MANILA, Philippines — There were notable “newcomers” from the Philippines in Forbes’ new global billionaires list, which showed how some of the planet’s wealthiest managed to grow their fortunes despite a lingering pandemic and geopolitical tensions.
Leading the charge was 67-year-old Betty Ang, president and co-founder of Monde Nissin. With a net worth of $1.2 billion, Ang shared the 2,324th spot with airline and liquor tycoon Lucio Tan and another newcomer, Maria Grace Uy of Converge ICT Solutions.
Last year, Monde Nissin went public in what was the largest initial public offering in the local bourse to date at $1.1 billion. Two weeks ago the maker of household staples such as Lucky Me! Instant Noodles and Nissin Wafers reported its net income plummeted 5.4% year-on-year in 2021 due to high inflation.
Meanwhile, Converge’s Uy had a fortune of $1.2 billion. Her husband, Dennis Anthony Uy, was worth $1 billion, placing him in the 2,578th place.
The Uy couple founded the fibre internet company which bucked pandemic volatility and debuted on the stock exchange in 2020. Converge has attracted subscribers in over 9.6 million homes around the country and ranked third in Statista's list of fastest broadband internet providers in the Philippines last year.
Lastly, the Genomal siblings — Nari, Ramesh and Sunder — each worth at least a $1 billion, barnstormed into the Forbes list as well.
Sunder, a Filipino citizen, amassed his massive wealth from Page Industries, an India-based company and a licensee for brands such as Speedo and Jockey, which he co-founded with his brothers. They broke through the ranks of the wealthiest on the planet despite profits taking a hit in 2020, according to Business Insider.