Henry Sy, Sr., held for 11 consecutive years. Vivian Que Azcona’s net worth now includes stakes held
The Ty Siblings of GT Capital—Arthur, Alfred, Alesandra by four of her siblings. While Vivian holds the largest slice of
and Anjanette—made the list with a combined net worth of Mercury Drugs, each of them was wealthy enough to make
$2.6 billion, succeeding their father George Ty, who built GT the cutoff on their own, thus the added $860 million.
into a major conglomerate, with interests in autos, banking, There were five returnees this year including Philip Ang
insurance, power generation and real estate. who came in at No. 44 with $160 million after shares at
The Campos Siblings—Jocelyn, Joselito and Jeffrey—re- Nickel Asia soared amid news on Indonesia’s ban on nickel
placed their late family matriarch Beatrice Campos. Their exports; investors expect the company will benefit from
$650 million fortune stems from the country’s pharmaceutical market demand. Among the 16 listees who saw their fortunes
giant Unilab. Jocelyn, the eldest of the three, is now chairman decline was Tony Tan Caktiong, who shed $850 million of
of the company cofounded by their late father Jose Campos. his fortune. Shares at his fast food chain Jollibee took a hit in
Heirs of Gilberto Duavit and Jon Aboitiz weren’t wealthy July after announcing the $350 million acquisition of loss-
enough to make the $130 million cutoff individually. making Coffee Bean & Tea Leaf.
Among this year’s newcomers were three self-made Apart from the five deceased, five other names dropped
entrepreneurs. Antonio Lee Tiu came in at No. 49, with from the list this year.
a net worth of $135 million as shares of AgriNurture, the
agri-products company he founded 22 years ago, rose steadily With reporting by Jane Ho, Sean Kilachand, Anis Shakirah
over the past three years. Logistics and energy tycoon Dennis Mohd Muslimin, Suzanne Nam, Anuradha Raghunathan,
Uy debuts on the list after net assets of his Udenna group Sheela Sarvananda, Jessica Tan and Jennifer Wells.
rose 28% in 2018. Uy is awaiting approval for the backdoor
listing of Udenna on the Philippine Stock Exchange. Delfin
METHODOLOGY
Wenceslao makes his debut after taking real estate developer, The list was compiled using information from the individuals, stock
D.M. Wenceslao & Associates, public in June 2018. exchanges, analysts, private databases, government agencies and
other sources. Net worths were based on stock prices and exchange
Despite the lackluster performance of Philippine stocks,
rates as of the close of markets on September 6. Private companies
with the benchmark index rising a mere 2%, 21 listees added were valued by using financial ratios and other comparisons with
to their fortunes. One of the biggest gainers: Mercedes similar publicly traded companies. Since 2017, we’re no longer includ-
Gotianun’s fortune surged 91% to $2.2 billion, as shares in ing families in which the founder of the business has died, unless the
successors are wealthy enough to make the cutoff individually; in
her Filinvest Development soared after posting a 31% leap in
these cases, we combine the inherited fortunes.
net income for 2018. Revenues for Filinvest’s main property

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