The stock market fell 8.65 percent to 7,1391 in 2020 and the economy is expected to plunge by as much as 9.5 percent, the worst since the 7.5 percent drop in gross domestic product in 1984 and 1985.
Despite this gloomy backdrop, the majority of 15 Filipinos on Forbes list of the world’s billionaires posted impressive gains in wealth in the last 12 months.
Former senator Manny Villar cemented further his claim as the richest Filipino by adding $500 million to his net worth to $7.2 billion in 2020 from $6.7 billion a year ago.
The six heirs of the late Henry Sy are making their late Tatang proud as they jacked up their combined net worth by $2 billion or 14 percent to $16.3 billion in 2020, from $14.3 billion in 2019.
Full time property tycoon and part-time crooner Andrew Tan added a cool $500 million to his bank account to $3 billion, up 20 percent from $2.5 billion in 2019.
Century Tuna’s Ricarcdo Po racked up 10 percent growth in wealth to $1.1 billion as his basic goods business flourished during the pandemic.
His airline might be headed for a crash landing, but Lucio Tan still managed to add $100 million to his fortune in 2020 to $3.2 billion, thanks to Filipinos insatiable demand for cigarettes and Tanduay despite higher sin taxes.
The biggest loser was Bobby Ongpin who lost $600 million or a third of his wealth to $1.2 billion.
Jollibee’s Tony Tan Caktiong stumbled 7 percent to $2.6 billion while ports and casino king Ricky Razon slipped two percent to $5.1 billion.
Three Filipinos dropped off the world’s billionaires list in 2020 – Lucio Co and Robert Coyiuto did not make the cut while the Boss, Danding Cojuangco, passed away in June. Injap Sia waltzed his way back to the list on the back of the hottest stock of 2020 – MerryMart.
Here is a breakdown of the ultra-bilyonaryos year-on-year performance in 2020: