ASEAN KEY DESTINATIONS
Henry Sy, infrastructure tycoons led 2017 Forbes Rich List
Property, retail and banking tycoon Henry Sy continues to retain his title as the country’s richest for 10 consecutive years, according to the 2017 Forbes Philippines Rich List.
"His net worth has surged to $18 billion, up from $13.7 billion previously, making him the biggest gainer in dollar terms," Forbes said in an emailed statement on Thursday.
The No. 2 richest, with a net worth of $5.5 billion, is John Gokongwei Jr., founder of JG Summit, who saw his fortune fall by $1.3 billion from $6.8 billion last year.
"Enrique Razon Jr. (No. 3, $4.3 billion), chairman of International Container Terminal Services, saw his wealth rise by $800 million from $3.5 billion last year," Forbes said.
"Seven of the ten biggest dollar gainers have sizable interests in construction and property development," it said.
"These include construction tycoon David Consunji (No. 6, $3.68 billion), chairman of DMCI Holdings, and Ramon Ang (No. 10, $2.3 billion) of San Miguel, who nearly doubled his wealth due largely to a favorable IPO by his cement company, Eagle Cement," Forbes.
Fifty Filipino magnates made it to 2017 list. Forbes named GMA Network CEO and Chairman Felipe Gozon as the 41st biggest gainer in dollar terms. Apart from surpassing its year-end target, the broadcasting company posted optimistic ratings in the first six months of 2017.
As of the August 14 close on stock prices and exchange rates, Forbes stressed that seven out of the ten biggest earners in the country had "sizable interests" in construction, putting them on the right track towards President Rodrigo Duterte's infrastructure-driven goals.
The brisk economic growth in the Philippines – nearly 7 percent this year – is expected to carry into 2018, profiting tycoons involved in a wide business reach, Forbes said. The infrastructure push by the Philippines has been favorable for construction and property development tycoons on the 2017 Forbes Philippines Rich list.
Letters that do not contain full contact information cannot be published.
Letters become the property of AseanAffairs and may be republished in any format.
They typically run 150 words or less and may be edited
submit your comment in the box below