Malacañang: 50 Pinoy billionaires help boost economy

MANILA, Philippines - The Palace is not worried that the combined wealth of the 50 richest Filipinos is worth more than a quarter of the country's gross domestic product (GDP).

At a televised press briefing, Presidential Spokesperson Edwin Lacierda said the businesses of these billionaires help the Philippine economy as they provide jobs to the people.

"Yung mga kumpanya naman po for instance nina Ginoong Henry Sy, marami po silang ine-employ na tao," he said.

"One mall would hire so many people... It provides an avenue, an opportunity where businesses can be established because people converge in that particular (area), for instance, a mall," added Lacierda.

He said economic growth can be expected since people patronize these malls.

"In turn, when there is a sale, it generates income for the businesses, which provide employment," said Lacierda.

According to the Forbes' list of billionaires in the Philippines as of July 31, the combined wealth of the 50 richest Filipinos and their families is pegged at $65.8 billion or about P2.8 trillion. A Forbes article noted that this amount is more than a quarter of the country's GDP.

Related story: Richest Pinoys' wealth: P2.8 trillion, more than a fourth of GDP

Shopping mall mogul Henry Sy, whose net worth was estimated at $12 billion or P521 billion, was ranked as the richest Filipino for the sixth consecutive time.

Other billionaires listed on the top 10 were Lucio Tan, Andrew Tan, Enrique Razon, John Gonkongwei Jr., Jaime Zobel de Ayala, the Aboitiz family, and David Consunji.

Several of these billionaires own a number of businesses and have "diversified" sources of wealth, according to Forbes.

"'Pag mas marami 'yung mga negosyo nila, dadami po ang ating mga trabaho," Lacierda said.