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Henry Sy Tops Forbes’ List of Richest Persons from PH

Henry Sy, the richest man in the Philippines, continues to dominate over the business landscape of the country as he retains the top spot in the Forbes Philippines rich list for the sixth year in a row.


In a statement of Forbes, Henry’s net worth climbed by $2.9 billion to $12 billion, as shares of his company SM Investments reported record profits of over $570 million in 2012.


Running up the second place is Lucio Tan, with an estimated $7.5billion and is this year’s leading gainer in dollar terms after his net worth flew to $7.5 billion, up by $3 billion from $4.5 billion in 2012, Forbes said.


Consequently, Andrew Tan has climbed up to third place from sixth in the prior year with $4.6 billion, which was actually double his wealth in 2012, it said.


“The Philippines’ richest also benefited from a buoyant stock market, which is up 28% in the past year,” Forbes said.


Enrique Razon Jr. made it at fourth with $4.5 billion, and John Gokongwei Jr. at fifth with $3.4 billion.


Indeed, the Philippines has two new billionaires, former senator Manuel Villar, who is at number 16, with an estimated wealth of $1.05 billion, and the Aboitiz Family which ranks seventh with $3 billion after the whole clan consolidated their wealth.


Forbes further said, “The combined net worth of the Philippines’ 50 richest totaled $65.8 billion, more than a quarter of the nation’s Gross Domestic Product.”


He said that the list was gathered using shareholding and financial information acquired from the families and individuals, stock exchanges, analysts and other sources.


Corabelle is the Bayanihan's Phillippine News Correspondent.