Businessman Manuel Villar’s net worth is now at $5 billion (P267.3 billion), according to the newest Philippine rich list published by business magazine Forbes, making him the second richest man in the country.

The former senator’s 2018 net worth is more than triple his $1.6 billion net worth last year, Forbes said.

ADVERTISEMENT

This has been the real estate tycoon’s highest ranking since he was first included in the exclusive list in 2006. He replaces John Gokongwei Jr, who is now No. 3 on the list as his net worth fell to $4.4 billion from $5.5 billion last year.

Forbes attributes the increase in Villar’s net worth to his real estate developer Golden Bria Holdings, which saw a staggering 1,300-percent share increase in the first quarter of this year.

Villar also benefitted from his holdings in two other listed companies, mall operator Starmalls, Inc. and low-cost property developer Vista Land and Lifescapes.

Forbes’ Philippines Rich List face volatility, as 19 tycoons saw their net worth shift 20% or more over the past year.

Take a look at the 2018 Top 10 richest people in the Philippines, according to Forbes.Read Related Story: http://newsinfo.inquirer.net/1029005/manny-villar-rises-to-2nd-spot-in-forbes-rich-list Posted by INQUIRER.net on Wednesday, September 5, 2018

Henry Sy, Chairman of SM Investments, one of the Philippines’ largest conglomerates, retains his top spot on the list as his net worth continues to rise to $18.3 billion this year, from $18 billion previously.

Gokongwei Jr. takes the No. 3 spot this year with a net worth of $4.4 billion while Jaime Zobel de Ayala rose one spot to No. 4 and saw his fortune rise to $4 billion, increasing by $300 million. Rounding out the top five of the list is Enrique Razon Jr., with a net worth of $3.9 billion.

ADVERTISEMENT

Thanks to a rise in shares of San Miguel by 70% from a year ago, notable gainers Ramon Ang (No. 8, with $2.85 billion), Inigo and Mercedes Zobel (No. 11, with $2.5 billion) and Eduardo Cojuangco (No. 14, with $1.4 billion) saw their wealth rise. In July, the company announced plans to invest $1 billion in 10 new beer breweries across the Philippines and in other countries.

In Forbes, the top 10 richest in Philippines are:

1) Henry Sy; US$18.3 billion

2) Manuel Villar; $5 billion

3) John Gokongwei Jr.; $4.4 billion

4) Jaime Zobel de Ayala; $4 billion

5) Enrique Razon Jr.; $3.9 billion

6) Tony Tan Caktiong; $3.85 billion

7) Lucio Tan; $3.8 billion

8) Ramon Ang; $2.85 billion

9) George Ty; $2.75 billion

10) Andrew Tan; $2.6 billion

However, 27 rich listers saw their fortunes decline, including television station owners Gilberto Duavit ($135 million), Menardo Jimenez ($130 million) and Felipe Gozon ($125 million) as share prices in GMA Network slumped 11 percent.

Betty Ang of noodle maker Monde Nissin lost the most as her net worth fell 70 percent to $270 million.

Mining industry leaders Philip Ang and Luis Virata are no longer part of the 50 richest list as the industry continued to suffer from the tough stance of the administration of President Rodrigo Duterte against mining operations in the country.

The list was compiled using information from the individuals, stock exchanges, analysts, private data bases, government agencies and other sources. Net worths were based on stock prices and exchange rates as of the close of markets on August 24, 2018. Private companies were valued by using financial ratios and other comparisons with similar publicly traded companies. /jpv/ muf

RELATED STORY

12 richest Pinoys have P2.9 trillion

Read Next

EDITORS' PICK

MOST READ