These five collectively hold US$40.8 billion in wealth, a $950 million, or $2.28%, drop from the previous year, according to Forbes’ latest Philippines rich list, published on Wednesday.
Enrique Razon Jr.
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Enrique Razon Jr, chairman of Bloomberry Resorts Corporation, smiles during a Reuters interview inside his office in Port Area, Metro Manila Dec. 17, 2012. Photo by Reuters |
Port tycoon Enrique Razon Jr., 66, has taken the top spot this year with a net worth of $21.8 billion.
The bulk of his wealth comes from his stake in publicly listed port operator International Container Terminal Services, one of the world’s largest independent terminal operators. Founded by his grandfather in 1916, the company is 51%-owned by Razon directly and through three holding firms, according to Bloomberg.
Shares of the firm rose over the last year as the tycoon pushed ahead with its global expansion despite geopolitical tensions.
Razon also holds major stakes in resort operator Bloomberry Resorts, water utility Manila Water and gold producer Apex Mining, and has interests in offshore gas fields. Last year, he acquired a 60% stake in four gas-fired power plants previously controlled by the Lopez Group, another Philippine conglomerate.
Sy siblings
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The Sy siblings (top to bottom, left to right): Teresita Sy-Coson, Elizabeth Sy, Henry Sy Jr., Hans Sy, Herbert Sy and Harley Sy. Photo by SM Investments, SM Prime |
The six Sy siblings trace their fortune to their late father, Henry Sy Sr., who transformed a small shoe store into the SM Group, one of Southeast Asia’s largest conglomerates with businesses spanning retail, banking, hotels, real estate and mining.
Their combined net worth, down $2.6 billion to $9.2 billion this year, is mostly derived from stakes held in publicly traded conglomerate SM Investments and property flagship SM Prime.
SM Prime’s shares have dropped 18% over the past year as the residential property market weakened. SM Investments stock, meanwhile, has also stayed under pressure due to weak sentiment, according to Esquire Philippines.
The decline cost the siblings their title as the country’s richest, which they had held for years.
Ramon Ang
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San Miguel Corporation chairman Ramon Ang. Photo from Facebook/Ramon S. Ang |
Ramon Ang, 72, climbed to third on this year’s list despite his net worth slipping to $3.5 billion from $3.7 billion a year earlier.
He is the chairman and CEO of San Miguel Corporation, one of the country’s oldest conglomerates.
Established as a brewery in 1890, the company has since expanded into a wide-ranging business spanning food and beverages, packaging, fuel and oil, energy and infrastructure. Its portfolio includes Petron, which operates the Philippines’ only remaining oil refinery.
San Miguel’s shares declined nearly 10% over the past year as investors grew concerned about the group’s debt burden.
Lucio & Susan Co
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Puregold Price Club’s founders Lucio Co (left) and Susan Co. Photo from the company’s website |
Lucio and Susan Co made their debut in the top five this year, ranking fourth with a combined net worth of $3.3 billion.
The husband-and-wife team founded Puregold Price Club in 1998, growing the business from a single supermarket into a nationwide retail network of nearly 800 stores, including warehouse clubs and quick-service pizza restaurants.
The retailer, now led by their son, posted a 24% increase in net profit to 3.3 billion pesos (US$54 million) in the first quarter as revenue climbed to 59 billion pesos.
The couple also have investments in finance, real estate and energy.
Isidro Consunji & siblings
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Isidro Consunji, chairman of DMCI Holdings. Photo from the company’s website |
Isidro Consunji and his siblings, who inherited their late father’s property developer DMCI Holdings, held on to fifth place this year though their wealth fell 19% to $3 billion.
Founded in 1954, the firm is one of the largest developers in the Philippines. It also has interests in mining, power generation and water services.
The firm’s coal and energy unit and biggest earning driver, Semirara Mining and Power, last year secured regulatory approval for a $5 billion expansion of its coal mine in Antique province.
Semirara reported full-year 2025 net income of 13.1 billion pesos, down 33% from a year earlier as energy prices normalized and operational costs rose, despite record coal production and electricity sales, according to the Manila Bulletin.