Three bilyonaryos were eased out of Forbes’ 2020 ranking of the 50 richest Filipinos as they failed to make the $100 million cutoff in 2020.
The biggest dropout is Megawide Conctruction chairman and president-CEO Edgar B. Saavedra who ranked No. 34 with a net worth of $260 million in 2019.
Megawide’s market cap cratered 65 percent to P14.6 billion in 2020 from nearly P40 billion a year ago.
Saavedra has been on Forbes’ list five time in the last seven years. In contrast, Megawide’s cofounder, Michael Cosiquien, remained in the Forbes 50 at No. 40 with a net worth pf $175 million, down 30 percent.
Rustans’ Bienvenido Tantoco Sr. also tumbled out of the list in 2020 after placing No. 48 with a $140 million net worth in 2019.
Tantoco’s listed firm, Store Specialists Inc., lost 60 percent of its value to P3.76 billion in 2020 from P9.372 billion in 2019. This is the second time in a decade that Tantoco is out of Forbes list.
Antonio Tiu, who was embroiled in a political corruption case in six years ago, has joined the ranks of one-year wonders among Forbes bilyonaryos.
After debuting at No. 49 with a net worth of $135 million in 2019, Tiu has been stricken off the 2020 list.
The coronavirus wiped out half of Tiu’s Agrinurture Inc. to P8 billion in 2020.