The Top Billionaire Of The Philippines
May 15, 2001 | 12:00am
Who are the top Filipino billionaires? This question has not only fascinated many Philippine STAR readers but foreigners as well. Among the numerous e-mails received by this writer, one of the most interesting was from Forbes magazine reporter Monica Showalter in the US. Excerpts from her message: "I had the pleasure of discovering your columns... and I eagerly trawl the Web each day to look for more of them... I really liked your coverages... I am a reporter at Forbes magazine in New York and I help put together the Forbes billionaires list for the Asia-Pacific region. This year, the country we are focusing most on is the Philippines for our issue which comes out in July. Today, I read with interest your column on business schools and then the discussion of tobacco tycoons that followed..."
In an informal survey, various business people and some bankers helped this writer come up with a list of the wealthiest Filipinos. Like in most Asian societies, estimates and rankings of Filipino billionaires are difficult to ascertain.
1. Marcos Family – Recent reports have revealed the alleged multi-billion-dollar bank deposits of former First Lady Imelda Romualdez Marcos in Hong Kong and her youngest daughter Irene Marcos Araneta in Europe. There are no new reports on the wealth of Ilocos Norte Governor Bong Bong Marcos and Rep. Imee Marcos Manotoc. Imelda Marcos last year told this writer that her family’s wealth was accumulated by her late husband President Ferdinand Marcos though international gold trading and investments, in response to charges of ill-gotten wealth.
2. Eduardo "Danding" Cojuangco Jr. – Fending off government efforts to dislodge him as kingpin of San Miguel Corp. (SMC) in the May 3 annual stockholders meeting, Cojuangco recently led SMC to take 94 percent control of Purefoods Corp. from the Zobel de Ayala family in the amount of P7 billion. SMC under the Cojuangco management has reversed its past record of declining profits and beer market share, with SMC posting record net sales of P88.7 billion last year. Danding also led SMC in purchasing Coca Cola Bottlers Philippines from Coca Cola Amatil of Australia, Wilkins from Metro Bottled Water Corp. and Sugarland from Chinese-Filipino Business Club president Dante Go. If the Gloria Arroyo administration decides to eventually sell the sequestered 27 percent stocks of SMC, it is possible that Cojuangco and his allies might bid for this crucial bloc of equity and consolidate their control of the world’s 20th biggest brewery.
3. Lucio C. Tan – Despite setbacks suffered by Philippine Airlines and Philippine National Bank, Tan is still considered one of Southeast Asia’s wealthiest billionaires with multinational business interests. A young banker commented: "Contrary to public criticism by his enemies, Tan has actually helped Filipino taxpayers. Due to his massive capital infusions in Philippine Airlines and Philippine National Bank, formerly state-run enterprises with huge losses, Mr. Tan has actually helped subsidize losses by the government that would otherwise have come out of taxpayers’ money." An immigrant boy who was too poor to complete his college studies and to attain his dream of becoming a scientist, Tan has helped build hundreds of public schools in the depressed rural regions under the "Operation Barrio Schools" project of the Federation of Filipino-Chinese Chambers of Commerce & Industry (FFCCCII). His children who will inherit leadership of his diverse companies are his sons Lucio "Bong" Tan, Jr. of Fortune Tobacco (the nation’s leading cigarette producer) and Michael "Mike" Tan of Asia Brewery (producers of Beer na Beer, Budweiser, Colt 45 and Lone Star).
4. John Gokongwei Jr. – Marking his 75th birth anniversary this year, "rags-to-riches" Gokongwei has enhanced his reputation as one of Southeast Asia’s smartest billionaires by deftly overcoming the pitfalls of the 1997 Asian financial crisis. His publicly-listed JG Summit Holdings is the country’s most diversified industrial conglomerate, with bold plans to expand overseas in China and ASEAN. His Gokongwei Brothers Foundation is accelerating its philanthropic endeavors, and the tycoon once told this writer that he dreams of building a school and a hospital as part of his family’s commitment to socio-civic causes.
5. Henry Sy – ASEAN’s "Shopping Mall King" was a poor immigrant boy whose conglomerate was built on his hard work and marketing savvy, innovative ideas and conservative financial management. He also controls Banco de Oro and owns substantial shareholdings in the 81-year-old China Bank. Sy also has investments overseas. Among his heirs is the hardworking Teresita "Tessie" Sy-Coson, whose husband Louie Coson is from a successful Chinese lumber clan. The Sy family is well-known for supporting charities and the Catholic Church.
6. George Sk Ty – His Metrobank Group is the country’s largest and most aggressive financial conglomerate, surpassing the Bank of the Philipppine Islands (BPI). The group includes Philippine Savings Bank and Global Business Bank. Ty is also the manufacturer of Toyota vehicles in the Philippines, in partnership with Japanese investors. His Metrobank Foundation is one of the country’s biggest philanthropic institutions supporting diverse civic, educational, medical and cultural projects, including an annual art competition for young painters and annual awards honoring teachers.
7. Zobel de Ayala Family – The biggest landlord in the Makati financial district, the Zobel de Ayalas started to build their fortunes in an alcohol distillery, sugar and 19th-century haciendas. Today, the Ayala Group of Companies is a leader in banking, real estate, insurance, telecommunications and many major industries. Despite having supported the early years of martial law under President Marcos and serving as ambassador, Jaime Zobel de Ayala in 1986 threw his family’s support behind Corazon C. Aquino while his first cousin Enrique Zobel continued to support his compadre Marcos.
8. Lopez Family – Descendants of early Chinese immigrants to the town of Jaro in Iloilo province, the Lopezes were leaders of the once powerful Sugar bloc that influenced Philippine political, economic and social life. Today, the Lopezes have gone beyond sugar mills and haciendas, becoming leaders in broadcast media (ABS-CBN), electric power (Meralco), water utility (Maynilad Water), telecommunications (Bayantel), film production (Star Cinema), real estate (Rockwell) and many other strategic industries. The Lopezes are also active in philanthropy and are less active in politics unlike their elders who were political kingmakers for generations.
9. Other families on the list include the Aboitiz Clan Of Cebu, Ambassador Alfonso Yuchengco of the RCBC/Malayan Insurance Group, Jose Yao Campos of United Laboratories, the two branches of the Concepcion Clan which owns RFM Group and Concepcion Industries, and others.
1. Tan Yu – This self-made tycoon migrated to the Philippines as a child, grew up in Daet and Mercedes towns in Camarines Norte province, Bicol region. He is the founder of the Asiaworld International Group, which has diverse real estate and other holdings throughout Asia and also in North America. His KTTI Foundation has given thousands of college scholarships to poor provincial students and has built many rural barrio schools nationwide.
2. Manny Villar – Despite the recent slowdown in the real estate industry, Manny Villar’s family is still the leader in low-cost housing with his publicly-listed C&P Homes. Villar is a self-made man born in the working-class district of Tondo. Villar is the most flexible political survivor. A former stalwart of the Lakas-NUCD under President Ramos, he shifted loyalty upon the victory of President Estrada to clinch the Speakership of the House of Representatives, but he also quickly joined the impeachment campaign against then President Estrada and is now a senatorial candidate of the People Power Coalition of President Gloria M. Arroyo.
3. Madrigal Family – Led by Consuelo "Chito" Madrigal Collantes, the Madrigal family remains one of the country’s wealthiest landowning clans. The family raised so much cash during the Asian crisis with the sale of their various assets such as Solidbank and others.
4. Araneta Family – The Araneta family is one of the biggest landlords in Metro Manila, with valuable properties that include their multi-billlion-peso Araneta Center in Cubao. A scion of this landowning and political clan is former Wall Street investment banker and now Trade and Industry Secretary Manuel "Mar" Roxas III.
5. Mike Velarde – His family owns multi-billion-peso real estate properties, plus shareholdings in Manila Bank and others. Velarde is the leader of the El Shaddai religious movement which claims millions of followers, and he is a loyal ally of former President Estrada. His friends told this writer that the billionaire preacher from Catanduanes province in Bicol has plans to someday run for president.
1. Jose Cojuangco I – Although it has always been difficult to verify the true measure of a Chinese entrepreneur’s wealth, immigrant Jose Cojuangco I (Chinese name: "Co Guioc Huang") was a legendary empire-builder in Tarlac and Central Luzon in the 19th century. He had since passed on his entrepreneurial genius and ambitions to his remarkably talented heirs, who today include the branch of San Miguel Corp. chairman Eduardo "Danding" Cojuangco, Jr.; the Pedro Cojuangco branch which includes former President Corazon C. Aquino and Jose "Peping" Cojuangco, Jr. – of Luzon’s biggest sugar plantation Hacienda Luisita – and the Ramon Cojuangco branch which includes the cash-rich widow Imelda Ongsiako Cojuangco (whose family earned a windfall with the sale of PLDT control of First Pacific/Salim Group) and her son Antonio "Tonyboy" Cojuangco of the Bank of Commerce.
2. Pedro Gotiaoco – Once considered among 19th-century Cebu’s wealthiest taipans and a respected community leader, the immigrant Gotiaoco has also passed on to his remarkably talented descendants his genius and ambitions. His descendants include four leading families from Southern Philippines–his son Sergio Osmeña, Sr. served as the incorruptible President of the Philippines and patriarch of Cebu’s most respected political clan; another branch of the clan includes billionaire industrialist John Gokongwei, Jr. and his uncle the educator Augusto Go (who is the president of the University of Cebu and former vice mayor of Cebu City); another branch includes Andrew Gotianun of Filinvest Group and East-West Bank; another branch includes the Sy-Gaisano clan which successfully operates shopping malls in the Visayas and Mindanao regions.
3. Son Tua – First Gentleman Atty. Mike Tuason Arroyo told this writer that his Chinese immigrant ancestor Son Tua was once the wealthiest person in the Philippines during the 18th century. For his support of the Spanish colonial government in fighting the British invasion of Manila, Son Tua was awarded a title of nobility and vast tracts of lands. Tuason family lore recalls that the Spanish authorities awarded him lands which Son Tua could encircle on horseback from sunrise to sunset, but the wise Chinese trader had prepared many different horses waiting in different stations, so he had fresh changes of horses and was able to traverse huge tracts of lands in one day. Among these lands include the tens of thousands of hectares of old Tuason haciendas in Sta. Mesa, Mariquina (now spelled as "Marikina") and Diliman. The family later also acquired Hacienda Nagtahan. The University of the Philippines and vast portions of Quezon City were part of the Hacienda Diliman which the Quezon government bought from the Tuasons. The La Vista mansion of President Gloria Macapagal Arroyo and her husband overlooking the Marikina Valley stands on land that used to be part of the Tuason haciendas.
1. Joseph Estrada – The Arroyo government accuses the former President of amassing billions of pesos in ill-gotten wealth, but Estrada once told this writer that he was once one of the country’s highest-paid actors and he claims to have wisely invested his earnings, mostly in real estate, through the years. Estrada also complained of "unfair trial by publicity and double-standard," because his other predecessors in Malacañang also faced various unresolved corruption cases.
2. Fernando Poe Jr. – The undisputed "King of Philippine Movies" is known to be an astute investor, a movie producer and one of the wealthiest entertainers. GMA Network, Inc. former president Menardo Jimenez recently told this writer that nobody knows if Fernando Poe Jr. will someday run for president, because they could not even convince him to run for governor of Pangasinan several years ago.
3. Sharon Cuneta Pangilinan – Sharon is admired by almost everyone in Philippine showbiz for the way she has prudently managed her phenomenal career as the highest-paid advertising endorser, top singer, actress and television talk show host. She is known to have wisely invested her earnings ever since her youth, due to the influence of her late "rags-to-riches" businessman father Mayor Pablo Cuneta.
Please send suggestions/comments to wilson_lee_flores@hotmail.com or P.O. Box 14277, Ortigas Center, Pasig City.
In an informal survey, various business people and some bankers helped this writer come up with a list of the wealthiest Filipinos. Like in most Asian societies, estimates and rankings of Filipino billionaires are difficult to ascertain.
2. Eduardo "Danding" Cojuangco Jr. – Fending off government efforts to dislodge him as kingpin of San Miguel Corp. (SMC) in the May 3 annual stockholders meeting, Cojuangco recently led SMC to take 94 percent control of Purefoods Corp. from the Zobel de Ayala family in the amount of P7 billion. SMC under the Cojuangco management has reversed its past record of declining profits and beer market share, with SMC posting record net sales of P88.7 billion last year. Danding also led SMC in purchasing Coca Cola Bottlers Philippines from Coca Cola Amatil of Australia, Wilkins from Metro Bottled Water Corp. and Sugarland from Chinese-Filipino Business Club president Dante Go. If the Gloria Arroyo administration decides to eventually sell the sequestered 27 percent stocks of SMC, it is possible that Cojuangco and his allies might bid for this crucial bloc of equity and consolidate their control of the world’s 20th biggest brewery.
3. Lucio C. Tan – Despite setbacks suffered by Philippine Airlines and Philippine National Bank, Tan is still considered one of Southeast Asia’s wealthiest billionaires with multinational business interests. A young banker commented: "Contrary to public criticism by his enemies, Tan has actually helped Filipino taxpayers. Due to his massive capital infusions in Philippine Airlines and Philippine National Bank, formerly state-run enterprises with huge losses, Mr. Tan has actually helped subsidize losses by the government that would otherwise have come out of taxpayers’ money." An immigrant boy who was too poor to complete his college studies and to attain his dream of becoming a scientist, Tan has helped build hundreds of public schools in the depressed rural regions under the "Operation Barrio Schools" project of the Federation of Filipino-Chinese Chambers of Commerce & Industry (FFCCCII). His children who will inherit leadership of his diverse companies are his sons Lucio "Bong" Tan, Jr. of Fortune Tobacco (the nation’s leading cigarette producer) and Michael "Mike" Tan of Asia Brewery (producers of Beer na Beer, Budweiser, Colt 45 and Lone Star).
4. John Gokongwei Jr. – Marking his 75th birth anniversary this year, "rags-to-riches" Gokongwei has enhanced his reputation as one of Southeast Asia’s smartest billionaires by deftly overcoming the pitfalls of the 1997 Asian financial crisis. His publicly-listed JG Summit Holdings is the country’s most diversified industrial conglomerate, with bold plans to expand overseas in China and ASEAN. His Gokongwei Brothers Foundation is accelerating its philanthropic endeavors, and the tycoon once told this writer that he dreams of building a school and a hospital as part of his family’s commitment to socio-civic causes.
5. Henry Sy – ASEAN’s "Shopping Mall King" was a poor immigrant boy whose conglomerate was built on his hard work and marketing savvy, innovative ideas and conservative financial management. He also controls Banco de Oro and owns substantial shareholdings in the 81-year-old China Bank. Sy also has investments overseas. Among his heirs is the hardworking Teresita "Tessie" Sy-Coson, whose husband Louie Coson is from a successful Chinese lumber clan. The Sy family is well-known for supporting charities and the Catholic Church.
6. George Sk Ty – His Metrobank Group is the country’s largest and most aggressive financial conglomerate, surpassing the Bank of the Philipppine Islands (BPI). The group includes Philippine Savings Bank and Global Business Bank. Ty is also the manufacturer of Toyota vehicles in the Philippines, in partnership with Japanese investors. His Metrobank Foundation is one of the country’s biggest philanthropic institutions supporting diverse civic, educational, medical and cultural projects, including an annual art competition for young painters and annual awards honoring teachers.
7. Zobel de Ayala Family – The biggest landlord in the Makati financial district, the Zobel de Ayalas started to build their fortunes in an alcohol distillery, sugar and 19th-century haciendas. Today, the Ayala Group of Companies is a leader in banking, real estate, insurance, telecommunications and many major industries. Despite having supported the early years of martial law under President Marcos and serving as ambassador, Jaime Zobel de Ayala in 1986 threw his family’s support behind Corazon C. Aquino while his first cousin Enrique Zobel continued to support his compadre Marcos.
8. Lopez Family – Descendants of early Chinese immigrants to the town of Jaro in Iloilo province, the Lopezes were leaders of the once powerful Sugar bloc that influenced Philippine political, economic and social life. Today, the Lopezes have gone beyond sugar mills and haciendas, becoming leaders in broadcast media (ABS-CBN), electric power (Meralco), water utility (Maynilad Water), telecommunications (Bayantel), film production (Star Cinema), real estate (Rockwell) and many other strategic industries. The Lopezes are also active in philanthropy and are less active in politics unlike their elders who were political kingmakers for generations.
9. Other families on the list include the Aboitiz Clan Of Cebu, Ambassador Alfonso Yuchengco of the RCBC/Malayan Insurance Group, Jose Yao Campos of United Laboratories, the two branches of the Concepcion Clan which owns RFM Group and Concepcion Industries, and others.
2. Manny Villar – Despite the recent slowdown in the real estate industry, Manny Villar’s family is still the leader in low-cost housing with his publicly-listed C&P Homes. Villar is a self-made man born in the working-class district of Tondo. Villar is the most flexible political survivor. A former stalwart of the Lakas-NUCD under President Ramos, he shifted loyalty upon the victory of President Estrada to clinch the Speakership of the House of Representatives, but he also quickly joined the impeachment campaign against then President Estrada and is now a senatorial candidate of the People Power Coalition of President Gloria M. Arroyo.
3. Madrigal Family – Led by Consuelo "Chito" Madrigal Collantes, the Madrigal family remains one of the country’s wealthiest landowning clans. The family raised so much cash during the Asian crisis with the sale of their various assets such as Solidbank and others.
4. Araneta Family – The Araneta family is one of the biggest landlords in Metro Manila, with valuable properties that include their multi-billlion-peso Araneta Center in Cubao. A scion of this landowning and political clan is former Wall Street investment banker and now Trade and Industry Secretary Manuel "Mar" Roxas III.
5. Mike Velarde – His family owns multi-billion-peso real estate properties, plus shareholdings in Manila Bank and others. Velarde is the leader of the El Shaddai religious movement which claims millions of followers, and he is a loyal ally of former President Estrada. His friends told this writer that the billionaire preacher from Catanduanes province in Bicol has plans to someday run for president.
2. Pedro Gotiaoco – Once considered among 19th-century Cebu’s wealthiest taipans and a respected community leader, the immigrant Gotiaoco has also passed on to his remarkably talented descendants his genius and ambitions. His descendants include four leading families from Southern Philippines–his son Sergio Osmeña, Sr. served as the incorruptible President of the Philippines and patriarch of Cebu’s most respected political clan; another branch of the clan includes billionaire industrialist John Gokongwei, Jr. and his uncle the educator Augusto Go (who is the president of the University of Cebu and former vice mayor of Cebu City); another branch includes Andrew Gotianun of Filinvest Group and East-West Bank; another branch includes the Sy-Gaisano clan which successfully operates shopping malls in the Visayas and Mindanao regions.
3. Son Tua – First Gentleman Atty. Mike Tuason Arroyo told this writer that his Chinese immigrant ancestor Son Tua was once the wealthiest person in the Philippines during the 18th century. For his support of the Spanish colonial government in fighting the British invasion of Manila, Son Tua was awarded a title of nobility and vast tracts of lands. Tuason family lore recalls that the Spanish authorities awarded him lands which Son Tua could encircle on horseback from sunrise to sunset, but the wise Chinese trader had prepared many different horses waiting in different stations, so he had fresh changes of horses and was able to traverse huge tracts of lands in one day. Among these lands include the tens of thousands of hectares of old Tuason haciendas in Sta. Mesa, Mariquina (now spelled as "Marikina") and Diliman. The family later also acquired Hacienda Nagtahan. The University of the Philippines and vast portions of Quezon City were part of the Hacienda Diliman which the Quezon government bought from the Tuasons. The La Vista mansion of President Gloria Macapagal Arroyo and her husband overlooking the Marikina Valley stands on land that used to be part of the Tuason haciendas.
2. Fernando Poe Jr. – The undisputed "King of Philippine Movies" is known to be an astute investor, a movie producer and one of the wealthiest entertainers. GMA Network, Inc. former president Menardo Jimenez recently told this writer that nobody knows if Fernando Poe Jr. will someday run for president, because they could not even convince him to run for governor of Pangasinan several years ago.
3. Sharon Cuneta Pangilinan – Sharon is admired by almost everyone in Philippine showbiz for the way she has prudently managed her phenomenal career as the highest-paid advertising endorser, top singer, actress and television talk show host. She is known to have wisely invested her earnings ever since her youth, due to the influence of her late "rags-to-riches" businessman father Mayor Pablo Cuneta.
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