Monday 24 June
Jan 3, 2019 @ 19:40

2018 a nightmare for Henry Sy, John Gokongwei, Lucio Tan

 

Retail tycoon Henry Sy and the bulk of the country’s bilyonaryos were bloodied and bruised in 2018 as foreign money fled the country in droves and the stock market went through its worst year in a decade.

Based on the real time monitoring of Forbes, the combined wealth of the 13 dollar bilyonaryos dropped by 8.6 percent to $52.8 billion in
2018 from $57.8 billion in 2017.

The richest Filipino, Sy, who accounted for a third of the Forbes 13 fortune, saw his wealth fall by 11 percent to $17.8 billion in 2018
from $20 billion in 2017.

Seven other bilyonaryos poured out red ink last year. Food and retail tycoon John Gokongwei was the biggest loser (percentage wise) as his assets plunged by 22 percent to $4.5 billion in 2018 from $5.8 billion in 2017.

Hot on his heels is cigarette and airline magnate Lucio Tan who saw his net worth stumble by 21 percent to $3.7 billion in 2018 from $4.7 billion in 2017.

The other losers were ICTSI’s Ricky Razon (down 16 percent to $4.1 billion), the late George Ty of Metrobank (down 13 percent to $3.4 billion), Megaworld’s Andrew Tan (down 7.4 percent to $2.5 billion), Prudential Guarantee’s Robert Coyiuto Jr. (down 7 percent to $1.3 billion), and Jollibee’s Tony Tan Caktiong (down 5 percent to $3.8 billion). Bucking the bilyonaryo’s misfortune were Vista Land’s Manny Villar (up 67 percent to $5 billion) and San Miguel Corp.’s Ramon S. Ang (up 4 percent to $2.6 billion). Two bilyonaryo’s kept their wealth unchanged: San Miguel Corp.’s Danding Cojuangco ($1.3 billion), and Alphaland’s Bobby Ongpin ($1.1 billion). Puregold’s Lucio Co re-entered the Forbes list with $1.7 billion in 2018 after missing out in 2017.

Over a billion dollars abandoned the Philippine Stock Exchange (the main basis for Forbes’ computation of the bilyonaryo’s net worth) in 2018 that more than erased the nearly a billion dollars that went into the market in President Rodrigo Duterte’s first full year in office.

The index shed 12.8 percent to end the year at 7,466.02, its biggest annual loss since losing nearly 50 percent ten years ago.

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