Sy siblings top Forbes Philippines richest list

MANILA, Philippines — The second generation of Chinese-Filipino tycoons led by the Sy and Ty siblings, successors of the late taipans Henry Sy and George Ty, made their debut in the 2019 Forbes Philippines Rich list, which saw a dramatic reshuffle in the country’s roster of billionaires after long-time listees passed away since last year. 

The October issue of Forbes Asia has a roster of the Philippines’ 50 richest billionaires, with the Sy siblings topping the list with a combined net worth of $17.2 billion, dislodging tycoon Manuel Villar who slipped to second place with a net worth of $6.6 billion.

GMA Network’s Menardo Jimenez filled the 50th spot with a net worth of $130 million.

Davao-based businessman and Duterte pal Dennis Uy also made it to the list for the first time at 22nd place with a net worth of $660 million. So did businessman Antonio Tiu, touted as the country’s next tycoon, with a net worth of $135 million at 49th spot. 

The Sy siblings – Teresita, Elizabeth, Henry Jr., Hans, Herbert and Harley who inherited their fortune from their father Henry Sy Sr., the country’s richest man for the longest time until he died early this year – have a combined net worth of $17.2 billion, according to Forbes.

The Ty siblings – Arthur, Alfred, Alesandra and Anjanette, all of GT Capital – entered the list for the first time at No. 9 with a combined net worth of $2.6 billion. 

“They succeeded their father George Ty, who built GT into a major conglomerate with interests in autos, banking, insurance, power generation and real estate,” Forbes said.

Another new listee and second-generation successors are the Campos siblings – Jocelyn, Joselito and Jeffrey – who debuted at No. 23, replacing their late family matriarch Beatrice Campos of pharmaceutical giant Unilab, with a combined net worth of $650 million.

Jocelyn, the eldest of the three, is now chairman of the company cofounded by their late father Jose Campos.

“The Sy, Ty and Campos siblings are among the six newcomers on the list which also included three self-made entrepreneurs,” Forbes said.

The newcomers are Uy, Tiu and Delfin Wenceslao, who made it to 25th spot with a net worth of $500 million after taking real estate developer D.M. Wenceslao & Associates public in June 2018.

Of the 50 billionaires, 21 listees saw their fortunes go up. 

“They included Manuel Villar, who remains at No. 2 with a net worth of $6.6 billion, John Gokongwei Jr., who retains his No. 3 spot with $5.3 billion, up from $4.4 billion, and Enrique Razon Jr., who rose one position to No. 4 at $5.1 billion, up from $3.9 billion,” Forbes said.

Among the 16 listees who saw their fortunes decline is Jollibee Foods Corp. chairman Tony Tan Caktiong (No. 7), whose net worth was down $850 million to $3 billion. Shares at his fast food chain Jollibee took a hit in July 2019 after announcing the $350-million acquisition of loss-making Coffee Bean & Tea Leaf.

Forbes compiled the list using information from individuals, stock exchanges, analysts, private databases, government agencies and other sources. Net worths were based on stock prices and exchange rates as of the close of markets on Sept. 6. 

Private companies were valued by using financial ratios and other comparisons with similar publicly traded companies.