MANILA, Philippines - Tycoon Henry Sy, who built his SM retail fortune from a footwear shop in Manila in 1958, remains the richest Filipino with a net worth of $13.7 billion, occupying the top spot on Forbes Philippines Rich List for the ninth year running.

The Forbes Philippines Rich List 2016, released yesterday, counted the country’s 50 richest individuals and families, with Sy in top spot and Nickel Asia’s Luis Virata at 50th, with a net worth of $145 million, the minimum amount required for one to make it to the list.

John Gokongwei Jr., founder of JG Summit, remains at No. 2 with a net worth of $6.8 billion, up from $5.5 billion last year.

“Over the years, the founder of JG Summit has built his business into Philippines’ fifth largest company with a market capitalization of $13.2 billion and diverse business interests including an airline, banking, food, hotels, power, chemicals, real estate and telecommunications. As he turns 90 this year, he is handing over the reins of the family business to the next generation,” Forbes said.

Forbes noted that several tycoons with interests in development and construction enjoyed a particularly robust year in 2015.

Furthermore, the fortunes of these tycoons could rise even higher on the back of plans by the new Duterte administration to invest in the “golden age of infrastructure,” Forbes said.

Among the 50 richest individuals and families, Forbes said the biggest winner is Mang Inasal founder Edgar “Injap” Sia II, who is No. 17 on the list with a net worth of $1.2 billion.

“The 39-year-old saw his wealth increase by 200 percent, thanks to DoubleDragon Properties, the fast-growing real estate development company he owns with Tony Tan Caktiong (No. 6, $4.3 billion),” Forbes said.

“Shares of DoubleDragon Properties soared by 350 percent due to strong rental revenues and growth of its CityMalls brand. The company announced in August 2016 that it was acquiring a majority stake in Hotel of Asia Inc.,” it added.

Another winner is Ramon Ang who is No. 16 on the list with $1.21 billion.

Ang, who runs diversified conglomerate San Miguel Corp., saw his net worth increase by $700 million to $1.21 billion due to the company’s growth strategy in energy and other infrastructure – from its original brewery business – which propelled its stock value by 50 percent.

Now, San Miguel is the market leader in food and beverages but the bulk of its revenue stems from power, fuel, oil and infrastructure businesses.

Further cementing the conglomerate’s presence in the power sector, San Miguel has plans to build three power plants and a food complex in Mindanao.

Forbes added to the list this year Ben Tiu, who is No. 44 with a net worth of $175 million. He is the eldest son of self-made steel magnate John Tiu Ka Cho.

The younger Tiu took over TKC Metals in 1987 and led its entry into financial services with thrift bank Sterling Bank of Asia. He also co-founded one of the country’s largest non-banking remittance companies, I-Remit.

On the other hand, Bienvenido Tantoco Sr., who is No. 46 on the list with a net worth of $165 million, suffered the biggest loss percentage-wise this year.

According to Forbes, his wealth fell by 65 percent from $480 million last year because of a competitive market and an increase in expenses that affected his publicly listed SSI Group which saw its net profit fall by half in the first quarter.

Similarly, Forbes said the wealth of mining tycoons also took a blow last year as nickel prices dropped.

The situation is not likely to change just yet given the Duterte administration’s moves to tighten regulations for the sector.

“Three mining magnates dropped off from this year’s list, including Philip Ang, who ranked No. 41 last year. The minimum amount required to make the list was $145 million, up from $120 million last year,” Forbes said.

The Philippines’ 50 Richest are as follows: 1) Henry Sy and family, 2) John Gokongwei Jr., 3) Aboitiz family, 4) Lucio Tan & family, 5) George Ty & family, 6) Tony Tan Caktiong & family, 7) Jaime Zobel de Ayala & family, 8) Enrique Razon, Jr., 9) David Consunji, 10) Andrew Tan, 11) Lucio and Susan Co, 12) Manuel Villar, 13) Robert Coyiuto Jr., 14) Inigo & Mercedes Zobel, 15) Gotianun family, 16) Ramon Ang, 17) Edgar Sia, 18) Roberto Ongpin, 19) Dean Lao, 20) Eduardo Cojuangco Jr., 21) Yap family, 22) Ricardo Po family, 23) Oscar Lopez & family, 24) Vivian Que Azcona & family, 25) Alfredo Yao, 26) Betty Ang, 27) Beatrice Campos & family, 28) Carlos Chan, 29) Frederick Dy, 30) Concepcion family, 31) Jorge Araneta, 32) Alfonso Yuchengo & family, 33) Mariano Tan Jr., 34) Manuel Zamora Jr., 35) Michael Cosiquien, 36) Wilfred Steven Uytengsu Jr. & family 37) Edgard Saavedra, 38) Eric Recto, 39) Jacinto Ng, 40) Jose Antonio, 41) Tomas Alcantara, 42) Gilberto Duavit & family 43) Menardo Jimenez, 44) Ben Tiu, 45) P.J. Lhuiller, 46) Bienvenido Tantoco Sr. & family, 47) Felipe Gozon, 48) Juliette Romualdez, 49) Michael Romero and 50) Luis Virata.