Forbes: Sy still Phl's richest

MANILA, Philippines - Mall, property, and banking tycoon Henry Sy is still the country’s richest man, according to Forbes magazine’s annual ranking of the Philippines’ 40 richest men.

The fortunes of Filipino billionaires have also risen as the country’s resilient economy appears to have weathered global economic woes, particularly in the eurozone.

The net worth of Henry Sy and his family, according to Forbes, surged by more than a quarter to $9.1 billion from $7.2 billion a year ago.

Tobacco and airline magnate Lucio Tan maintained the second spot with a net worth of $4.5 billion, or 60 percent more than last year’s $2.8 billion.

Enrique Razon Jr., principal owner of port operator International Container Terminal Services Inc. and newly listed casino complex builder and operator Bloomberry Resorts Corp., jumped to third spot. His net worth more than doubled to $3.6 billion from $1.6 billion last year.

John Gokongwei Jr. and family settled at fourth place with net worth of $3.2 billion from $2.4 billion, while fifth placer David Consunji and family recorded a net worth of $2.7 billion, up from $1.9 billion a year ago.

“Despite European woes, the Philippines’ remittance-driven economy outperformed most of its neighbors,” Forbes said.

The economy grew 6.4 percent in the last quarter driven by consumer boom as well as tourism and outsourcing.

“The stock market index gained 17 percent in the past year. The 40 richest on this nation of islands saw their fortunes rise even faster,” Forbes said.

The other super rich Filipinos were Alliance Global Group Inc.’s Andrew Tan ($2.3 billion), Ayala Corp.’s Jaime Zobel de Ayala & family ($2.2 billion), Metrobank Group’s George Ty and family ($1.7 billion), former trade minister Roberto Ongpin ($1.5 billion) and San Miguel Corp.’s Eduardo Cojuangco Jr. ($1.4 billion).

“Overall, 34 of the 37 returnees to the list are richer,” Forbes said. There were three newcomers in the list.

The husband-and-wife team of Lucio and Susan Co ($1.2 billion) joined the list following the listing of their supermarket chain Puregold Price Club Inc. in the local bourse last September.

Civil engineer Michael Cosiquien ($150 million) debuted in the list after a surge in the stock price of construction firm Megawide Construction Corp.

Edgar “Injap” Sia, 35, is the youngest in the list with a net worth of $140 million. Sia is the founder of fastfood chain Mang Inasal, whose majority stake was acquired by fastfood giant Jollibee Foods Corp. for $65 million in 2010.

“Two from 2011 missed this year’s $140-million cutoff: Luis Virata of Nickel Asia Corp. and media tycoon Eugenio Lopez. Benjamin Romualdez’s fortune is now listed under his widow, Juliette,” Forbes said.