Billionaire Lucio Tan becomes Philippines' 6th richest

Lucio Tan, the Philippine billionaire, has ascended to the sixth spot among the country's wealthiest individuals, according to Forbes' latest ranking. His net worth has reached an impressive $2.9 billion, a significant leap from his previous ranks in 2025 and 2024. Meanwhile, Philippine Airlines, the national carrier, has made a substantial investment in its future.

The airline has committed to purchasing up to 34 new aircraft from Boeing and Airbus, with the total estimated cost surpassing $12 billion. These deliveries, including 20 Boeing 787-10 Dreamliners and 14 Airbus A350-1000 long-haul jets, are set to commence in 2031. This substantial commitment reflects the company's confidence in the growth of air travel.

The acquisition was made possible after Philippine Airlines raised $300 million by selling five-year bonds earlier this month. The airline has been proactively modernizing and expanding its fleet to complement its recovery in earnings. In 2025, the company reported a net profit of 9.6 billion pesos, equivalent to $160 million, marking a 37% increase, and revenue climbed 3.2% to 184 billion pesos.

The airline has broadened its service network, adding or expanding routes to cities such as Chicago, Vancouver, Toronto, New York, Japan, Australia, and the Pacific. Furthermore, Philippine Airlines plans to resume flights to Dubai from Manila in October. The Philippine tourism sector has also shown positive trends. In the first half of 2026, the country welcomed 3.16 million inbound visitors, a 5.4% increase compared to the previous year.

This growth was driven by more lenient visa entry requirements. The top 12 source markets for Philippine tourists all recorded increases, with the exception of South Korea. Even long-haul markets like Germany witnessed monthly increases year-on-year, despite ongoing tensions in the Middle East.