Despite one of the most stringent blockades in the world, an 80-day era imposed in March for the metropolitan domain of Manila and the Philippines, Covid-19 instances across the country exceeded 250,000 in September, the largest number of instances in Southeast Asia The country’s reference inventory index, the IE, reflected the demanding economic situations posed by the pandemic , falling by 26% since measuring fortunes a year ago. year before.
A total of 32 registered people saw their net decrease. His siblings were hit the hardest in dollar terms, but they are still number one at $ 13. 9 billion. Their fortunes fell to $ 3. 3 billion amid a contracting economy and emerging unemployment. a net drop from $ 1. 6 billion to $ 5 billion, but it maintained its prestige as the richest country at the time.
Bank fortunes were greatly affected. The Ty brothers of GT Capital and Metrobank paid 46% of their fortune, to $1. 4 billion. Frederick Dy lost more than 46% to $190 million, as his security bank’s shares have fallen by 52% over the following year.
Oscar Lopez, who holds a majority stake in the ABS-CBN television network, saw its net price almost halve to $240 million after Philippine lawmakers rejected the company’s offer in July to renew its 25-year broadcast license; stocks have lost almost 65% of their price in the last year.
Of the 10 indexes whose fortunes have accumulated, Edgar Sia II, this year’s biggest winner in terms of percentage and dollars, added $300 million, or 75%, to his net worth, which is now $700 million. to the successful ID of his MerryMart in June; Grocery store stocks have almost doubled since the quote, as quarantine measures boosted sales.
Six names were removed from the list, adding Edgar Saavedra from Megawide Construction. Megawide shares fell more than 65% after reporting a net loss in the first half of 398 million pesos ($8 million). However, Megawide co-founder Michael Cosiquien remained on the list because most of his fortune is linked to a previous sale of shares of the company The Estate of Eduardo Cojuangco de San Miguel, who died in June, inherited through his wife, Soledad Oppen-Cojuangco, who arrived here in 16th place; he stores fortune with his 4 children: Carlos, Luisa, Margarita and Mark.
Similarly, Lance Gokongwei and his brothers debuted on the list at number 4, replacing his father John Gokongwei Jr. , who died in November 2019. Lance Gokongwei accumulates fortune with his sisters: Faith, Hope, Lisa, Marcia and Robina. .
Four have returned to the ranks: Mikel Aboitiz, Lourdes Montinola, Michael Romero and Luis Virata; his return largely due to this year’s declining threshold, which fell 23 percent off last year’s list to $100 million.
Reporting through Grace Chung, John Kang, Sean Kilachand, Anuradha Raghunathan, Anis Shakirah Mohd Muslimin and Yue Wang.
Full of the richest Philippines in 2020:
Methodology
The list was compiled with data from individuals, scholarships, analysts, personal databases, government agencies and other sources. Net worth was based on percentage costs and exchange rates at the close of trading on August 28, 2020. comparisons with similar publicly traded corporations. Since 2017, we no longer come with the families in which the founder of the corporation died, unless the successors are rich enough to make the cut individually; in those cases, we mix inherited fortunes.
Based in New York, I track wealth for Forbes Asia and oversee some of our 12 country list projects. As editor of our philanthropy list, I’m interested to know
Based in New York, I track wealth for Forbes Asia and oversee some of our 12 country list projects. As editor of our philanthropic list, I need to know how Asian business leaders spend their money on altruistic causes. Since joining Forbes in 2014, I have worked in New York and Singapore and focused mainly on our heritage canopy; An invaluable component of my delight came here to help produce our flagship lists: The World’s Billionaires, Forbes 400 and America’s Richest Women Who Have Made TheMselves. When I’m not editing, I write about local entrepreneurs. Submit tips and concepts for articles. email to grace. chung@forbes. com; fluent in Korean.