The Richest in the Philippines Defy The Global Downturn

peter's picture
Submitted by peter on Thu, 08/27/2009 - 04:01
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 I just ran across this list of the 40 Richest in the Philippines, along with the article about those same richest 40. It's interesting how they managed to keep getting richer - although I'm not sure whether the metrics can be entirely trusted, as they are valuing private assets.  Certainly a different story than back in the states if it's accurate.  Overall, the Philippine economy seems to have taken less of a hit than many others worldwide.  Here in Dumaguete we've certainly seen a lot of road construction - which, according to an acquaintance of mine, is funded by the IMF, which is in turn largely funded by US issuance of debt, which strangely enough, someone is still buying.

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It's got the usual list of

Submitted by TonyB on Thu, 08/27/2009 - 16:03.

It's got the usual list of suspects: Ayala, Aboitiz, Ramos

I didn't know who Henry Sy was but he's Mr. SM so it makes sense that he's #1.

I find it strange that in a country of such poverty the richest people (#1 and #3) are those connected with retail outlets. Very odd.

By the way, who owns San Miguel? I'm sure that family is worth a few bob.

 

publicly held

Submitted by peter on Sat, 08/29/2009 - 07:44.

 it appears from the wikipedia article on san miguel that it is publicly traded with a bunch of different local and international owners:

 

Owners of more than 3% of the Company's voting securities as of March 17, 2006 were as follows:

 

Interesting

Submitted by TonyB on Sat, 08/29/2009 - 16:55.

Thanks Peter. Seems Henry Sy (via SM Investments) owns 10% of San Mig too.

No wonder he's the richest guy there - selling food, clothes and beer; all the essentials of life :-)

 

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