The Philippines’ economy grew by 5.7% in the first quarter of 2024, a slower pace compared to the 6.4% growth recorded in the same period last year. This was attributed to high inflation and borrowing costs affecting domestic demand. Despite a 2% increase in the benchmark stock market index, the peso depreciated by 6%, resulting in the collective wealth of the country’s 50 richest individuals almost stagnating at $80.8 billion.
Among the wealthiest individuals on the list, more than half experienced a decrease in their fortunes this year. The Sy siblings, heirs to the SM group founded by the late Henry Sy Sr., maintained the top spot even though their wealth decreased by $1.4 billion to $13 billion due to the weaker peso. SM Investments, their conglomerate with interests in banking, property, and retail, is expanding into geothermal energy with several new projects throughout the country.
Enrique Razon Jr., a ports and casino billionaire, saw the biggest increase in wealth for the second consecutive year, with his net worth rising to $11.1 billion, up by $3 billion. This propelled him to become the country’s second-richest individual for the first time. Shares of his company, International Container Terminal Services, surged by nearly 80% in the past year amid a global trade rebound.
Manuel Villar, a property tycoon, saw his net worth grow by $1.2 billion to $10.9 billion, although he slipped to third place on the list. His companies, Vista Land & Lifescapes and Golden MV Holdings, have diversified into high-rise apartments to capitalize on the booming property market. Education magnate Eusebio Tanco saw his wealth increase by 35% to $815 million, driven by rising shares of his online gaming company, DigiPlus Interactive.
The Gokongwei siblings, who inherited their fortune from their father, experienced a decrease in wealth by 37% to $1.9 billion. Their flagship company, JG Summit Holdings, saw a decline in shares as its petrochemicals unit was impacted by lower global prices and high operating costs. Despite the lackluster IPO market, two individuals returned to the list after a hiatus, including construction tycoon Edgar Saavedra and his former business partner, Michael Cosiquien.
However, some individuals from the previous year did not make the cut this time, including Philip Ang, whose wealth from Nickel Asia declined due to weaker prices of nickel ore caused by a supply glut. The cutoff for inclusion on the list this year was $170 million, slightly lower than the $180 million threshold in 2023. The methodology for compiling the list included shareholding and financial information obtained from various sources, and valuations were based on stock prices and exchange rates as of July 19, 2024.
