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PH tycoons' fortunes fall as pandemic disrupts businesses, Sy siblings richest: Forbes

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ABS-CBN News

<div class="embed-wrap"><figure data-feedback="fb:likes,fb:comments"><img src="https://sa.kapamilya.com/absnews/abscbnnews/media/2019/business/01/18/sm-megamall.jpg"/><figcaption>SM Megamall, the second largest shopping mall in the Philippines, is pictured at night. Photo from SM Supermalls Facebook page</figcaption></figure></div>MANILA - (UPDATED) The coronavirus pandemic led to a drop in the fortunes of the Philippines&#x27; richest according to Forbes, with a total of 32 listees posting a decline in their net worth.&quot;Tycoons on the 2020 Forbes Philippines Rich List saw their collective wealth fall 22 percent to $60.6 billion as the Covid-19 pandemic disrupted the country’s economy,&quot; said Forbes.The children of mall and banking tycoon Henry Sy took the biggest hit in dollar terms, with their fortune down by $3.3 billion but remain the country&#x27;s richest with a net worth of $13.9 billion.Property tycoon and former Philippine Senator Manuel Villar is the country’s second richest man, even as his wealth fell $1.6 billion to $5 billion.Ports magnate Enrique Razon Jr. moved up to No. 3 this year with a net worth of $4.3 billion, down from $5.1 billion previously, it said.Newcomers on the list are Lance Gokongwei and his siblings, who debuted at No. 4 with a net worth of $4.1 billion. They replace their father John Gokongwei Jr., who passed away in November 2019.<div>The top 10 richest in the Philippines are:</div><ol>	<li>Sy siblings; US$13.9 billion</li>	<li>Manuel Villar; $5 billion</li>	<li>Enrique Razon Jr.; $4.3 billion</li>	<li>Lance Gokongwei &amp; siblings; $4.1 billion</li>	<li>Jaime Zobel de Ayala; $3.6 billion</li>	<li>Andrew Tan; $2.3 billion</li>	<li>Lucio Tan; $2.2 billion</li>	<li>Ramon Ang; $2 billion</li>	<li>Tony Tan Caktiong; $1.9 billion</li>	<li>Lucio &amp; Susan Co; $1.7 billion</li></ol> Fast food billionaire and Jollibee Group owner Tony Tan Caktiong suffered a pandemic-induced blow to his wealth this year.&quot;The lack of dine-in services cut sales by nearly half and sent his company’s shares down more than 40 percent, reducing Tan Caktiong’s net worth by 37 percent,&quot; said Forbes.Oscar Lopez, who holds a majority stake in TV network ABS-CBN, saw his net worth nearly halve to $240 million after Philippine lawmakers in July rejected the company’s bid to renew its 25-year broadcast license. Lopez ranked 32nd.Four tycoons returned to the ranks, largely due to this year’s lower cutoff, which fell 23 percent from last year’s list to $100 million. They are Michael Romero (No. 46, $135 million) of Globalport 900; Luis Virata (No. 48, $115 million) of Nickel Asia, Mikel Aboitiz (No. 49, $110 million) of Aboitiz Equity Ventures and Lourdes Montinola (No. 50, $100 million) of Far Eastern University, Forbes said.Edgar Sia II saw his fortune rise and this year’s biggest gainer adding $300 million, or 75 percent to his net worth now at $700 million. Sia ranked 21 in the Philippines richest list.&quot;The rise was partly due to the successful IPO of his MerryMart in June as shares of the grocer have nearly doubled since the listing as quarantine measures boosted sales,&quot; added Forbes.

The coronavirus pandemic led to a drop in the fortunes of the Philippines' richest, according to Forbes with 32 listees saw their net worths decline.

The coronavirus pandemic led to a drop in the fortunes of the Philippines' richest, according to Forbes with 32 listees saw their net worths decline.