Philippines’ Richest 2018: Real Estate Tycoons Post Gains Amid Declines For Most Others

12-Sep-2018 Intellasia | Forbes | 6:00 AM Print This Post

There’s been a general lift in Philippine real estate and construction fortunes, and then there’s Manny Villar. His wealth has tripled over the past year, making him now the country’s second richest. Shares in his Golden Bria (formerly Golden Haven) leapt a staggering 1,300 percent 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.

The 50 ranking had an unusually volatile year, with 19 seeing net worths shift 20 percent or more, compared with just 12 last year. Ramon Ang, Inigo and Mercedes Zobel and Eduardo Cojuangco were among those on the upside, thanks to shares in their San Miguel, the country’s largest beer brewer, rising 70 percent from a year ago. In July it announced plans to invest $1 billion in ten new breweries across the Philippines and in other countries.

Seven newcomers made the list, including self-made fashion designer Josie Natori and Necisto Sytengco of chemical-trading outfit SBS Philippines. Isidro Consunji and his siblings replace their founder father, David, who died last September. Others who make their debut are William Belo of big-box chain Wilcon Depot, Jerry Liu of semiconductor maker Cirtek Holding, and Rafael Simpao and Alberto Villarosa of Security Bank.

The Biggest Loser

A notable 27 fortunes declined, however. Media tycoons Gilberto Duavit, Menardo Jimenez and Felipe Gozon fell as shares in their GMA Network dropped 11 percent. The network posted a 21 percent decline in earnings for the first half of 2018. The biggest loser was Betty Ang of noodle giant Monde Nissin, who shed 70 percent of her total on a sharp fall in net income, according to the latest available annual report.

Mining magnates Philip Ang and Luis Virata dropped off the list as the sector suffered from tighter state regulations on nickel extraction and increased competition from Indonesia.

In the end, the 2018 barrier to entry was $125 million, up from $120 million a year ago.

The list was compiled using information from the 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 August 24, 2018. Private companies were valued by using financial ratios and other comparisons with similar publicly traded companies.

With reporting by: Pamela Ambler, Prisca Ang, Caroline Chen, Rebecca Feng, Neerja Jetley, Sean Kilachand, Anis Shakirah Mohd Muslimin, Suzy Nam, Jane Peterson, Anu Raghunathan, Sheela Sarvananda, Jessica Tan and Jennifer Wells.

From the Forbes headquarters in Jersey City, I work with Forbes Asia’s editorial team and cover entrepreneurs from the region. For our individual country rich lists, I also track how some of the region’s wealthiest make, spend and lose their fortunes. As a side beat, I’m int… MORE


Category: Philippines

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