Philippines' 50 Richest 2016: A Record Number Of Filipino...

The Little Black Book of Billionaire Secrets

This story appears in theSeptember 2016 issue of ForbesAsia. Subscribe

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Philippines' 50 Richest 2016: A RecordNumber Of Filipino Billionaires

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Keren Blankfeld, FORBES STAFF

I cover wealth, philanthropy andart. FULL BIO

San Miguel President Ramon Ang is a newbillionaire. Credit: Julian AbramWainwright/Bloomberg

Several tycoons with interestsin development andconstruction enjoyed aparticularly robust year, andthe new administration ofPresident Rodrigo Duterte,with its plan to invest in a

Philippines' 50 Richest 2016: A Record Number Of Filipino Billiona... http://www.forbes.com/sites/kerenblankfeld/2016/08/24/philippines-...

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“golden age of infrastructure,”could boost them even higher.

The year’s biggest winner, newbillionaire Edgar Sia II, is up200% thanks to fast-growingDoubleDragon Properties, amall and residence developerhe and partner Tony TanCaktiong took public in 2014.Its 350% runup is attributed tostrong rental revenues andgrowth of its CityMalls brand.The duo’s original fortunestems from fast food: TanCaktiong’s Jollibee Foodsremains a runaway hit in bothAsia and America (its stock isup 35%).

At least 5 of the 50 Richest areinvested in San Miguel , one ofthe nation’s oldestconglomerates. They havebenefited nicely from thecompany’s growth strategy inenergy and otherinfrastructure, which propelledits stock’s value up 50%. Thefirm’s leader and majorstakeholder, Ramon Ang, hasprofited handsomely himself.In May he announced plans tobuild three power plants and afood complex in PresidentDuterte’s home island ofMindanao. Ang’s personalinvestment in cement company


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Eagle Cement is also payingoff; his overall wealth is up$700 million.

See full coverage of the2016 Philippines’ Richest50 here.

Two of this year’s returnees,Michael C. Cosiquien andEdgar Saavedra, arecofounders of MegawideConstruction, a diversifiedbuilder whose stock rose 140%thanks to a surge in revenuesand profit. The company isreportedly eager to invest in aproposed 2,000-kilometerMindanao railway connectingthe entire island.

Heirs of Andrew Gotianun,who died in March, share aninterest in the family’sconglomerate, FilinvestDevelopment, and make their

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debut among the nation’srecord 21 billionaire families.Andrew’s wife, Mercedes,serves as chairman emeritus;daughter Josephine leads thecompany.

To be sure, several tycoons didnot feel a lift. The year’s biggestloser percentagewise,Bienvenido Tantoco, is off by65% as his publicly listed SSIGroup’s profits fell by half fromintense retail competition andincreased expenses. Fortunesdrawn from mining have alsosuffered during the past year asnickel prices have dropped andthe new president took afterthe sector. Indeed, with thecost of entry to the Philippines50 up by $25 million, threemining magnates were leftbehind, including Philip Ang(no relation to Ramon).

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