10 of the Richest Filipinos

2. John Gokongwei, Jr. – Net Worth: $5.3 Billion

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John Gokongwei, Jr. started a cornstarch plant in the 1950s and transformed it into JG Summit with interests in food and beverages, airlines, telecom, property development, banking, hotels and power.

Stock is up 30% in the last year thanks largely to revenue growth in its petrochemical businesses and earnings from an investment in Meralco, the country’s largest electric power distribution company. JG Summit also owns a stake in publicly listed Robinson Retail Holdings. The group has almost 1,400 retail outlets and plans to top 1,600 this year.

John’s brother James chairs the JG Summit, while his son, Lance Gokongwei, is president. On the other hand, his daughter, Lisa, runs Summit Media with more than 20 magazine titles including Forbes licensee Forbes Philippines, which launched in 2015.

1. Henry Sy & family – Net Worth: $14.4 Billion

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Henry Sy, the country’s richest man, is even richer as the value of his publicly traded conglomerates, SM Investments and SM Prime Holdings, have increased by 17% and 20%, respectively over the past year. The companies announced record income from banking and retail businesses and two new mall partnerships in 2014. Its growth plans involve building “micro cities” around some of its existing mall properties with the objective to build 10 mixed-use townships by 2020 as part of an estimated $11 billion expansion.

Sy also has a stake in privately-owned electricity firm National Grid Corp., which supplies power to the entire country. Sy’s eldest daughter, Teresita Sy-Coson, has been actively involved in expanding the firm’s retail sector and chairs BDO Unibank. Sy got his start at a young age working in his family’s convenience store and later opened his first business, a footwear shop.

Sy has been the country’s richest man for eight (8) straight years.

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