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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