Philippines’ top three billionaires see combined wealth fall as former richest man loses $12.4B in 2025

Their collective wealth fell $9.8 billion during the period, with the others seeing either no change or gains in their net worth.

1. Enrique Razon Jr.

Enrique Razon Jr., the 65-year-old chairman of International Container Terminal Services, is now the Philippines’ richest man.

Most of his fortune comes from his stake in the publicly listed ports operator, which was founded by his grandfather in 1916. Razon owns 51% of the company directly and through three holding firms.

The youngest of five siblings, Razon is the only one involved in the family’s ports business. He left college at 17 to join the company and led its expansion over the years into one of the world’s largest independent terminal operators, with operations spanning six continents, according to Bloomberg.

Through a global network of 34 terminals in 20 countries, the company handled about 10.69 million twenty-foot equivalent units (TEUs) of cargo in the first three quarters of 2025, according to its website.

Razon also holds controlling stakes in casino operator Bloomberry Resorts and Prime Infrastructure Capital, which manages water and energy assets.

Earlier this year, he ranked second among Filipinos on Forbes’ list of the world’s richest billionaires with a net worth of $10.9 billion as of March 7. His wealth has since risen by $2.6 billion to $13.5 billion as of Dec. 30.

2. Manuel Villar

Billionaire Manuel Villar. Photo from Manuel Villar’s Facebook

Manuel Villar, 76, lost his top spot this year amid an accounting debacle at his Villar Land, a property developer with a focus on mass housing and memorial parks.

The firm, formerly known as Golden MV Holdings, saw its shares tumble when trading resumed last month after a six-month halt prompted by its failure to submit an audited 2024 financial statement. Villar and related parties control 89% of the company.

The delay in filing stemmed from a dispute with its external auditor over the valuation of a plot of land on the outskirts of Manila. The land was purchased last year from three privately held companies owned by Villar.

Following the acquisition, the asset was revalued, pushing its value up by 25,000% to more than PHP1.3 trillion (US$23.3 billion). After months of negotiations, Villar Land ultimately agreed to reduce the valuation by 99% to PHP8.7 billion.

Beyond property, Villar also has investments spanning energy, media, retail, restaurants and a water utility.

Since March, his net worth has fallen by $12.4 billion to $4.8 billion.

3. Ramon Ang

Billionaire Ramon Ang. Photo courtesy of World Economic Forum

Ramon Ang, 71, maintained his spot in the top three with a largely unchanged net worth of $3.7 billion.

His fortune comes from San Miguel Corporation, one of the Philippines’ longest-established conglomerates.

The firm traces its roots to 1890, when it began as a brewery, and has since evolved into a diversified group with operations across food and beverages, packaging, fuel and oil, energy and infrastructure. Its portfolio includes Petron, which runs the Philippines’ only operating oil refinery.

San Miguel reported a 54% year-on-year jump in core net income, excluding foreign exchange effects and one-off items, to PHP60.3 billion in the first nine months of this year.

This was fueled by strong growth in its food, spirits, power and infrastructure businesses, as reported by Philippine news network ABS-CBN.