Mang Inasal's Sia is youngest in top PH billionaires; Sy family still richest

By Jonathan de Santos | Yahoo! Southeast Asia Newsroom 7 hours ago

The Philippines' richest: Henry Sy, Lucio Tan, Enrique Razon Jr., Eduardo Cojuangco Jr., and Jaime Zobel de Ayala. (Photos by European Pressphoto Agency)

Architect-turned-entrepreneur Edgar Sia, the businessman behind now-popular Mang Inasal, is Philippines' youngest in the list of top billionaires, according to the latest in Forbes' "The Philippines 40 richest." The 35-year-old Sia, whose net worth grew to $140 million (P5.8 billion) after Mang Inasal was acquired by huge fast-food chain Jollibee, is at the list's 40th place.

Business tycoon Henry Sy and his family meanwhile are still the richest in the Philippines, topping the Forbes list of Philippine billionaires with a net worth of $9.1 billion or some P385 billion.

The Sys control SM Prime, the largest mall developer in the Philippines, with Henry Sy Jr.'s stake in the National Grid Corporation of the Philippines adding to the family's fortune, Forbes said. The Sys are 116th in a list of the world's billionaires topped by Mexican telecoms magnate Carlos Slim, who has $69 billion.

According to the Forbes Philippines' 40 Richest list, the Sys have more than double the wealth of Lucio Tan and his family, who were at second place. The Tans have a net worth of $4.5 billion from diversified interests including cigarette giant Philip Morris-Fortune Tobacco.

Enrique Razon Jr., president of International Container Services Inc., placed third with $3.6 billion from both local and international port operations. John Gokongwei Jr. and family are in fourth place with $3.2 billion followed by David Consunji and family with $2.7 billion.

Andrew Tan is sixth with $2.3 billion, with Jaime Zobel de Ayala and family slightly behind at $2.2 billion. Metrobank founder George Ty and his family are worth $1.7 billion, followed by Robert Ongpin with $1.5 billion mostly from mining, Forbes said.

Eduardo Cojuangco Jr., chairman of San Miguel Corp and uncle to President Benigno Aquino III , is at tenth place with $1.4 billion.

Here are other people who made it to the Philippines' richest 40:

11. National Grid's Robert Coyiuto, Jr. 12. Jollibee owners Tony Tan Caktiong & family 13. Lucio and Susan Co (Source of Wealth: Retailing, Self-made) 14. Inigo & Mercedes Zobel (Source of Wealth: Diversified) 15. Manila Bulletin's Emilio Yap (Source of Wealth: Diversified) 16. Shipping magnates Jon Ramon Aboitiz & family (Source of Wealth: Diversified) 17. Andrew Gotianun & family (Source of Wealth: Real estate) 18. Camella group's Manuel Villar (Source of Wealth: Real estate) 18. Unilab's Beatrice Campos & family (Source of Wealth: Pharma) 20. Mercury Drug's Vivian Que Azcona & family (Source of Wealth: Retail) 21. Rizal Commercial Bank's Alfonso Yuchengco & family 22. Unilab's Mariano Tan, Jr. 23. Abotiz's Enrique Aboitiz & family 24. Alphaland's Eric Recto 25. Century Properties' Jose Antonio 26. GMA Network's Gilberto Duavit & family 27. GMA Network's Menardo Jimenez 28. Security Bank's Frederick Dy 29. Nickel Asia's Manuel Zamora 30. Atlas Consolidated Mining & Development's Alfredo Ramos & family 31. Lopez Holdings' Oscar Lopez & family 32. GMA Network's Felipe Gozon & family 33. Monde Nissin's Betty Ang 34. Alaska's Wilfred Steven Uytengsu, Jr. & family 35. Banco de Oro's Juliette Romualdez 36. Rustans' Bienvenido Tantoco, Sr. & family

37. Rebisco's Jacinto Ng 38. Alsons Consolidated Resources' Tomas Alcantara & family 39. Megawide Construction's Michael Cosiquien 40. Mang Inasal's Edgar Sia