FORBES ASIA 2009 - TOP 10 RICHEST IN THE PHILS *SEN. MANNY VILLAR #9 $530M - THE ONLY POLITICIAN*

FORBES ASIA 2009 - TOP 10 RICHEST IN THE PHILIPPINES
http://www.pcij.org/blog/?p=4227
Posted by: Ed Lingao | September 2, 2009 at 10:19 am

Forbes.com calls it a sure sign that things are looking brighter in the Philippines. But if anything, the latest Forbes list of the 40 richest Filipinos in 2009 only shows that the fortunes of the countrys most fortunate are even brighter than before.

By Forbess accounting, 25 tycoons grew even richer including nine of the top 10.

Its the first time since Forbes Asias November 2007 India Rich List that everyone in the top ten among an Asian nations 40 richest has added to their fortunes or maintained them, said the online article that came out in Forbess website last Aug. 25.

The list is a whos who in the retail, media, power, construction, and real estate sector, with a smattering of names of the perpetually politically connected, including one Presidential aspirant.

Biggest gainer was mall king Henry Sy, who also takes the top slot by increasing his fortunes by $700 million to $3.8 billion. Number two in the list is tobacco tycoon Lucio Tan with $1.7 billion, and Jaime Zobel de Ayala with $1.2 billion. Forbes also noted the entry of three newcomers to the list: Oriental Petroleums Robert Coyuito who made it to the 18th slot with $290 million; Marian Rosario Fong, a former partner of Sys SM supermarkets at number 40 with $38 million, and Imelda Marcoss brother Benjamin Romualdez at number 30 with $70 million.

Senator and Presidential hopeful Manuel Villar stood at number 9, the only politician to make it to the top ten list with $530 million due to his familys real estate holdings. Villar may be the only politician in the list, but he is not the only one politically connected. Many in the top ten are known for political linkages that have weathered them through several administrations, including Lucio Tan, Eduardo Cojuangco Jr., and Enrique Razon.