Top 10 Richest Filipinos of 2009
Who made it to the list of the top 10 richest Filipinos for 2009? The answer is found below (and not much has changed for years).
Henry Sy is retail and banking magnate in the Philippines. He and his group owns the more than 30 branches of SM shopping malls in the country, Banco De Oro-EPCI Bank and majority shareholdings in China Bank. His is a classic rags-to-riches tale that has inspired many entrepreneurs and made him the most affluent man in the Philippines, surpassing other rich businessmen like Ayala and Lucio Tan.
Lucio Tan topped the list of being the most affluent man in the Philippines for many years, until recently, when his business rival grabbed the throne. As one of the most controversial business tycoons because of his alleged involvement in tax evasion cases, siring lots of children with different women and his political friends, he is nonetheless another inspiring rags to riches success story in the world of business. He set up the country’s premier tobacco company (Fortune Tobacco), acquired the then bankrupt General Bank and Trust Co. now known as Allied Bank, set up the Asia Brewery that competes with market leader San Miguel Corp, and acquired control over the country’s airline carrier Philippine Air Lines (PAL), to name some of his many business pursuits.
As of 2007, Andrew Tan was ranked number four in the list of the Philippines top 40 richest men. His fortune came from the restructuring of the holding company Alliance Global and his shareholdings in Megaworld, and McDonald's among other companies. The son of a factory worker who had to walk to campus because he could not afford the bus fare, he certainly can now buy bus companies by the tens of dozens with his estimated net worth of more than US$ 1.1billion.
Tony Tan Caktiong is the head and owner of 65 percent of Jollibee Foods Corporation. He became the 2004 World Entrepreneur Of The Year. The ability of Jollibee Food Corp. to reinvest its profits and the retention of more than 50 percent of its ownership was identified as the pillars that made up for the success of his business. The EOY award began in 1986 and was started by Ernst & Young in the United States and is organized by SGV in the Philippines.
As of 2008, Eduardo Cojuangco's properties were estimated to be worth $610 million. He is the Chief Executive officer of San Miguel Corporation. He was a former governor of Tarlac and ran in the 1992 presidential elections but lost to Fidel V. Ramos. He was one of the 12 powerful advisers of strongman Ferdinand Marcos. He may not have become President but he is a figure to reckon with in Philippine politics as the chairman emeritus of the Nationalist People's Coalition.
Enrique Razon has an estimated net worth of $820 million as Chairman and President of International Container Terminal Services of Monte Oro Resources and Energy, Inc. and Monte Oro Grid Resource Corporation, Inc., International Container Terminal Holdings, Inc., ICTSI Ltd., Razon Industries, Inc. and Sureste Realty Corp. He chairs ICTSI Warehousing, Inc., and Sureste Properties, Inc. He is the Chairman and President of Provident Management Group, Inc, to name a few of his business affiliations.
George Ty has a networth of an estimated $870 million. He made his fortune by founding the Metrobank (the biggest Philippine bank prior to the merger of Equitable-PCI and Banco de Oro, and the only Philippine bank with a branch in China) with other business tycoons in 1962. He also controls Toyota Motor Philippines, which is the only locally-controlled subsidiary of Toyota, the industry leader in automotive sales in the Philippines, and the Marco Polo Hotel in Cebu (formerly the Cebu Plaza Hotel).