Meet The 10 Richest People In The Philippines

A list of top 50 richest people in the Philippines was released by Forbes magazine. Forbes said the list was compiled using shareholding and financial information obtained from the families and individuals, stock exchanges, analysts and other sources. Let's see who made it to the top 10.

Meet The 10 Richest People In The Philippines

10. Lucio & Susan Co (Puregold) - $1.9 billion

Lucio & Susan Co
Retailing duo Lucio and Susan Co who started with one hypermarket in 1998, break into top 10 this year amid booming sales at their Puregold Price Club, country's second largest retailer, after Henry Sy's SM Group. Its network of more than 150 hypermarkets, supermarkets and discount stores, 50 of which opened in 2012, mainly targets low and middle-income consumers and "sari-sari" store owners. The Cos transferred most of their stake in Puregold, to listed holding company Cosco Capital last December. In May, Cosco did a $400 million offering at a 30% discount to fund expansion, driving share price down. They pocketed $100 million as part of that deal. Other interests span gaming, hotels, wine distribution, property.

9. George Ty (Metrobank) - $2.6 billion

George Ty
Banking tycoon George Ty added $900 million to his net worth as his holding outfit GT Capital saw profits nearly double to $150 million in 2012 on rising revenues in banking, car production and distribution, real estate and power operations. Company raised $350 million in a January share sale to buy more shares in Toyota Motor Philippines in which it now has 51%. Founded Metropolitan Bank, country's second largest lender, in his twenties; stepped down as chairman in 2006 in favor of son Arthur. Enjoys swimming and collects art. Son Alfred is married to Lucio Tan's (No.2) daughter Cherry

8. David Consunji (DMCI) - $2.7 billion

David Consunji
Former concrete inspector David Consunji went on to earn acclaim as country's "father of construction" after founding DMCI in 1954. Today, construction giant gets most of its income from power generation, water, real estate and infrastructure. Took controlling stake in London-listed nickel mining outfit Toledo Mining in April with aim of delisting it. Also controls Semirara Mining, country's largest coal producer. Faced criticism when an accident at one of its mines killed 10 people in February.

7. Aboitiz family (AEV) - $3 billion

Aboitiz family
Family that controls Cebu-based conglomerate Aboitiz Equity Ventures, enters top 10 as fortune, earlier split and listed separately under patriarch Enrique who died in January, and his nephew Jon Ramon, now represents combined interest of wider clan. Cash- rich company is planning to spend $1.4 billion this year, mostly earmarked for its power business. In April, it agreed to partner with Ayala Land to develop properties in Cebu and bid for a new airport project. Announced plans in May to venture into water treatment and distribution.

6. Jaime Zobel de Ayala (Ayala Corp.) - $3.1 billion

Jaime Zobel de Ayala
Jamie Zobel de Ayala, chairman emeritus of Ayala Corp., Philippines oldest conglomerate, saw shares surge by a third in past year on strong revenues, profits in banking, real estate and water businesses. Net income in latest quarter jumped 29% to $105 million. Group plans to invest $3 billion this year across businesses. A proposal to merge his Bank of the Philippines Islands with Lucio Tan's (No 2) Philippine National Bank unravelled. Group was recently appointed distributor for Volkswagen in the Philippines. Family stake held by his seven children. Jaime Augusto, eldest, is chairman; son Fernando is vice-chairman.

5. John Gokongwei Jr. (JG Summit) - $3.4 billion

John Gokongwei Jr.
JG Summit, conglomerate that John Gokongwei founded, recently put off the IPO of its Robinsons Retail Group which owns the Toys R Us franchise, among much else. In June, group's low cost airline Cebu Pacific caused Davao airport to close for more than 24 hours after one of its planes skidded off the runway during landing. Talks with Japanese gambling mogul Kazuo Okada to jointly develop a casino in Manila Bay fell apart in May. Go Hotels, group's foray into no-frills accommodations, opened its sixth property recently. Brother James Go chairs JG Summit; son Lance is president.

4. Enrique Razon Jr. (ICTSI) - $4.5 billion

Enrique Razon Jr.
Shares of Enrique (Ricky) Razon's International Container Terminal Services, which owns 28 ports in 19 countries, gained by a third on rising shipments. It recently snatched a $624 million contract to manage a port in the Honduras. His casino operator Bloomberry Resorts opened the doors to its $ 1billion Solaire Resorts & Casino in March. Daughter Katrina is a DJ and music composer. He backs the Philippines Golf Tour.

3. Andrew Tan (Megaworld) - $4.6 billion

Andrew Tan
Andrew Tan doubled his fortune and climbed three spots to Number 3, as shares of his holding firm Alliance Global zoomed. With interests in food and beverage, real estate, gaming, the company reported an 18% jump in net profits to $113 million in the last quarter. Planned IPO of Resorts World Manila, which he controls with casino operator Genting Hong Kong reportedly postponed in late June. Son of a factory worker, worked in a watch store to pay for college. Started selling kitchen appliances before making his first fortune in brandy.

2. Lucio Tan (LT group) - $7.5 billion

Lucio Tan
Lucio Tan, the Philippines' second richest person and this year's biggest gainer, got a $3 billion boost after consolidating his private holdings into LT Group, including Asia Brewery, maker of popular Beer na Beer, and stake in Philip Morris Fortune Tobacco, which has an estimated 80% market share of the country's cigarette market. Shares are up five fold since last year's listing. Follow-on offer in April which reduced his stake to 74% , raised $920 million, in what was the country's biggest public issue to date. After selling his 49% stake in Philippine Airlines to San Miguel last year, Tan said he may sell the remaining 51%. PAL Holdings, through which he owns most of that stake, did a private placement after trading in its shares was halted in January for failing to meet a 10% public float rule. Son Michael is president of LT Group. Also owns Hong Kong based Eton Properties.

1. Henry Sy (SM group) - $12 billion

Henry Sy
The Philippines' richest person Henry Sy saw his fortune swell by $2.9 billion, boosted by the surge in shares of his SM Investments, the country's most valuable company, which reported record profits of over $570 million in 2012. Putting rumors to rest, group announced in May that it would be merging its vast property assets under mall operator SM Prime Holdings, to create what could potentially be the country's biggest developer with an estimated market cap of $14 billion. Son Henry Sy Jr will chair combined unit while son Hans will remain president.

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