UPDATED: Manny Villar, Sid Consunji,  Ramon Ang, Carlos Chan, Dennis Uy  crank up their fortunes despite plunging stocks, peso

The last 11 months proved to be a tough time to make money for bilyonaryos even after the economy has gotten over the worst of the COVID pandemic.

Forbes reported that less than a third of the 50 richest Filipinos in its latest compilation padded their check books due to the adverse impact of a weak stock market and plunging peso on their financial resources.

The richest Filipino Manny Villar posted the biggest rise among the few bilyonaryo gainers with his wealth expanding by $1.1 billion to $7.8 billion, according to Forbes’ 2022 ranking of the 50 richest Filipinos.

Villar’s fortune bump came from the listing of VistaREIT last June which raised P4.8 billion in new funds.

The second biggest gainer is bilyonaryo Isidro Cosunji who – together with his siblings Josefa, Jorge, Luz, Maria Cristina and Maria Edwina – saw his family fortune rise by 48 percent or $850 million to $2.65 billion.

The Consunjis, who jumped eight places to No.6, profited from red-hot prices of coal which jacked up share prices of the family’s Semirara Mining and Power and DMCI Holdings.

Education and shipping businessman Eusebio Tanco more than doubled his net worth to $450 million as he returned to the Forbes list after dropping out in 2021.

San Miguel Corp. big boss Ramon S. Ang was the fourth biggest gainer as he saw his assets expand by $150 million to $2.45 billion.

Carlos Chan, founder of Oishi snack food maker Liwayway Marketing, increased his riches by nearly half or $110 million to $350 million.

The Special Envoy to China has been listed among the 50 richest Filipinos since 2013.

Profit of Yap-led CEU clobbered by pandemic restrictions

Centro Escolar University (CEU), controlled by he heirs of the late Don Emilio Yap, saw a 23 percent decline in net income during its fiscal year ending May this year to P119.05 million due to the deferral of revenues and recognition of contract liabilities.

Germany raids properties belonging to Russian oligarch

German investigators on Wednesday raided properties belonging to a Russian oligarch suspected of tax evasion and breaking EU sanctions, police and prosecutors said, with sources naming billionaire Alisher Usmanov as the target.

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