Villar still the richest among Philippines’ billionaires

REAL ESTATE tycoon and former politician Manuel B. Villar, Jr. is still the richest Filipino on Forbes’ 2022 World’s Billionaires List, after his net worth jumped by 15% to $8.3 billion (around P426.6 billion).

Mr. Villar ranked 263rd out of the 2,668 billionaires on the Forbes list, climbing 89 spots from the previous year.

A former Senate president and House speaker, Mr. Villar is the founder and chairman of several listed companies including Vista Land & Lifescapes, Inc.; Vistamalls, Inc.; Golden MV Holdings, Inc.; AllHome Corp.; and AllDay Marts, Inc. His VistaREIT, Inc. is planning to conduct an initial public offering this month.

The billionaires’ list included 20 Filipinos, three more than the previous year.

Enrique K. Razon, Jr., chairman of port operator International Container Terminal Services, Inc. (ICTSI), was the second-richest Filipino on the Forbes list, ranking 369 with a net worth of $6.7 billion, up by 34% from last year.

The six children of the late Henry Sy, Sr. were all on the Forbes billionaires list. The SM Group founder was the Philippines’ richest man for 11 consecutive years before his death in 2019.

Henry T. Sy, Jr., chairman of SM Prime Holdings Corp., ranked 1,096 on the list with a net worth of $2.8 billion. His brothers Hans and Herbert were both at 1,196 with a net worth of $2.6 billion each, followed by Harley and Teresita T. Sy-Coson at the 1,292nd spot with $2.4 billion. His sister Elizabeth landed at 1,445th place with $2.1 billion.

Also ranked 1,096 on the list was Alliance Global Group, Inc. Chairman Andrew L. Tan with $2.8 billion.

Ramon S. Ang, president, chief operating officer, and vice-chairman at diversified conglomerate San Miguel Corp. (SMC), ranked 1,513th on the Forbes list with $2 billion.

JG Summit President and Chief Executive Officer (CEO) Lance Y. Gokongwei landed at the 1,818th spot with $1.6 billion, followed by Jollibee Foods Corp. founder Tony Tan Caktiong in 2,190th place with $1.3 billion.

Monde Nissin Corp. President Betty T. Ang, Converge Information and Communications Technology Solutions, Inc. President Maria Grace Y. Uy, and LT Group, Inc. Chairman and founder Lucio C. Tan shared 2,342nd place with $1.2 billion each. Ms. Ang and Ms. Uy were newcomers to the billionaires’ list.

Ms. Uy ranked higher than her husband and Converge Chief Executive Officer Dennis Anthony H. Uy, who ranked 2,578th with $1 billion.

Mr. Uy shared the spot with Alphaland Corp. Chairman Roberto V. Ongpin, Nari Genomal, Ramesh Genomal, Sunder Genomal, who all had a net worth of $1 billion each.

Sunder Genomal owns Bangalore-based Page Industries, which is described as a licensee for Jockey underwear. He and his brothers Nari and Ramesh have Philippine citizenship.

Based on records at the Philippine Securities and Exchange Commission, the Genomal-led GTVL Manufacturing Industries, Inc. saw its revenues decline by 44.1% to P324.19 million in 2020, and posted a net loss of P27.49 million. It is the sole licensee of the Jockey underwear brand in the Philippines.

The Forbes’ annual billionaires’ list included 2,668 billionaires with a combined net worth of $12.7 trillion, which is lower than last year’s $13.1 trillion. A total of 329 people dropped out of the list.

Tesla founder Elon Musk topped the billionaire list for the first time with a net worth of $219 billion, replacing last year’s top billionaire Jeff Bezos, who fell to second place with $171 billion.

“The tumultuous stock market contributed to sharp declines in the fortunes of many of the world’s richest. Still, more than 1,000 billionaires got wealthier over the past year. The top 20 richest alone are worth a combined $2 trillion, up from $1.8 trillion in 2021,” Forbes Assistant Managing Editor of Wealth Kerry A. Dolan said in a statement. — L.M.J.C. Jocson