| Like
most other countries around the world, the
Philippines were hit hard by the struggling
world economy in 2008 and 2009. Despite
worldwide hardships, however, Philippine's
ten richest people were able to hold on
to their wealth and even grow their net
worth. In fact, the total net worth of the
country's richest people rose from $14.2
billion in 2008 to $16.4 billion in 2009.
Out
of the forty people on Forbe's list, 25
are richer, nine of these in the top ten.
Henry Sy, founder of SM Investments, saw
his net worth grow from $700 million to
$3.8 billion, making him the largest gainer
on the list.
Another
individual to make significant gains over
the year was David Consunji, owner of
the construction firm DMCI, who saw his
assets grow to $300 million from $105
million the year prior.
Although
there are many returning members to this
year's Forbes list, there were also three
newcomers. Robert Coyiuto Jr, the head
of a petroleum exploration firm, Benjamin
Romualdez, a shareholder in Henry Sy's
Banco de Oro, and Marian Rosario Fong,
a woman with 1% share in SM Investments,
making her worth approximately $38 million
and putting her at the bottom of this
year's list.
Despite
significant net worth growth on this year's
Forbes list for the Philippines, there
were nine individuals who saw large losses
in their net worth over 2009. Among them
were Rolando and Rosalinda Hortaleza,
founders of the personal care company
Splash, who saw more than a 50% drop in
stock prices since October, plummeting
their fortunes by $51 million. Eugenio
Lopez III also lost money of the year
as did Luis Virata whose fortune fell
by an estimated 80%.
The
minimum net worth to make it on this years
Fobes list of the 40 richest Filipinos
increased from $30 million in 2008 to
$38 million in 2009. The list was compiled
using share prices and exchange rates
calculated on August 14, 2009. Unlike
other Forbes lists, the richest Filipino
list includes shared family fortunes.
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