Biggest gainers and losers on Forbes’ 2017 Billionaires List
This year hasn’t been a good one overall for most of the country’s superrich.
Majority of Forbes’ 50 richest individuals saw their wealth decline amid unstable stock markets and a stronger dollar.
But there were a few standouts in this year’s list.
The biggest winner in percentage terms was Republic Biscuit Corp. owner Jacinto Ng who saw his fortune more than double to $420 million. Most of his wealth comes from his stake in publicly-listed Asia United Bank.
The next biggest gainer was San Miguel Corp. president Ramon S. Ang who grew his net worth by 90 percent to $2.3 billion with the listing of his cement firm, Eagle Cement Corp. on the stock exchange in May.
Megawide Construction Corp. co-founders Michael Cosiquien and Edgar Saavedra – the second and third youngest overall on the list – also had a great year with their net worth surging more than 45 percent on the back of a 30 percent bump in their stock.
Cosiquien and Saavedra climbed six notches higher to take the 29th and 31st spot, respectively.
Megawide, which started as a residential property contractor, now has interests in airport operation, transport and power generation. The group operates three solar power projects, which supply more than 100 megawatts of electricity to the national grid.
Stockbroker-businessman Eusebio Tanco cracked the ranks of the top 50 richest billionaires in the Philippines for the first time, ranking 45th as shares in STI Education rose by a whopping 140 percent over the past year.
Another newcomer on the list is Robbie Antonio, thanks to his Revolution Prefabricated, a maker of factory-built luxury homes in Asia and the West that sell between an average of $70,000 and $120,000, respectively.
He joins his dad, Jose E.B. Antonio on the list, with their combined net worth estimated at $400 million, to clinch the 28th spot. The family owns Century Properties, which is known for its luxury residential towers branded with design houses such as Giorgio Armani as well as partnerships with Forbes Media, Donald Trump, and Paris Hilton.
Rejoining the list are A. Brown Corp.’s Walter Brown and Philip Ang who owns a stake in Nickel Asia Corp.
Edgar Sia, who was Forbes biggest gainer percentage wise last year, saw his fortune shrink 46 percent to $820 million from $1.2 billion, falling to 21st spot from 17th place.
Miasing from the list is Davao-based businessman Tomas Alcantara, who ranked 41st last year. He owns Alsons Consolidated Resources Inc.