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Top 10 Forbes PHILIPPINES RICHEST NET WORTH (as of 9/16/20)1.Sy Siblings ($13.9B)The six Sy siblings, Teresita (pictured), Elizabeth, Henry Jr., Hans, Herbert andHarley, inherited their fortune from their late father Henry Sy Sr.Their combined net worth is comprised largely of stakes held in the group'spublicly-traded SM Investments and SM Prime.SM traces its roots to Henry Sr., who sold overrun shoes in 1958 at a store inManila he aptly called Shoemart.Today SM is one of Southeast Asia's largest conglomerates, with interests indepartment stores, supermarkets, banks, hotels, real estate and mining.While daily operations are now managed by outside professionals, the siblings siton the group's boards and guide SM's overall strategy.Henry Sy Sr. was the Philippines' richest person for 11 consecutive years, with anestimated net worth of $18.3 billion in 2018.Company: SM Investments CorporationCore Investments:SM Retail Inc. (Retail)The SM StoreSM SupermarketSM HypermarketSavemoreSpecialty StoresAlfamartWalterMartSM Prime Holdings (Property)SM Malls Philippines (malls)SM Development Corporation (residences)SM Hotels & Conventions Corporation(Hotels & Conventions)Commercial Properties Group (Commercial)BDO Unibank (Banking) – largest BankChina banking Corporation (Banking) – oldest privatelyowned local commercial bankEquity Investments:Belle Corporation (Resorts)Atlas Consolidated Mining & Development Corp. (Mining)CityMall (Community mall chain)NEO Subsidiaries & NEO Associates (office towers)2GO Group (logistics)Goldilocks (Bakeshop)
MyTown (co-living & dormitory)Grab Philippines(end to end solutions & digital innovations)AirSpeed (Freight Forwarder & Courier Service)2.Manuel Villar ($7.2B)Manuel Villar is chairman of Vista Mall (formerly Starmalls), one of Philippines'largest mall operators.He also chairs Vista Land & Landscapes, Philippines' largest homebuilder.In December 2017, his company acquired Bria Homes, a developer of masshousing projects and condos, and changed its name to Golden Bria.In October 2019 he took his home improvement chain AllHome public.Villar's wife, Cynthia Villar, is a senator in the Philippines.Villar has been involved in politics and held positions including congressman,speaker of the house of representatives, senator, and senate president.3.Enrique Razon, Jr. ($5B)Enrique Razon Jr. chairs the International Container Terminal Services (ICTSI), thecountry's leading terminal operator.ICTSI also has subsidiaries in Eastern Europe, Africa, and the Americas.Razon's grandfather started the business with a port in Manila in 1916, before hisfather rebuilt it after WWII. Razon grew the business globally.His hospitality firm Bloomberry Resorts includes the Solaire Resort and Casino, itscrown jewel, in the Philippines.

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Term
Spring
Professor
NoProfessor
Tags
Entrepreneurship, Metro Manila, SM Prime Holdings, SM Mall of Asia

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