RP's 40 Richest

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Special ReportThe Philippines 40 Richest

Justin Doebele 10.18.07, 6:00 PM ET

THE Philippines is making a comeback. Second-quarter growth of 7.5% was the highest

in two decades; unemployment was 8%, the lowest since 1997. After a slip on sub primefinancial worries in August the stock market has made a full recovery and recently postedrecord highs. It is up 28% for the year.Sort List By:Rank|Name |NetWorth | Age

All of this helped boost the fortunes of many of its richest citizens, who were also helped out bythe falling dollar, down roughly 10% against the peso for the year. For the first time in a decadea Filipino broke into the billionaire ranks. The son of a poor immigrant factory worker, AndrewTan restructured his holding company, Alliance Global, and reaped the benefits; his net worthjumped to $1.1 billion, up from $480 million last year.

In Pictures:The World's Billionaires

The year's biggest gainer is Manuel Villar, the Philippine senate president, who is worth $940million, up from $110 last year. He got a big boost from the public offering of Vista Land &Lifescapes. Seven other tycoons including Tony Tan Caktiong and Enrique Razon Jr. saw theirfortunes jump by at least $100 million. Fifteen others are wealthier than last year.

But not all rich listers fared as well. Fourteen are worth less than in 2006 but for reasons thatoften have to do with estate planning and better reporting. John Gokongwei gave away half hisshares in JG Summit, the conglomerate he founded, to his family's foundation.

We also learned more details on holding company structures of such longtime rich listers asHenry Sy and Lucio Tan that resulted in lower valuations. As is the case with our other Asianrich lists, we try to focus where we can on individual--or at least nuclear family--wealth, so thisyear we broke up the billionaire Ayala clan into two separate groups.

The Philippine list is still the easiest to make in all of Asia, requiring a net worth of only $30million, $5 million more than last year, but $50 million less than any other country we track. Thetop 40 are worth a total of $17 billion, up from $16 billion last year.

Wealth in public companies is calculated using stock prices and exchange rates from earlyOctober, while values of privately held outfits are estimates based on comparisons to prevailing

price-to-earnings or price-to-sales ratios for similar publicly traded companies.

Listing Bonanza

"If you want to know the past, talk to an economist. If you want to know the future, follow thetycoons," says Manuel Villar.
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In the Philippines, that has lately meant restructuring companies or listing them on the robuststock market, which has seen daily turnover--a measure of liquidity--jump tenfold to $121million since 2003.

Three companies backed by Philippine tycoons went public in a two-week period in July as theserich listers took advantage of strong market conditions. The first was Enrique Aboitiz, who spun

off Aboitiz Power in a public listing, raising $220 million. Next was Villar, who de-listed hisC&P Homes and took public a new company, Vista Land & Lifescapes, which includedpreviously private assets as well as those from C&P. The maneuver helped boost Villar's networth by $830 million.

At the end of the month came the debut of GMA Network, the nation's second-largest mediaoutfit, controlled and run by rich listers Gilberto Duavit Jr., Felipe Gozon and Menardo Jimenez.It ran into some controversy when a daughter of Ferdinand Marcos tried to prevent the offering,claiming that Duavit Jr.'s shares actually belonged to her. Stock exchange officials allowed thelisting to go ahead.

Up next is Splash, the personal care company operated by Rolando and Rosalinda Hortaleza, ontrack to go public later this year. Tycoon-backed companies that will likely follow suit includeJohn Gokongwei's budget airline Cebu Pacific; the beer business of Eduardo Cojuangco's SanMiguel, and McDonald's Philippines franchise, in which Andrew Tan has a 49% stake.

In Pictures:The World's Billionaires

Additional reporting by Suzanne Nam, Glen Perkinson, Joy Posadas and Steven Williams.

The Philippines 40 Richest

RANK NAME NET WORTH ($MIL) AGE

1 Jaime Zobel de Ayala & family 2,000 73

2 Henry Sy & family 1,700 82

3 Lucio Tan & family 1,600 73

4 Andrew Tan 1,100 555 Manuel Villar 940 57

6 George Ty 870 74

7 Andrew Gotianun 860 79

8 Enrique Razon Jr. 820 47

9 Tony Tan Caktiong & family 790 57

10 Oscar Lopez & family 775 77
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11 Vivian Que Azcona & family 670 NA

12 Inigo & Mercedes Zobel 660 NA

13 Eduardo Cojuangco Jr. 540 72

14 Emilio Yap & family 445 81

15 John Gokongwei Jr. & family 430 81

16 Enrique Aboitiz & family 375 85

17 Alfonso Yuchengco & family 365 84

18 Beatrice Campos 220 NA

19 David Consunji & family 210 86

20 Luis Virata 200 53

21 Gilberto Duavit Jr. & family 191 43

22 Menardo Jimenez & family 190 NA

23 Felipe Gozon & family 165 67

24 Mariano Tan & family 140 NA

25 Ramon del Rosario Jr. 137 63

26 Ronaldo & Rosalinda Hortaleza 110 48/50

27 Manuel Zamora 105 68

28 Betty Ang 100 NA

29 Tomas Alcantara & family 90 61

30 Frederick Dy 70 51

31 Wilfred Steven Uytengsu Sr. 60 80

32 Salvador Zamora 55 61

33 Oscar Hilado & family 51 6934 Philip T. Ang 50 66

35 Magdaleno Albarracin Jr. 49 71

36 Jesus Tambunting 47 70

37 Antonio Roxas 36 65

38 Manuel Pangilinan 35 61

39 Marixi Rufino-Prieto & family 33 67

40 Lourdes Montinola 30 79
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