Architect-turned-entrepreneur Edgar Sia, the businessman behind now-popular Mang Inasal, is Philippines' youngest in the list of top billionaires, according to the latest in Forbes' "The Philippines 40 richest."
The 35-year-old Sia, whose net worth grew to $140 million (P5.8 billion) after Mang Inasal was acquired by huge fast-food chain Jollibee, is at the list's 40th place.
Business tycoon Henry Sy and his family meanwhile are still the richest in the Philippines, topping the Forbes list of Philippine billionaires with a net worth of $9.1 billion or some P385 billion.
The Sys control SM Prime, the largest mall developer in the Philippines, with Henry Sy Jr.'s stake in the National Grid Corporation of the Philippines adding to the family's fortune, Forbes said. The Sys are 116th in a list of the world's billionaires topped by Mexican telecoms magnate Carlos Slim, who has $69 billion.
According to the Forbes Philippines' 40 Richest list, the Sys have more than double the wealth of Lucio Tan and his family, who were at second place. The Tans have a net worth of $4.5 billion from diversified interests including cigarette giant Philip Morris-Fortune Tobacco.
Enrique Razon Jr., president of International Container Services Inc., placed third with $3.6 billion from both local and international port operations. John Gokongwei Jr. and family are in fourth place with $3.2 billion followed by David Consunji and family with $2.7 billion.
Andrew Tan is sixth with $2.3 billion, with Jaime Zobel de Ayala and family slightly behind at $2.2 billion. Metrobank founder George Ty and his family are worth $1.7 billion, followed by Robert Ongpin with $1.5 billion mostly from mining, Forbes said.
Eduardo Cojuangco Jr., chairman of San Miguel Corp and uncle to President Benigno Aquino III , is at tenth place with $1.4 billion.
Here are other people who made it to the Philippines' richest 40:
11. National Grid's Robert Coyiuto, Jr.
12. Jollibee owners Tony Tan Caktiong & family
13. Lucio and Susan Co (Source of Wealth: Retailing, Self-made)
14. Inigo & Mercedes Zobel (Source of Wealth: Diversified)
15. Manila Bulletin's Emilio Yap (Source of Wealth: Diversified)
16. Shipping magnates Jon Ramon Aboitiz & family (Source of Wealth: Diversified)
17. Andrew Gotianun & family (Source of Wealth: Real estate)
18. Camella group's Manuel Villar (Source of Wealth: Real estate)
18. Unilab's Beatrice Campos & family (Source of Wealth: Pharma)
20. Mercury Drug's Vivian Que Azcona & family (Source of Wealth: Retail)
21. Rizal Commercial Bank's Alfonso Yuchengco & family
22. Unilab's Mariano Tan, Jr.
23. Abotiz's Enrique Aboitiz & family
24. Alphaland's Eric Recto
25. Century Properties' Jose Antonio
26. GMA Network's Gilberto Duavit & family
27. GMA Network's Menardo Jimenez
28. Security Bank's Frederick Dy
29. Nickel Asia's Manuel Zamora
30. Atlas Consolidated Mining & Development's Alfredo Ramos & family
31. Lopez Holdings' Oscar Lopez & family
32. GMA Network's Felipe Gozon & family
33. Monde Nissin's Betty Ang
34. Alaska's Wilfred Steven Uytengsu, Jr. & family
35. Banco de Oro's Juliette Romualdez
36. Rustans' Bienvenido Tantoco, Sr. & family
37. Rebisco's Jacinto Ng
38. Alsons Consolidated Resources' Tomas Alcantara & family
39. Megawide Construction's Michael Cosiquien
40. Mang Inasal's Edgar Sia
The Philippines is to upgrade a navy base facing disputed South China Sea waters to serve the extra ships being acquired to protect its territory, the military said Thursday. Navy spokesman Lieutenant-Commander Gregory Fabic said the military would build a 500-million-peso ($11.2 million) port at Ulugan Bay, the Philippine military base nearest to the Spratly Islands. President Benigno Aquino is set to visit the base on May 20 to launch the upgrading, Fabic added. In recent years, the …