Friday, August 02, 2013

Inequality 17: Richest Filipinos in 2012

The other day, Forbes released the Philippines' 50 Richest in 2012.

1. Henry Sy and family (SM group, BDO) - $12 billion
2. Lucio Tan and family (PAL, PNB,…) - $7.5 billion
3. Andrew Tan (Megaworld, Alliance Global, McDo) - $4.6 billion
4. Enrique Razon (ICTSI, Bloomberry Resorts) - $4.5 billion
5. John Gokongwei Jr. (JG Summit, Cebu Pacific, Universal Robina) - $3.4 billion
6. Jaime Zobel de Ayala and family (Ayala Land, BPI,…) - $3.1 billion
7. Aboitiz family (AEV, Aboitiz Power,…) - $3 billion
8. David Consunji (DMCI, Semirara Coal) - $2.7 billion
9. George Ty and family (Metrobank, Toyota Motors, Federaland,…) - $2.6 billion
10. Lucio & Susan Co (Puregold, Cosco) - $1.9 billion

11. Tony Tan Caktiong and family (Jollibee, Chowking, Burger King,…) - $1.7 billion
12. Robert Coyiuto Jr. (National Grid Corp, Bentley,…) - $1.5 billion
13. Emilio Yap (Philtrust Bank, Manila Bulletin) - $1.35 billion
14. Roberto Ongpin (Atok Big Wedge mining) - $1.3 billion
15. Inigo & Mercedes Zobel (Ayala Corp, San Miguel,…) $1.2 billion
16. Manuel Villar (Vista Land, Starmalls) $1.05 billion
17. Andrew Gotianun (Filinvest) $1 billion
18. Beatrice Campos and family (Unilab, Del Monte) $900 M
19. Vivian Que Azcona and family (Mercury Drug) $840 M
20. Eduardo Cojuangco Jr. (San Miguel, Northern Cement) $825 M

21. Alfonso Yuchengco and family (Yuchengco group, RCBC) $705 M
22. Oscar Lopez and family (Lopez Holdings, ABS-CBN,…) $675 M
23. Betty Ang (Monde Nissin) $600 M
24. Jorge Araneta (Araneta group, Pizza Hut,…) $505 M
25. Carlos Chan (Liwayway, Oishi) $500 M
26. Michael Romero (Global Port, Manila North Harbor,…) $490 M
27. Eric Recto (PBCom, Alphaland) $485 M
28. Mariano Tan Jr. (Unilab, Greenfield) $435 M
29. Frederick Dy (Security Bank) $290 M
30. Walter Brown (Atok-Big Wedge, A.Brown Co.) $270 M

31. Ramon Ang (San Miguel) $260 M
32. Jose Antonio (Century Properties) $255 M
33. Wilfred Uytengsu Jr. and family (Alaska) $250 M
34. Manuel Zamora Jr. (Nickel Asia) $240 M
35. Jacinto Ng Sr. (Asia United Bank, Rebisco) $230 M
36. Alfredo Ramos (National Book Store, Vulcan) $225 M
37. Gilberto Duavit (GMA Network) $224 M
38. Menardo Jimenez (GMA Network) $223 M
39. Edgar Sia II (Mang Inasal founder) $210 M
40. Bienvenido Tantoco Sr. (Rustan's) $205 M

41. Felipe Gozon (GMA) $200 M
42. Alfredo Yao (Zest-O) $180 M
43. Michael Cosiquien (Megawide Construction) $175 M
44. Edgar Saavedra (Megwide) $170 M
45. Juliette Romualdez (Benguet Mining) $165 M
46. Tomas Alcantara (Alsons Consolidated) $160 M
47. Lourdes Montinola (FEU) $155 M
48. Luis Virata (Nickel Asia) $120 M
49. Philip Ang (Nickel Asia) $115 M
50. Manuel V. Pangilinan (PLDT, First Pacific) $105 M

Many people will shake their heads why these 50 people and families have so much wealth while tens of millions of Filipino households are poor. Well, with the exception of the Ayalas, Zobels and Lopez's perhaps, few of them were born very rich, The Sys and Tans started poor and worked their way up. These guys also become very rich because they do not have enough competition as foreign capital and professional talents are restricted if not prohibited in certain sectors to compete with them.

The richest entity in the country -- the Philippine government, with P2+ trillion budget for one year for the national government alone, plus trillions in other assets like SSS, PhilHealth, PagIBIG, PAGCOR, PCSO, plus LGUs' revenues -- is not able to uplift the conditions of the poor despite their mandate to do so.

Some friends asked why MVP is not in the top 20. I think he is just a highly paid manager and hence, technically an "employee" of the owners of those big companies. Another friend suggested that he is a dummy by some foreign capital who are prevented by the Philippine Constitution to have investments beyond the 40% limit. I think it's true, and having a dummy is one way to get around that lousy and restrictive provision in the Consti limiting foreign investments, so he has done good for the country in terms of generating more investments, more jobs. And being a highly paid manager, he has control where and when to invest or pull out, where and whom to give charity/CSR projects.

See also:: 
Richest Filipinos, the top 40, October 23, 2010 

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