The Richest in the Philippines Defy The Global Downturn

peter's picture

 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.

It's got the usual list of

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

 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

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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