Top 10 Richest People in Philippines

1.NET WORTH: $3.8 billion
AGE: 84
Stock price of his SM Investments has almost doubled since December low. Group, with interests in malls, retail, property, posted 14% increase in net income in first half of 2009. Daughter Teresita Sy-Coson runs its Banco de Oro Unibank, country’s largest bank by assets, which signed deal in May to acquire GE Capital’s Philippines banking arm in exchange for strategic investment from the U.S. company; deal expected to close this month. Sy, who got start selling shoes, shares fortune with wife and children.

---

1. Lucio Tan

NET WORTH: $1.7 billion

AGE: 75

His Philippine National Bank received regulatory approval to buy 38% of China’s Allied Commercial Bank in August. Former electrical engineer’s other holdings include Fortune Tobacco, Asia Brewery, Philippine Airlines and Hong Kong properties. Government case against Tan for allegedly holding assets for the late Ferdinand Marcos has dragged on for 22 years. Some of his fortune still sequestered as part of the long-running investigation.

---

2. Jaime Zobel de Ayala

NET WORTH: $1.2 billion
AGE: 75

Chairman emeritus of family’s Ayala Corp., one of the country’s largest conglomerates, which celebrated its 175th birthday this year. Eldest son, Jaime II, replaced his dad as chairman more than a decade ago; son Ferdinando is vice-chairman. Family’s shares now in his children’s hands. A photographer, had his first public exhibition in Cebu in March.

---

3. Andrew Tan

NET WORTH: $850 million

AGE: 57

His holding company, Alliance Global Group, reported jump in first-quarter earnings thanks in part to strong food, beverage businesses (he owns nation’s McDonald’s franchise) and improving real estate sales. Resort World Manila, his $1.35 billion casino joint venture with Malaysia’s Star Cruises, opened last month. Son of a factory worker made his first fortune in brandy, and later in property development through Mega world.

---

4. John Gokongwei

NET WORTH: $720 million

AGE: 82

Shares of his conglomerate JG Summit, which he founded, —and has interests in airlines, telecoms, power, banking and real estate—are up more than 300% since last December’s low. Also owns Robinsons retail department store operations, with stores in 7 countries. Brother James Go chairs the group and son Lance is president.

---

5. Tony Tan Caktiong

NET WORTH: $710 million
AGE: 59
His fast-food company Jollibee Foods is expanding: it already has 1,800 locations, 9 brands in 11 countries, including popular burger joint Jollibee; plans to open another 200 this year in such countries as China, Vietnam and the U.S. Completed purchase of a congee restaurant chain in China last October. Got his start 34 years ago when he opened 2 ice cream parlors.

---

6. Eduardo Cojuangco Jr.

NET WORTH: $660 million

AGE: 74
Chief executive of Southeast Asia’s largest food and beverage conglomerate, San Miguel. Company has been buying up stakes in a power company, oil refiner and bank; has shown interest in buying Dole Food’s Asian assets. In July announced it is negotiating with potential investors to sell part of branded food, alcohol operations. Son Mark is a member of the Philippines’ House of Representatives.

---

7. Enrique Razon Jr.

NET WORTH: $620 million
AGE: 49

Was part of consortium, which also included China’s State Grid and Robert Coyiuto (No. 18), that paid $3.95 billion for National Grid Corp. of the Philippines. Runs port operator International Container Terminal Services, with operations in 10 countries; it posted one-third drop in net income for first half of year due to decline in global trade.

---

8. Manuel Villar

NET WORTH: $530 million
AGE: 59
Philippines Senate president, known as Manny, is a candidate in the 2010 presidential race. He is also the largest shareholder in property firms Vista Land & Lifescapes and Polar Property Holdings. Both sons are on board of Vista Land, whose stock hit 52-week high in August. Shrimp vendor’s son grew up in slum.

---

9. George Ty

NET WORTH: $515 million 
AGE: 76

His Metrobank, the country’s second-largest lender, saw profits rise in first quarter for first time in a year. Founded bank decades ago. His son Arthur replaced him as chairman 2006. Family, which includes Ty and his children, hold 40% of the bank.

---

Filed Under: The Richest • Top Ten