Forbes: Sy still richest Pinoy

MANILA, Philippines - Property, retail and banking tycoon Henry Sy, whose conglomerate owns the chain of SM Supermalls, has retained his title as the Philippines’ richest person for the eighth consecutive year, with his net worth up $1.7 billion from last year to $14.4 billion.

This was according to Forbes Philippines’ list of the country’s richest released yesterday. Included in the list were business leaders and chief executives with a net worth of at least $120 million.

The list showed ups and downs in the fortunes of the country’s top 50 billionaires, with Oscar Lopez – who took over the helm of the Lopez Group – making it to the list for the first time at 17th spot.

Boxing champion Manny Pacquiao would have made it to the list were it not for his tax problems in the Philippines and in the United States.

“The cutoff for the Philippines 50 fell by $50 million, but we figure the $120-million threshold is still a bit too high for boxer and national hero Manny Pacquiao. He earned a $160-million payday for one (lost) fight against Floyd Mayweather, but after figuring US and Philippine income taxes and considering management fees exceeding 20 percent on earnings, the remaining income doesn’t quite get him into this ring yet,” Forbes Philippines said in its report.

On the other hand, port businessman Michael Romero, who engaged his father in a legal feud over control of Harbour Port Centre Terminal, failed to qualify this year after being at 33rd spot last year.

“One of Asia’s fastest growing economies in recent years, the Philippines is seeing a boost in domestic wealth, even as its resource industries suffer from the same market drag hitting the sector throughout the region,” Forbes said.

Figures on the net wealth of the Philippines’ richest are compiled based on stock prices and exchange rates as of the close of markets on Aug. 14. Private companies were valued in comparison to similar companies that are publicly traded, according to Forbes.

In its 2015 list, Forbes said Sy’s net worth increased as the value of his publicly traded conglomerates, SM Investments Corp. and SM Prime Holdings, rose by 17 percent and 20 percent, respectively, over the past year.

“He has a net worth of $14.4 billion, up by $1.7 billion compared to last year,” Forbes said.

In second spot is another Filipino-Chinese tycoon, John Gokongwei Jr., with a net worth of $5.5 billion.

Gokongwei moved up three notches after his JG Summit’s stock rose 30 percent, largely due to revenue growth in petrochemical businesses and earnings from investment in Meralco, the Philippines’ largest electric power distributor.

The holding company of the Gokongwei group has interests in food and beverage, airlines, telecom, property development, banking, retail, hotels and power generation.

Another billionaire, Andrew Tan of Alliance Global, meanwhile, climbed one notch to No. 3 with $4.5 billion, although lower than the $5.1 billion previously recorded.

Alliance Global, which has interests in property development, leisure and quick service restaurants, saw its stock price dropping by 11 percent due to lower income in resort and casino operations.

Completing the Philippines’ top five richest people are Lucio Tan in fourth place and port tycoon Enrique Razon Jr. in fifth.

George Ty and family of Metrobank Group earned $4 billion, snagging the sixth spot.

Tan’s LT Group, which has interests in banking, property development, beverages, spirits and tobacco, saw its stock price dropping three percent over the past 12 months due to falling profits in banking and tobacco.

“The bank suffered from the devaluation of the Philippine peso, while the tobacco business is still coping with higher cigarette taxes imposed in 2013 and increased illicit cigarette sales,” Forbes said.

Rounding out the top 10 of the Philippines’ richest are family-run Aboitiz Equity Ventures ($3.6 billion), Jaime Zobel de Ayala and family ($3.5 billion), construction czar David Consunji of DMCI Holdings ($3.2 billion) and Jollibee Foods owner Tony Tan Caktiong ($2.2 billion).

Forbes also noted newly minted billionaire Dean Lao (No. 16) of D&L industries, which specializes in food, plastics and aerosol industries, who posted a 76-percent net income growth.

Lao, worth $1.1 billion, saw his net worth soar from $625 million last year. “His listed D&L Industries... had a record net income growth of 27 percent in 2014,” Forbes said.

Razon’s International Container Terminal Services Inc., the country’s largest port operator, saw its stock taking a “10-percent dip over the past year amid trade doldrums.”

His Bloomberry Resorts, meanwhile, saw its stock plunging some 36 percent over the last year due to the weakening Chinese yuan, Forbes also said in its report.

Other billionaires in the list include media, retail, food, consumer and banking players, among others.

Lopez, the newest billionaire in the list, saw the stock price of his company, Lopez Holdings, rising 30 percent over the past year.

“His best-known interest is publicly traded ABS-CBN Broadcasting, the oldest TV network in the Philippines. The stock of ABS-CBN rose 70 percent in the past 12 months on higher advertising revenues,” Forbes said.

Another media business success story is that of radio king Fred Elizalde (No. 38, $260 million), who also made it to the list for the first time.

The 74-year-old Elizalde chairs publicly traded Manila Broadcasting Co. (MBC), the country’s oldest and largest radio station network.

GMA Network’s profit dropped 15 percent “due to an absence of election-related advertising.” AP