Forbes' Philippines Rich List 2014

5/20/2018 Forbes' Philippines Rich List 2014

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Constructing Bigger BankrollsDevelopment can be a blueprint for capitalizing on a boom.

EDITED BY ABRAM BROWN

REPORTING BY CAROLINE CHEN, RUSSELL FLANNERY, NEERJA PAWHA JETLEY,

SEAN KILACHAND, SUZANNE NAM, PHYLLIS FANG SAVAGE AND JESSICA TAN

FORBES ASIA

THE PHILIPPINES 50 RICHEST

WEALTH LIST

P H I L I P P I N E D A I L Y I N Q U I R E R

Two of the strongest

forces in the Philip-

pines recent prosperity:

construction and popular

consumption. The trends

are particularly entwined in the

case of Manuel Villar(No. 14). His

publicly traded Starmalls builds what

its name suggests: gigantic malls. And

after laying out plans to open 22 new

ones by 2017, Starmalls stock has sky-

rocketed. Investors have increased its

market value by about three-quarters

(to $1.3 billion) since June.

Another plutocrat growing even wealthier from

transforming parcels of land is David Consunji

(No. 6). The DMCI Holdings founder is more than

$1 billion richer this year, a result of a 60% increase in

DMCI shares since FORBES ASIA last calculated his

fortune. Profits nearly doubled last year to $447 mil-

lion, and Deutsche Bank sees a 40% growth in the order

backlog from 2014 to 2015. With Davids son Isidro in

charge, the Consunji reach extends from a facelift at

Ninoy Aquino International Airport to highway expan-

sions to palatial high-rise apartments.

Even a pair better known for sandwiches than saws

have gotten into the action. Fast food titans Tony Tan

Caktiong(No. 10) and Edgar Sia(No.

31) got together to form DoubleDrag-

on Properties, a mall and residence

developer. It went public in April, and

since its IPO, shares have risen 260%.

Beyond dirt and double-beams,

its been a healthy 2014 for domes-

tic investments in general, with the

Philippine stock index up 20% since

January. Consumers have enjoyed

added buying power, which filters

up the ranks. The nations 50 Rich-

est together are worth $74 billionup

12% from 2013.

Four newcomers join the 50: the Po Family(canned

goods, No. 21), Dean Lao(chemicals, No. 26), the Con-

cepcions(household appliances and food, No. 34) and

P.J. Lhuillier(pawnshops, No. 49). The only loser in

the Top 10 was Lucio Tan(No. 2), whose fortune fell

on worries about the cigarette market. Media moguls

Gilberto Duavit(No. 44), Jimenez Menardo(No. 45)

and Felipe Gozon(No. 48) all dropped on a lower stock

price for their GMA Network.

Meantime, a $65 million higher threshold for the

list left a few magnates behind, including conglomer-

ate chief Manuel Pangilinan and education baroness

Lourdes Montinola. F

DMCI Holdings founder David Consunji.


2/8

4.Andrew Tan$5.1 BILLION

SOURCE:DIVERSIFIED

AGE:62. MARRIED, 4 CHILDREN

Property plutocrat with large stake in

Megaworld, builder of apartment complexes

doubling as small cities. Big into brandy, too: HisEmperador Distillers went public last year and

agreed to buy Scotchmaker Whyte & Mackay

for $720 million in May. Fortune also extends to

408 McDonalds restaurants in the Philippines

(owns franchise via his Alliance Global

conglomerate) and Resorts World Manila.

5.John Gokongwei Jr.$4.9 BILLION

SOURCE:DIVERSIFIED


Prosperity abounds at conglomerate, JG

Summit Holdings, which he founded. Stock

is at record highs. Another part of fortune inRobinsons Retail Holdings (department stores,

supermarkets); it went public in largest Filipino

IPO last year. Also has stakes in airliner Cebu

Pacific, food, beverages and land.

6.David Consunji$3.9 BILLION

SOURCE:CONSTRUCTION


Construction czars wealth has increased

with 60% rise in his DMCI Holdings stock.

Foundation for fortune: early gig as a concrete

inspector. Laid real cornerstone in 1954, when

he founded DMCI. It has built more than 500

buildings since. One particularly opulent

offering: Taguig-based Acacia Estates. Son

Isidro runs it all now; he hopes recent move into

power pays off.

7.George Ty$3.7 BILLION

SOURCE:BANKING


Started Metropolitan Bank & Trust Co.

(known as Metrobank) in his 20s. Mind for

math, eye for art: each Metrobank branch

was decorated with paintings he chose.Reserved, reclusive and buttoned-up. Gave

up chairmanship to son, Arthur, in 2006.

Family also has stakes in Toyota Motor

Philippines, Philippine AXA Life Insurance.

2.Lucio Tan$6.1 BILLION

SOURCE:DIVERSIFIED


Keeps long-held red ribbon as second richest.

Impressive given 32% drop in his main holding,

LT Group, since last time fortunes were

calculated. With roughly 45% of its revenue

from cigarettes, dreary forecast for that

industry coupled with black market for smokes

have upset investors. Shareholders can drown

their sorrows in another LT Group product; it

owns brewery behind popular pale lager Beer

na Beer. Mopped floors to pay for school, then

became a chemical engineer.

1.Henry Sy$12.7 BILLION

SOURCE: DIVERSIFIED


Retains top spot for seventh year in a row.

Richer than ever, thanks to rising share price

for his SM Prime Holdings, countrys largest

mall operator, and Banco de Oro. Kids run

things now, but Hawaiian shirt-clad Henry

was once a frequent sight in malls halls.

Studied retail at fathers elbow in familys

convenience store. Wasnt satisfied with

merely filling dads shoes. Saved up to start

footwear shop, the humble origins of retail

empire.

UP DOWN UNCHANGED NEW TO LIST RETURNEE

3.Enrique Razon Jr.$5.2 BILLION

SOURCE: PORTS

AGE: 54. MARRIED, 2 CHILDREN

Casino chief placing a big bet on continued expansion of Solaire Resort & Casino. Solaire is adding

300 more rooms, a shopping mall and a theater. Eying future plays in Macau, Japan and Latin

America. Known as Ricky to all, made first fortune not with poker tables but with ports. Inherited

International Container Terminal Services,which operates ports in 22 countries, from father in

1995. In downtime find him on the links: avid golfer backs the Philippines Golf Tour.

SIMONDAWSON/BLOOMBERGV

IAGETTYIMAGES


3/8


FORBES ASIA

10.Tony Tan Caktiong$2 BILLION

SOURCE:FAST FOOD


Prospered from selling American-style

burgers in the Philippines. His Jollibee Foods

is nations largest fast-food joint, with more

than 750 restaurants. In addition to namesake

chain, also has Chowking (Chinese food) and

Greenwich Pizza & Pasta. Started with 2 ice

cream parlors he opened in 1975.

11.Robert Coyiuto Jr.$1.8 BILLION

SOURCE:POWER

AGE:61. MARRIED

Chairs one of the Philippines largest insurance

companies, privately held Prudential Guarantee

& Assurance. Bulk of fortune from 30% holdingin National Grid, which is also partially owned

by Henry Sy (No. 1). Holds stake in Oriental

Petroleum & Minerals, a petroleum exploration and

production firm.

12.Lucio & Susan Co$1.7 BILLION

SOURCE:RETAILING

MARRIED, 3 CHILDREN

Struck gold with the Puregold Price Club, known

for its hypermarkets. Planning to open smaller

stores now, too. Other business interests span

gaming, hotels, wine distribution, property, energy.

13.Yap family$1.475 BILLION

SOURCE:BANKING

Heirs of Emilio Yap, who died this year. Family

has vowed not to break up empire Emilio created.

Crown jewel: Philtrust Bank.

14.Manuel Villar$1.460 BILLION

SOURCE: REAL ESTATE


As a kid, helped mom sell seafood in Manila

market. Studied hard, became financial analyst.

Saved 10,000 pesos to start company. His

publicly traded Starmallsup big (see intro).

Another gainer: mansion builder Vista Land

& Lifescapes, run by his son, Paolo. Active in

politics. Current senator. Onetime presidential

candidate.

15.Inigo &Mercedes Zobel$1.2 BILLION

SOURCE:DIVERSIFIED

Brother and sister inherited fortune fromwealthy aunt. Cousins to Jaime Zobel de Ayala

(No. 9). Own stake in Ayala Corp., the familys

conglomerate.

8.Aboitiz family$3.6 BILLION

SOURCE:DIVERSIFIED

Clan of power players, with its Aboitiz Power

mulling expansion into Indonesia. Company

generates and distributes power. Rest of fortune

largely comes from Aboitiz Equity Ventures, with

investments in businesses like Filipino UnionBank

and flour-and-feed producer Pilmico Foods. The

first Aboitizes made money as 19th-century hemp

traders. Fortune formerly listed under Enrique (d.

2013) and his nephew Jon Ramon, the currentchairman.

J U L I A N A B R A M W

A I N W R I G H T / B L O O M B E R G V I A G E T T Y I M A G E S


9.Jaime Zobel de Ayala & family$3.4 BILLION

SOURCE:DIVERSIFIED


The 180-year-old Ayala Corp.is run by a clan of corporate aristocrats. Modern expansion

was started by Jaimes grandfather, who pushed the tribe into banking, real estate and

hotels. Patriarch Don Jaime is a renaissance man: Harvard architecture student, world-class

photographer, former diplomat. Ran companies like Bank of the Philippine Islands, which

Ayala Corp. still owns. He has handed reins to his children: Jaime II is chairman, Fernando is

president and chief operating officer.

Jaime Zobel de Ayala II,

chairman.


4/8

It is a curious

situation, says

Stephen Briggs,

BNP Paribas wise

man of metals, from

his perch observing

the London Metals

Exchange.

That is not how

the usual ho-hum tales about nickel

usually start. Yet truer words were

never spoken.

Nickel prices had slumped in

recent years as supply piled up. But

when Indonesia, the worlds top nickel

miner, slammed down a ban on exports

in Januaryin hopes of stimulating

a domestic industry in refining the

orethe benchmark nickel price has

soared from approximately $11,000

a ton to $19,000 a ton. It has turned

nickel from a grim bear market into a

fairly dramatic price recovery, explains

Briggs. Its not often you get a market

completely based on one factorthe In-

donesian banand one factor alone.

While supply has weakened, de-

mand hasnt. China still keenly desires

nickel for its role in producing stainless

steel. As any Economics 101 student

can figure out, nickel miners outside of

Indonesia will see their business greatly

expand.

Such is the case for Philippines-

based Nickel Asia. Its revenue through

the first half of 2014 more than doubled

from a year ear-

lier, to $206 million

Profit expanded

by 419% to $75

million. Its mines

were thrown into

overdrive, and their

volume increased

by some 40%. Its

four quarries stretch across the archi-

pelago from Palawan to Mindanao.

Its Palawan-based Rio Tuba mine is

the oldestoperations started there in

1975but it is only a fraction of the size

of the Taganito Mine in Mindanao.

Analysts believe Nickel Asia can

end 2014 with $568.6 million in sales (a

117% increase from a year earlier)and

conclude 2015 with $750 million.

Nickel Asias good fortunes should

make a particular trio of rich-listers

smile. Manuel Zamora (No. 27), Philip

Ang (No. 35), Luis Virata (No. 37) each

have stakes in the miner. Fittingly,

Zamora, who founded Nickel Asia with

his brother, has the largest one, worth

$588 million.

Boom times should continue as long

as the incoming Indonesia govern-

ment doesnt change the policy. Were

going from a very large surplus to a very

large deficit, says Briggs, who projects

the benchmark nickel price could hit

$25,000 a ton within a year. And 2014 i

just the transition year. In other words

pedal to the metal. A.B.

REUTER

S/YUSUFAHMAD

COMMODITY PLAY

Nickels New Shine

16.Alfredo Yao$1 BILLION

SOURCE: DIVERSIFIED


Skyrockets up the list to billionaires club

after additional insight on fortune. Executed a

backdoor listing of Macay Holdings, a bottlingand beverage company, last October. Fortune

also in juicemaker Zest-O, which Yao founded in

1980. Has a stake in Philippine Business Bank.

17.Andrew Gotianun$955 MILLION

SOURCE:REAL ESTATE


Founder, chair of conglomerate Filinvest

Development, with interests in real estate,

banking, sugar, hospitality, power. His daughter

Josephine runs it all. Among Filinvests projects,

The Beaufort, luxury apartments in towers

overlooking golf course. Recently bid for $320million Mactan-CEBU International Airport

expansion. Cried foul play when another

companyone with an alleged conflict of

interestoffered the highest bid.

18.Vivian Que Azcona$935 MILLION

SOURCE:RETAILING

President of privately held Mercury Drug, countrys

largest drugstore chain, with more than 900 stores.

Started by father Mariano Que, who sold drugs

from a pushcart in Manila before opening first

store in 1945. Mariano, and later Vivian, consistently

found new ways to peddle pills: first with a delivery

system (1948), then 24-hour stores (1965) and later

drive-through pharmacies (2012).

19.Eduardo Cojuangco$870 MILLION

SOURCE:DIVERSIFIED.


Nicknamed Boss for the way his imposing shadow

fell across the Philippines for decades. Confidant to

president Ferdinand Marcos, shrewd businessman

even after the regime fell. Became a billionaire as

his widely diversified San Miguelconglomerate

grew. Fortune fell below 10-digit mark after selling

stake in beer and food firm San Miguel in 2012.

Remains San Miguel chairman.


5/8


FORBES ASIA

20.Beatrice Campos$825 MILLION

SOURCE:PHARMACEUTICALS

WIDOWED, 5 CHILDREN

Widow of Jose Campos, cofounder of drugmaker

Unilab, which accounts for biggest part of fortune.

Stake in food and beverage business Del MontePacific is down 20% since November on concerns

about its acquisition of U.S.-based Del Monte

Foods.

21.Po family$770 MILLION

SOURCE:CANNED FOOD

Progenitor Ricardo S. Po ran erstwhile stock

brokerage before market crash in 1973. Nearly

lost all. Acquaintance in seafood industry

mentioned tuna had potential. Studied up on the

sea creature. Founded Century Canningin 1978

on $100,000 loan secured through a golf buddy.

At first, just a supplier (still one today to likesof Bumble Bee and Subway restaurants). Later

took advantage of sardine shortageFilipinos

favored fishto push his own tinned tuna brand.

Shrewd marketer. In 1995 launched canned corn

beef; called it Argentina Corn Beef to associate

the brand with that countrys premium meat. Son

Chris runs company now.

22.Oscar Lopez$700 MILLION

SOURCE: MEDIA


Chairman emeritus of Lopez Holdings,

conglomerate best known for its ABS-CBN

Broadcasting unit. Its real estate arm, Rockwell

Land Corp., is turning an abandoned thermal power

plant into luxury homes.

23.Alfonso Yuchengco$685 MILLION

SOURCE: DIVERSIFIED


Former ambassador and public accountant.

Once considered wearing a clerics collar rather

than a businessmans suit. He cashed in on

credit cards as the first to bring plastic to the

Philippines. His empire today includes some 60

businesses across banking, property, travel, car

dealerships, education. Daughter Helen runs

flagship Rizal Commercial Bank.

Ason can be a

fathers natu-

ral succes-

sor in business. Yet

the relationship can

as naturally become

a feud, as between

Reghis Romero II and

son Michael.

The younger Rome-

ro, 41, took over Manilas

Harbour Centre Port

Terminal in 2003. It was not doing re-

ally wellit was a big challenge. I took

that challenge and turned the company

around, he says. It has become one of

the countrys largest commercial hubs,

with 6 million metric tons of cargo

passing through each year.

At the outset Romero asked his father

to be Harbour Centres chairman. That

wasnt to tap dads logistics smarts

(Reghis, 63, runs R-II Builders). Rather it

was an effort, he says, to conform to a Fili-

pino expectation and include his parent.

Michael blames what followed on

his fathers envy. Rehgis, he says, had

trouble at his construction firm, so he

turned his sights on Harbour Centre.

(Reghis didnt respond to bids for com-

ment.) In March father accused son and

two others of stealing $200,000 from

company coffers. While the Romeros

traded lawsuits over control of the

company, prosecutors cleared Michael

of wrongdoing. But the bad blood had

spilled into the public

eye, attracting Filipino

media coverage.

And it worried

more than just govern-

ment officials. Ramon

Ang (No. 32), head of

San Miguel Corp., was

reported to worry the

fight will damage his

and Michaels four-

year-old joint venture to

modernize Manila North Harbor Port,

the biggest domestic container terminal

in the Philippines. (Ang didnt get back

to FORBES ASIA.)

Michael has vowed to fix his re-

lationship with Reghis. (We are still

blood relatives. It is just so unfortunate

that there are other people involved,

like his lawyers.) But even as he tries

to smooth things over, Michael has

prosecutors looking at whether he

conspired with government officials

to win control of Subic Bay Freeport

in 2010. He chalks it up to a political

witch hunt: We were just collateral

damage in this. Then theres what he

describes as a software mix-up that

led regulators to suspend trading of

his holding company, GlobalPort 900,

in May. It still hasnt relisted, and his

wealth estimate is down 25% to $375

million, even as he vows a return to the

Philippine Stock Exchange.

Samantha Sharf

BLOOD FEUD

MICHAEL ROMERO

Ports in a Storm


6/8

JULIANABRAMWAINWRIGHT/BLOOMBERGV

IAGETTYIMAGES UP DOWN UNCHANGED NEW TO LIST RETURNE

28.Carlos Chan$550 MILLION

SOURCE:FOOD

AGE:73 . 6 CHILDREN

Started Liwaywayin postwar Manila as a corn-

starch packager. Today its a snackmaker, selling

potato chips, candy, prawn chips. AnticipatedChinese demand for consumer goods early on; set

up an outpost in Shanghai in the 1980s. Feeding the

mainlands masses earned him an honorary Chinese

citizenship in 2005.

29.Jorge Araneta$510 MILLION

SOURCE:REAL ESTATE

Patriarch of Araneta family, which owns the

Araneta Complex, home to Smart Araneta

Coliseum, one of Asias largest indoor sports

arenas. Called The Big Dome, it is known for

hosting basketball contests. Planning $690 million

expansion of the Complex to add malls, residentialtowers, outsourcing offices and hotels. He and

siblings inherited it from their father, J. Amado.

32.Ramon Ang$380 MILLION

SOURCE: DIVERSIFIED

AGE:60. MARRIED

Runs conglomerate San Miguel. Strengthened grip on the company by buying out a partners

stake earlier this year. Took command of San Miguel in 2007, then diversified the beer and food

company into power, infrastructure, oil and gas. Captain of Philippine Airlines, too. Also has stakes

in Eagle Cement and Manilas Diamond Hotel.

24.Roberto Ongpin$680 MILLION

SOURCE: DIVERSIFIED


Chairs miner Atok-Big Wedge and runs

property developer Alphaland. Attempting

to end nasty spat with business partnersAshmore Group and Wenceslao Group. Plans

to complete agreement with Ashmore to

split up assets of troubled Alphaland. If deal

goes through at numbers he suggests, his net

worth could be significantly higher. Fortune

down $620 million from last yearresult of

lower valuation on Alphaland and additional

information on his holdings.

25.Betty Ang$670 MILLION

SOURCE: FOOD

MARRIED

Noodle queen. President and founder of MondeNissin, seller of Lucky Me! instant-noodle brand.

In the 1980s, it was the first in the country to sell

pouches of dry noodles for easy-to-make soup.

Controls some 60% of that market today. Also

sells biscuits.

26.Dean Lao$625 MILLION

SOURCE: CHEMICALS

AGE:55. MARRIED

Started D&L Industriesin 1963 with brother

Leon. From seed capital of 2,000 pesos (half

his savings, half a loan from dad), D&L is

now an $880 million (market cap) business.Produces fats, colorants, additives. Customers

include global firms like 3M, McDonalds and

KFC and big Filipino firms like San Miguel,

Universal Robina and Jollibee. Chemrez

Technologies, maker of polymers, paint resins

and bio-diesels, another part of chemicals

kingdom.

27.Manuel Zamora$620 MILLION

SOURCE:MINING


Mining magnate. More than doubled fortune

since last year on significant rebound in nickel

prices (see box, p. 91). Son Martin is a Nickel

AsiaVP.

30.Mariano Tan Jr.$445 MILLION

SOURCE:PHARMACEUTICALS

AGE:52

Father cofounded company as a corner drugstore

in Manila after World War II. Company legend

holds it wouldnt turn anyone awaywhether thecould pay or not. Changed course from selling

drugs to making drugs under Unilabname. Has

20% market share. Unilab makes tonics for colds,

allergies, aches, among others.

31.Edgar Sia$390 MILLION

SOURCE:FAST FOOD


BBQ chicken baron now getting into real estate.

Founded fast-food outlet Mang Inasal(known for

its grilled chicken). Sold part to Tony Tan Caktiong

(No. 10) Jollibee Foods in 2010 for $68 million. Mo

recently teamed up with Tan to start real estate

company DoubleDragon Properties. Took it public

in April. DoubleDragon focuses on small malls in

nations provinces.


7/8


FORBES ASIA

38.Alfredo Ramos$260 MILLION

SOURCE: DIVERSIFIED


Saw writing on the wall about publishings

future. After inheriting National Book Store,

diversified fortune. Today a metals mogul.Chairman of miner Atlas Consolidated

Resourcessince 2003. Has stake in oil and

gas explorer Philodrill.

39.Wilfred StevenUytengsu Jr.$255 MILLION

SOURCE:MILK


Made his money from milk. Sold stake in

Alaska Milk Corp.in 2012 to Dutch Royal

FrieslandCampina. Still runs everything.

Became chief executive after founder fatherstepped down in 2007. Former University

of Southern California swim captain, helped

organize the Philippines first Ironman race.

33.Michael Romero$375 MILLION

SOURCE: PORTS


Worked in venture capital in Singapore. Returned

home and got into port business (see box, p. 92),

including Harbour Centre Port. Avid buyer ofFilipino art; close to 1,000 pieces in collection.

34.Concepcion Family$320 MILLION

SOURCE:DIVERSIFIED

Twin brothers inherited dads manufacturing

and food businesses. Raul took the

manufacturer, Concepcion Industrial, and

expanded it from air conditioners to other

household appliances. Jose got the food firm,

RFM, today one of the countrys largest food-

makers, with products spanning the pantry:

cake mixes, milk, meat, ice cream.

35.Philip Ang$315 MILLION

SOURCE:MINING

AGE:73. MARRIED

Reclusive Nickel Asiavice chairman got much

richer from rising company shares. Started in the

textile business after American education.

36.Frederick Dy$310 MILLION

SOURCE: BANKING


Chairs Security Bank, nations eighth largest

by assets. Improving economy bolstering its

loan portfolio, deposits and investment returns.

Recorded a 115% gain in profit in first half of 2014.

37.Luis Virata$300 MILLION

SOURCE: MINING


Bulk of wealth comes from stake in Nickel Asia.

Chairs investment-bank CLSA-Exchange Capital;

runs Cavitex Holdings, which operates a toll road

between Manila and his home province of Cavite.Late father Leonides Sarao Virata was one of the

countrys top economists.

P H I L I P P I N E D A I L Y

I N Q U I R E R


42.BienvenidoTantoco Sr.$235 MILLION

SOURCE: RETAILING

AGE:93. WIDOWED,

6 CHILDREN

Lladr porcelain, Armani jeans

find those luxury brands and

many others at Rustans, the

upscale stores he founded with

his wife in 1951 (and run today by

daughter Zenaida). Franchisee

for Marks & Spencer, Starbucks,

Prada, too. Former ambassador

to the Vatican.

40.Tomas Alcantara$250 MILLION

SOURCE: DIVERSIFIED

AGE:68. SINGLE

Powerful at home and abroad. His Alsons

Consolidated Resourceshas generated electricity

in impoverished Mindanao region for more thana decade. Consults on power plants in Vietnam,

Pakistan and Indonesia. Japanese government

made him member of the prestigious Order of the

Rising Sun last year for promoting economic ties

between the 2 nations.

41.Jose Antonio$240 MILLION

SOURCE: REAL ESTATE


Founded Century Propertiesin 1986. Stock down

recently as property deal with Japanese Okada Group

fell apart. Understands marketing magic behind

Western names. Developer behind looming ForbesMedia Tower in Manila. Did a deal with billionaire

Donald Trump. Let Paris Hilton design a beach club.

One newer project: medical center with GE Healthcare.


8/8

43.Jacinto Ng$230 MILLIONSOURCE:DIVERSIFIED

MARRIED, 4 CHILDREN

Pushing Asia United Bank, which he cofounded, toward aggressively expanding its network

of 178 branches. Another 44 already planned. Banking today; biscuits yesterday. Founded

snackmaker Rebisco in 1963 in a small, rented Manila factory. Best known for its cream-filled

cracker sandwiches.

M E T H O D O L O G Y

The list was compiled using sharehold-

ing and financial information obtained

from the families and individuals, stock

exchanges, analysts and other sources.

Unlike our billionaire rankings, this list

includes family fortunes, including those

shared among extended families such

as that of John Gokongwei Jr. and his

relatives. Net worths are based on stock

prices and exchange rates as of the close

of markets on Aug. 18. Private companieswere valued based on similar companies

that are publicly traded.

44.Gilberto Duavit$200 MILLION

SOURCE:MEDIA

AGE:79. MARRIED, 4 CHILDRENControls GMA Networkalong with Felipe Gozon

(No. 48) and Menardo Jimenez (No. 45); his son

Gilberto Jr. is GMA president. Shares of GMA, a

TV and radio broadcaster, have fallen 13%. Trio

plan to sell minority stake of the company to

Ramon Ang (No. 32) after a long courtship with

Manuel Pangilinan ended in February.

45.Menardo Jimenez$195 MILLION

SOURCE:MEDIA


Part of triumviratewith Felipe Gozon (No. 48)

and Gilberto Duavit (No. 44)that controls GMANetwork. Also CEO of Alindeco, manufacturer of

abaca pulp sheet, a particularly thick fiber prized

for its durability (used in banknotes, tea bags).

46.Eric Recto$190 MILLION

SOURCE:DIVERSIFIED

AGE:51.Fortune more than halved due to lower valuation

of troubled real estate developer Alphaland,

which uncle Roberto Ongpin (No. 24) runs.

47.Walter Brown$183 MILLION

SOURCE:MINING

AGE:75. MARRIED

Wealth down by 32% with shares in mining

company Atok-Big Wedgeplummeting.

Stock fell on uncertainty over Atoks drilling

rights in South China Sea. (He was Atok-Big

Wedge president until 2012; now a director.)

Founded and chairs A Brown Co., property

developer in Mindanao region thats

also into palm oil production, power,

hospitality.

48.Felipe Gozon$182 MILLION

SOURCE:MEDIA


CEO of GMA Networkand one of 3 major

shareholders along with Gilberto Duavit (No. 44

and Menardo Jimenez (No. 45).

49.P.J. Lhuillier$180 MILLION

SOURCE:PAWNSHOPS


Pawnshop titan. His Cebuana Lhuillierhas

more than 1,700 branches. Father started it

in 1935. P.J. ran it next, then turned it over to

sons Jean Henri and Philippe Andre. Jean Hen

extended fortune from informal credit market

to insurance, money-wiring and savings &

loans. Scored big partnerships with money-

transfer giants like Xoom, MoneyGram and

Xpress Money.

50.Juliette Romualdez$170 MILLION

SOURCE:BANKING

WIDOWED, 4 CHILDREN

Widow of Benjamin (Kokoy) Romualdez, Imeld

Marcos younger brother. Sold familys minority

stake in Banco de Oroto a group of foreign

funds last year. Oxford-educated son Benjamin

Jr. continues to run nations oldest mining firm,

Benguet, in which family has small stake. Acros

the Benguet boardroom table is another son,

Daniel, whos chairman.

ROMEORA

NOCO/REUTERS

Forbes' Philippines Rich List 2014

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