Philippines, A Poor Country, Makes it to World’s Richest List

The Philippines–a country reeling from centuries-old poverty, vast unemployment and income disparities–still counts as a billionaires’ haven. In fact, three of these billionaires made it to this year’s world’s richest according to the latest Forbes Magazine survey.

Bulatlat.com

Three Filipino moguls made it again to Forbes Magazine’s annual lists of billionaires this year—Henry Sy (net worth, $1.3 billion), Lucio Tan ($1.2 billion) and Jaime Zobel de Ayala ($1.2 billion). The three, who were also in the magazine’s previous lists, were among Asia’s elite club of 73 billionaires.

Sy, 73, who ranked No. 387, owns ShoeMart Prime Holdings which runs the Philippines’ biggest shopping malls. Sy’s assets are expected to be boosted by the entry of the world’s giant retailers with the passage more than a year ago of the Retail Trade Liberalization Law. Within the next five years, SM will build at least 10 more malls worth P15 billion ($0.3 billion) to assure its dominance in the retail industry in partnership with the giant retailers.

Tan, 66, an all-presidents’ crony whose fortunes helped install Joseph Estrada as president in 1998 (he was deposed by a people’s uprising last January), was ranked No. 421. Aside from his control of the country’s only flag-carrier, Philippine Airlines, and the state’s primary bank, Philippine National Bank, Tan also owns at least 40 more establishments including Fortune Tobacco, Allied Banking Corp. and Asia Brewery.

Tan, who serves as consul for Romania, also owns at least 10 companies in China, the United States, Canada, Papua New Guinea and Hong Kong.

The taipan reportedly lost a billion last year—at the time Estrada became the target of an ouster campaign for corruption, cronyism, plunder and coddling crime lords.

Zobel de Ayala, No. 421, owns the Ayala Corporation which includes real estate, banking and telecommunications (such as Globe). Unlike Sy and Tan who both hail from China, Don Jaime heads the Spanish-descended family in the country. His properties are now run by his two sons, Jaime Augusto and Fernando.

Two other Filipinos, George Ty of Metro Bank who had $1.5 billion last year and Tan Yu dropped out of Forbes’ billionaires’ list. Ty’s name was dragged into plunder cases against Estrada last year and he has since sold his shares in Metro Bank.

Sy, Tan and Zobel de Ayala pride themselves for being self-made billionaires who made it through hard work, business acumen and sheer luck. Ask their employees, however, and they would say that’s not entirely the truth.

Tan’s companies, notably PAL and Fortune, have been hit by strikes for unfair labor practices and other anti-worker policies. So powerful has Tan become that he has been reportedly able to evade taxes amounting to P26 billion ($520 million).

ShoeMart unions say that Sy practically earns his fortune at the expense of his employees who work mainly as casuals. In recent strikes at some of SM’s branches, many workers were attacked by security guards, goons and police.

Ayala’s real estate holdings have expanded in recent years but his land acquisitions have been marked by demolition of urban poor communities. Don Jaime backed Gloria Macapagal-Arroyo’s ascendancy into power in the People Power 2 uprising, and for this some of his proteges have earned cabinet seats.

With a net worth of $58.7 billion, Microsoft co-founder Bill Gates retained his No. 1 position in Forbes Magazine’s 15th annual list of the world’s richest. Forbes Magazine is published in the United States. Bulatlat.com

 


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