Philippines' 5 richest: SM Investments' Sy siblings lose crown amid rankings shake-up

This year, the Philippines' five wealthiest individuals collectively hold a net worth of US$40.8 billion, marking a $950 million or 2.28% decrease from the previous year, according to Forbes' latest Philippines rich list released on Wednesday. Port tycoon Enrique Razon Jr. leads the rankings this year, boasting a net worth of $21.8 billion, a $950 million drop from last year.

His wealth primarily stems from his stake in International Container Terminal Services, one of the world's largest independent terminal operators. Razon also holds significant stakes in other businesses such as resort operator Bloomberry Resorts, water utility Manila Water, and gold producer Apex Mining. The tycoon recently acquired a 60% share in four gas-fired power plants, previously owned by the Lopez Group.

Meanwhile, the six Sy siblings, who trace their fortune back to their late father Henry Sy Sr.'s shoe store-turned-SM Group, have lost their title as the country's richest. Their combined net worth has dropped by $2.6 billion to $9.2 billion, mostly derived from stakes in publicly traded conglomerate SM Investments and property landmark SM Prime.

SM Prime's shares have declined by 18% over the past year due to the weakening residential property market. The siblings' wealth decline pushed Ramon Ang to the third position on the list, despite his net worth falling to $3.5 billion from $3.7 billion the previous year. He is the chairman and CEO of San Miguel Corporation, a Philippine conglomerate with diverse business interests including food and beverages, packaging, fuel, oil, energy, and infrastructure.

San Miguel's shares declined nearly 10% over the past year due to investor concerns about the group's debt burden. Newcomers Lucio and Susan Co, founders of Puregold Price Club, made their debut in the top five this year, ranking fourth with a combined net worth of $3.3 billion. The husband-and-wife team, now led by their son, reported a 24% increase in net profit to 3.3 billion pesos in the first quarter as revenue reached 59 billion pesos.

Lastly, Isidro Consunji and his siblings, who inherited their late father's property developer DMCI Holdings, maintained fifth place, but their wealth fell 19% to $3 billion. DMCI is one of the largest developers in the Philippines, with interests in mining, power generation, and water services.