Forbes: Sy siblings still Phl's richest; Razon climbs to 2nd

The Sy siblings retained their top spot in this year's Forbes list of the Philippines' 50 richest, with ports and casino tycoon Enrique Razon Jr. dislodging real estate magnate Manuel Villar Jr. at second spot.

- RICHMOND MERCURIO

Despite their net worth being reduced reflecting the weaker peso, the Sy siblings, heirs to the SM group built by the late Henry Sy Sr., remained the country's richest with a net worth of $13 billion.

The Sy Group's flagship listed conglomerate SM Investments, which has interests in banking, property and retail, and is expanding to geohermal energy with five new s projects across the country.

Taking over second spot for the first time is Razon, whose wealth soared by $3 billion to $11.1 billion. He is also the biggest dollar gainer for the second year in a row.

Forbes said that shares of Razon's listed International Container Terminal Services, which has been in expansion mode, surged by nearly 80 percent in the past year amid the global trade rebound.

On Villar's, end, while his net worth expanded by $1.2 billion to $10.9 billion, he slipped to third place after being overtaken by Razon.