The Philippines' 25 richest people

The Philippines’ economy grew only 4.9 percent in the first quarter of the year in part because of a drop in trade and lower infrastructure spending by government, off from 8.4 percent in 2010, but the country’s stock market is booming.

The stock exchange’s composite index is up 27 percent since last year, surpassing its 2007 benchmark. This lifted the fortunes of the country’s richest to an all-time high. They’re collectively worth $34 billion, up from last year’s $22.8 billion.

Thirty-two tycoons are richer. For the fourth year in a row, mall magnate Henry Sy holds the top with a net worth of $7.2 billion, up from $5 billion last year. The biggest gainer in percentage terms is former trade minister Roberto Ongpin, whose fortune soared more than fourfold to $1.3 billion.

Overall, the number of billionaires has more than doubled this year to 11 – a record haul. Among the newly minted billionaires is port operator Enrique Razon Jr., who saw his net worth jump to $1.6 billion from $975 million last year.

Among the four newcomers in the top 40 list are Jose Antonio, founder of high-end property developer Century Properties; Jacinto Ng Sr., founder of biscuit-maker Rebisco; and 34-year-old Edgar Sia II, the youngest on the list, who sold his barbecue chain to Tony Tan Caktiong’s Jollibee Foods.

The Philippines’ top 25 richest are:

1. Henry Sy, $7.2 billion/diversified

2. Lucio Tan, $2.8 billion/diversified

3. John Gokongwei Jr., $2.4 billion/diversified

4. Andrew Tan, $2 billion/diversified

5. David Consunji, $1.9 billion/construction

6. Jaime Zobel de Ayala $1.7 billion/diversified

7. Enrique Razon Jr., $1.6 billion/ports

8. Eduardo Cojuangco Jr., $1.4 billion/food & drinks

9. Roberto Ongpin, $1.3 billion/diversified

10. George Ty, $1.1 billion/banking

11. Tony Tan Caktiong, $1 billion/fast food

12. Inigo & Mercedes Zobel, $980 million/diversified

13. Emilio T. Yap, $930 million/diversified

14. Andrew Gotianun, $795 million/real estate

15. Jon Ramon Aboitiz, $760 million/diversified

16. Beatrice Campos, $685 million/pharma

17. Manuel Villar, $620 million/real estate

18. Vivian Que Azcona, $555 million/retail

19. Robert Coyiuto Jr., $400 million/power

20. Mariano Tan, $375 million/pharma

21. Alfonso Yuchengco, $370 million/diversified

22. Enrique Aboitiz, $310 million/diversified

23. Oscar Lopez, $280 million/media

24. Jose Antonio, $245 million/real estate

25. Eric Recto, $200 million/diversified

BY FORBES ASIA