1. Henry Sy & family; US$3.1 billion
Mall mogul’s company SM celebrated 50th anniversary by opening its 31st mall. Controls nation’s second-largest bank, Banco de Oro Unibank, run by daughter Teresita Sy-Coson. With family, owns stakes in a dozen companies. Stock of most valuable investment, SM Investments, is down in past year but fortune is up, thanks to confirmation of family’s holdings in China Banking Corp. and new information on family stakes.
2. Lucio Tan & family; $1.5 billion
Holdings include nation’s largest cigarette maker, Fortune Tobacco; Philippine Airlines; Asia Brewery; mining operations; Hong Kong property. Being prosecuted by a government commission, which claims much of his wealth belongs to late president Ferdinand Marcos’ estate. Won small victory last December, when Supreme Court dismissed sequestration of some of his assets.
3. Jaime Zobel de Ayala & family; $1.2 billion
Stock of family’s conglomerate Ayala Corp. is down 46% since last year, in part because of economic slowdown and declining profits in banking and electronics manufacturing units. Family’s shares all in children’s hands. Jaime is chairman emeritus. Eldest son, Jaime Augusto, is Ayala’s chairman, chief executive.
4. Andrew Tan; $700 million
Made much of his fortune as office developer for outsourcing industry. Now betting on gaming, tourism.
5. Tony Tan Caktiong & family; $690 million
Heads fast-food company Jollibee Foods, with more than 1,600 locations and 8 brands in 9 countries. While operating margins have been squeezed because of higher costs, stock is up almost 45% since its 52-week low in July. Announced in September it was borrowing $100 million for China expansion. Tan joined board of Manuel Pangilinan’s (No. 39) Philippine Long Distance Telephone (nyse: PHI - news - people ) in July.
6. John Gokongwei Jr. & family; $680 million
Profits at JG Summit, conglomerate he founded decades ago, dropped 70% in first half of 2008 because of foreign exchange losses from dollar-denominated debt and declines in share prices of subsidiaries. Fortune up thanks to better information. Chairman emeritus handed reins to brother James Go, group’s chairman; son Lance, president.
7. Eduardo Cojuangco Jr.; $610 million
Chief executive of Southeast Asia’s largest food and beverage conglomerate, San Miguel. Best known for beer; spun off 6% of brewing arm in May. With Malaysian billionaire Robert Kuok, announced $1 billion investment to develop public land for farming in effort to boost agricultural sector. Company set Guinness World Record in September for longest bar, set up in Manila.
8. Enrique Razon Jr.; $525 million
Runs International Container Terminal Services, one of the world’s 5 largest port operators and one of 2 Philippine companies to qualify for FORBES ASIA’s 200 Best Under A Billion list. Has operations in 10 countries, including China, Ecuador. Avid golfer.
9. George Ty & family; $435 million
Founded Metrobank, one of country’s largest by assets. Stepped down as chairman in 2006. Son Arthur, who shares fortune, runs bank, which has lost more than half its market value since last year on worries about financial services firms.
10. Inigo & Mercedes Zobel; $430 million
Brother and sister inherited stakes in Ayala from late aunt Mercedes Zobel McMicking. Inigo sits on board of San Miguel and family company Mermac. Avid polo player. Mercedes helps run Enrique Zobel Foundation, named after late father, cousin of Jaime Ayala de Zobel (No. 3).
