Razon biggest mover in Forbes elite list

Ports and casino magnate Enrique Razon Jr. posted the biggest gains in net worth in this year’s list of wealthiest Filipinos in the business bible Forbes.

A $3 billion boost took his net worth to $11.1 billion, which brought him to the second-richest spot for the first time.

The phenomenal jump can be attributed to rising shares of his biggest asset, International Container Terminal Services Inc. (ICTSI), which jumped nearly 80 percent in the past year as global trade boomed.

“While the geopolitical backdrop remains complex, 2024 is ripe with opportunities as we continue to invest in new and existing terminals,” Razon said in a statement in March when announcing the annual results.

After reporting a 36 percent increase in net profit to $210 million in the first quarter from a year ago, ICTSI announced plans in May to invest $1.3 billion to expand its ports across Africa, Asia and South America.

That same month, Razon’s casino unit, Bloomberry Resorts, opened its second Solaire Resort in Quezon City, northeast of Manila.

Meanwhile, Razon also doubled down on his infrastructure investments, increasing his stake to take control of Manila Water from Ayala Corp. in May and committing $7.6 billion to hydropower projects in the country, according to a Forbes report.

Fortunes flat

The combined wealth of tycoons on the 2024 Forbes list of the Philippines’ 50 Richest was nearly flat at $80.8 billion, compared to $80.4 billion last year.

The economy expanded by 5.7 percent in the first quarter of 2024, slower than the 6.4 percent growth in the same period last year, as inflation and high borrowing costs weighed on domestic demand.

While the country’s benchmark stock market index gained two percent since fortunes were last measured, the peso fell 6 percent. As a result, more than half of the country’s 50 richest are less wealthy this year.

The Sy siblings, heirs to the SM group built by the late Henry Sy Sr., retained the first spot this year. Their net worth was $13 billion, down from $14.4 billion the year before, reflecting the weaker peso. Their group flagship, SM Investments, a conglomerate with interests in banking, property and retail, is expanding in geothermal energy with five new projects across the country.

Property tycoon Manuel Villar’s net worth increased by $1.2 billion to $10.9 billion, though he slipped to third place.