Forbes lists Manny Villar as 2nd richest in PH next to Henry Sy
Published Sep 6, 2018 12:00 am
By MB Online
Manny Villar is now the second richest individual in the Philippines next to retail magnate Henry Sy Sr. according to Forbes' 2018 of Forbes' Philippines' Richest List.
Henry Sy (left) and Manny Villar (Photo courtesy of FORBES / MANILA BULLETIN)
The former senator climbed 10 places from his last year's ranking at number 12. His net worth rose from $1.65 billion in 2017 to $5 billion in 2018.
According to the magazine, Villar's wealth "tripled" over the past year.
"Shares in his Golden Bria (formerly Golden Haven) leaped to a staggering 1,300% in the first quarter, as a profitable business in burial services was joined with a new Villar vehicle for developing housing projects and condos for middle-class families. Investors saw in the mix a basis for the magnate building telecom infrastructure, an especially attractive play," Forbes noted.
Retail magnate Henry Sy Sr. was named anew as the richest Filipino with a total net worth of $18.3 billion. Joining Sy and Villar in the top five were JG Summit's John Gokongwei, Jr. at no. 3, Ayala Group's Jaime Zobel de Ayala at no. 4, and International Container Terminal Services' Enrique Razon, Jr. at no. 5.
Business tycoons Ramon Ang, Inigo, and Mercedes Zobel, and Eduardo Cojuangco also moved up to annual rank, from 10th to 8th, 13th to 11th, and 17th to 14th, respectively.
Forbes attributed the three tycoons' lift in the list to their shares in San Miguel Corp., the largest food and packaging company in Southeast Asia.
Seven newbies also made it to the list namely SBS Philippines' Josie Natori and Necisto Sytengco, Isidro Consunji, Wilcon Depot's William Belo, Cirtek Holding's Jerry Liu, and Security Bank's Rafael Simpao and Alberto Villarosa.
With big losses in their respective companies, media tycoons Gilberto Duavit, Menardo Jimenez and Felipe Gozon, and mining magnates Philip Ang and Luis Virata, all fell lower in the annual list.
The magazine attributed Duavit, Jimenez, and Gozon's slip in the 11% fall of their shares in GMA Network which posted a "21% decline in earnings for the first half of 2018." While Ang and Virata's drop was due to mining's "tighter state regulations on nickel extraction and increased competition from Indonesia."
Forbes meanwhile named Monde Nissin's Betty Ang "the biggest loser" in their latest list.
"The biggest loser was Betty Ang of noodle giant Monde Nissin, who shed 70% of her total on a sharp fall in net income, according to the latest available annual report," it said.
Henry Sy (left) and Manny Villar (Photo courtesy of FORBES / MANILA BULLETIN)
The former senator climbed 10 places from his last year's ranking at number 12. His net worth rose from $1.65 billion in 2017 to $5 billion in 2018.
According to the magazine, Villar's wealth "tripled" over the past year.
"Shares in his Golden Bria (formerly Golden Haven) leaped to a staggering 1,300% in the first quarter, as a profitable business in burial services was joined with a new Villar vehicle for developing housing projects and condos for middle-class families. Investors saw in the mix a basis for the magnate building telecom infrastructure, an especially attractive play," Forbes noted.
Retail magnate Henry Sy Sr. was named anew as the richest Filipino with a total net worth of $18.3 billion. Joining Sy and Villar in the top five were JG Summit's John Gokongwei, Jr. at no. 3, Ayala Group's Jaime Zobel de Ayala at no. 4, and International Container Terminal Services' Enrique Razon, Jr. at no. 5.
Business tycoons Ramon Ang, Inigo, and Mercedes Zobel, and Eduardo Cojuangco also moved up to annual rank, from 10th to 8th, 13th to 11th, and 17th to 14th, respectively.
Forbes attributed the three tycoons' lift in the list to their shares in San Miguel Corp., the largest food and packaging company in Southeast Asia.
Seven newbies also made it to the list namely SBS Philippines' Josie Natori and Necisto Sytengco, Isidro Consunji, Wilcon Depot's William Belo, Cirtek Holding's Jerry Liu, and Security Bank's Rafael Simpao and Alberto Villarosa.
With big losses in their respective companies, media tycoons Gilberto Duavit, Menardo Jimenez and Felipe Gozon, and mining magnates Philip Ang and Luis Virata, all fell lower in the annual list.
The magazine attributed Duavit, Jimenez, and Gozon's slip in the 11% fall of their shares in GMA Network which posted a "21% decline in earnings for the first half of 2018." While Ang and Virata's drop was due to mining's "tighter state regulations on nickel extraction and increased competition from Indonesia."
Forbes meanwhile named Monde Nissin's Betty Ang "the biggest loser" in their latest list.
"The biggest loser was Betty Ang of noodle giant Monde Nissin, who shed 70% of her total on a sharp fall in net income, according to the latest available annual report," it said.