Henry Sy leads list of richest Filipinos

By ANGIE CHUI
August 28, 2009, 6:06pm

Tycoon Henry Sy, owner of the SM Group of Companies and the Banco de Oro universal bank, leads this year’s Forbes Asia Top 40 richest Filipinos, retaining his position from last year and increasing his wealth by $700 million to $3.8 billion.
In a s tatement , Forbes Asia said beer and cigarette magnate Lucio Tan is a far second with $1.7 billion, increasing his wealth by $200 million.
Ayala Corp.’s Jaime Zobel de Ayala remains at number three with $1.2 billion, with no significant changes to his earnings from the previous year.
Also in the top 40 is Andrew Tan, whose $850 million comes from his control of high-end developer Megaworld Corporation and real estate holdings that include Resort World Manila and $1.35 billion joint venture with Malaysia’s Star Cruises which launched last month.
Another retail magnate, John Gokongwei Jr., founder of the JG Summit business conglomerate, also entered this year’s list by posting $720million due largely to the 300 percent increase in shares of his stock since December last year.
Tony Tan Caktiong is the first representative of the food business in the top 10. Caktiong owns the popular Jollibee Foods chain which is found in 1,800 locations and nine brands in 11 countries. The firm seeks to establish 200 more branches this year in Asia and North America.
Eduardo Cojuanco Jr., chairman of Southeast Asia’s largest food and beverage conglomerate, San Miguel Corp., is the seventh richest in the land this year at $660 million. SMC is seeking to buy Dole Foods assets in Asia and is in negotiations to sell part of its branded food and alcohol operations.
At eighth is Enrique Razon Jr. with at $620 million. The billionaire also runs port operator International Container Terminal Services, Inc.
Senator Manuel Villar also made it to the list with $530 million in wealth from his real estate business. He owns a majority stake in Vista Land and Lifescapes and Polar Property Holdings, whose stocks have risen steadily.
Banker George Ty, owner of Metrobank, the country’s second largest lender, rounded the Top 10 with $515 million largely attributed to a rise in Metrobank profits for the first quarter of the year.
Manila Bulletin Chairman Dr. Emilio T. Yap follows closely with $510 million. The businessman, at 83, remains a force to reckon with in the business arena. Among his current projects include the renovation of the landmark Manila Hotel, while holdings in Philtrust Bank continue to boost his income.
Among the newcomers in this year’s list are Robert Coyiuto Jr. at No. 18. He heads a petroleum exploration firm and recently became part of a group that bought the National Grid Corp. of the Philippines.
Benjamin Romualdez, a relative of Imelda Marcos, also entered the list at No. 30, and Marian Rosario Fong, at Number 40.