The collective wealth of Philippine tycoons dropped 22% to $60.6 billion due to the coronavirus pandemic, according to the 2020 Forbes Philippines Rich List.
In a list on its website, Forbes said a total of 32 tycoons, or more than half of its total listees, saw their wealth decline this year.
The Sy siblings of the SM Group had the largest fortune decline despite remaining the country’s richest with a net worth of $13.9 billion, down by $3.3 billion last year.
Former senator and property businessman Manuel B. Villar, Jr. remained the second richest, whose fortune was cut by $1.6 billion to $5 billion. He was the richest individual on the Forbes list.
Enrique K. Razon, Jr. moved up to third spot, but his wealth fell $5.1 billion to $4.3 billion.
Only 10 listees saw an increase in their wealth, led by Edgar “Injap” Sia II, whose net worth rose $300 million to $700 million. Mr. Sia, known for creating fast food chain Mang Inasal, leads listed firms DoubleDragon Properties Corp. and MerryMart Consumer Corp.
The list also welcomed two newcomers: Lance Y. Gokongwei and his siblings, who replaced their father John L. Gokongwei Jr. who passed away in November, and Soledad Oppen-Cojuangco, who replaced her husband Eduardo “Danding” M. Cojuangco Jr. who passed away in June.
Six people also fell off the list, including Edgar B. Saavedra, chairman and CEO of engineering firm Megawide Construction Corp.
The top 10 richest in the Philippines are as follows:
Sy siblings; $13.9 billion
Manuel B. Villar, Jr.; $5 billion
Enrique K. Razon, Jr.; $4.3 billion
Lance Y. Gokongwei and siblings; $4.1 billion
Jaime Augusto Zobel de Ayala; $3.6 billion
Andrew L. Tan; $2.3 billion
Lucio C. Tan; $2.2 billion
Ramon S. Ang; $2 billion
Tony Tan Caktiong; $1.9 billion
Lucio & Susan Co; $1.7 billion
The full list can be viewed at www.forbes.com/philippines. — Denise A. Valdez