Market selloff cuts billionaire fortunes by $1.7B

A sharp decline in the value of major Sy family holdings reshuffled the ranks of the Philippines’ richest billionaires in September, with Manuel Villar moving ahead of Henry “Big Boy” Sy Jr. as the family’s combined wealth dropped by $1 billion.

Villar’s estimated fortune held at $2.3 billion at the end of the month, according to Forbes’ real-time billionaire estimates, while Big Boy’s wealth fell to $2 billion from $2.4 billion in August.

The broader Sy family also took a significant hit during the month. The combined fortunes of Big Boy, Hans Sy, Herbert Sy, Harley Sy and Teresita “Tessie” Sy-Coson declined 13.2 percent to $6.6 billion from $7.6 billion.

The drop came as several of the family’s major listed companies suffered steep losses. SM Prime Holdings Inc. fell 11.1 percent to P15.86, while SM Investments Corp. declined 9.95 percent to P499.80. Both shares ended September at 12-year lows.

BDO Unibank Inc. also slipped 2.6 percent to P113, adding to the pressure on the family’s estimated wealth.

Big Boy recorded the largest loss among the Sy siblings still included in Forbes’ real-time billionaire list, shedding an estimated $400 million. Hans and Herbert each lost about $200 million, bringing their fortunes to $1.2 billion apiece.

At the lower end of the family’s rankings, Elizabeth Sy fell off Forbes’ real-time billionaire list after being valued at $1.1 billion in August. Tessie and Harley each remained at around $1.1 billion, although both were down from $1.2 billion previously.

The September decline accounted for nearly 60 percent of the $1.7 billion lost by the 12 Filipino billionaires with comparable August and September estimates.

Outside the Sy family, Lucio Tan gained $100 million to reach $3.1 billion, while Ramon Ang’s fortune slipped to $3.3 billion from $3.4 billion. Andrew Tan declined to $1.8 billion.

At the top of the wealth rankings, Enrique Razon Jr. remained the country’s richest individual despite losing an estimated $400 million. His fortune stood at $19.7 billion at the end of September, down from $20.1 billion.

Overall, the combined wealth of the 12 Filipino billionaires fell 4.1 percent to $39.9 billion from $41.6 billion in August, compared with a 4.65-percent decline in the benchmark PSEi during the month.