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The Sy siblings who control retail and property giant SM Group continued to be the Philippines’ wealthiest family with a $13-billion net worth, based on Forbes Asia’s latest Philippines’ 50 Richest list for 2024. Ports and casino magnate Enrique Razon Jr., meanwhile, has been ranked as the country’s richest man with $11.1 billion, according to the list. Although the six Sy siblings — Teresita, Elizabeth, Henry Jr., Hans, Herbert, and Harley — continued to rank first, they saw a decline in their net worth from $14.4 billion a year before, which Forbes attributed to the depreciation of the Philippine peso. The SM Group, built by their late father Henry Sy Sr., is involved in banking, property and retail, leisure, logistics, food, and mining. Razon, meanwhile, grew his wealth by $3 billion to $11.1 billion, as shares of International Container Terminal Services Inc. (ICTSI) have jumped by 80% as the firm continues to expand. It operates in over 30 terminal operations and port development projects in 19 countries. Manuel Villar, who has been consistently ranked as the Philippines’ richest man, slipped to third place even as he grew his net worth by $1.2 billion to $10.9 billion, capitalizing on his mass-housing and memorial park businesses. According to Forbes, the collective wealth of the country’s 50 richest stood at $80.8 billion, slightly higher than the $80.4 billion the previous year, as domestic demand was weighed down by inflation and high borrowing costs. “Thanks to the lackluster IPO (initial public offering) market, there were no newcomers to this year’s rankings but two listees returned after a hiatus,” Forbes Asia said in its writeup, referring to Citicore Renewable Energy’s Edgar Saavedra, who ranked 43rd, and his former business partner and now ISOC Holdings’ Michael Cosiquien, 48th. Forbes Asia said net worths were based on stock prices and exchange rates as of the close of markets on July 19, 2024, with data compiled using shareholding and financial information from families and individuals, stock exchanges, analysts, and other sources.
