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The aggressive expansion of Jollibee dampened investor sentiment, dragging down Tan’s net worth, which he shares with his family, by nearly a third to $2 billion.
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The pandemic forced DigiPlus Interactive chairman Eusebio Tanco to place his chips on offering bingo online. Now with rivals circling, he’s upping his bet with a new superapp and overseas expansion.
The Dow Jones Industrial Average rose 263.18 points, or 0.49 per cent, to 54,349.06.
A slump in infrastructure investment and a weaker peso bring down fortunes despite improving investor sentiment.
Four years after emerging from Chapter 11 bankruptcy proceedings in the U.S., Philippine Airlines (PAL), helmed by billionaire Lucio Tan’s grandson Lucio Tan III, is gaining altitude.
Lucio and Susan Co, the billionaire cofounders of hypermarket and supermarket chain Puregold Price Club, enter the top five ranks of the country’s richest for the first time.
Ports billionaire Enrique Razon Jr. charged ahead to become the Philippines’ richest person this year for the first time since his debut on the list in 2007.