While the Philippine economy and stock market continued its growth path, some of the country’s elite got smacked with a big hit on their assets.
From former IPO (initial public offering) standouts to taipan heirs to real estate movers, the past year delivered a harrowing twist for certain fixtures on Forbes’ annual list of the 50 wealthiest Filipinos.
Leading the ranks of the most substantial losers are Dennis Anthony Uy and his wife, Maria Grace Uy, whose fortune contracted by nearly half, amounting to $820 million, resting at $930 million.
Their fiber broadband enterprise, Converge, witnessed an 80 percent plunge from its peak of P44 and a 45 percent descent from its IPO price of P16.80.
Another Dennis Uy, who experienced wealth expansion during the Duterte administration, encountered a nearly 50 percent dip in net assets, translating to $370 million, leaving his worth at $440 million during the initial year of the Marcos administration.
The Duterte crony’s stock portfolio, including DITO Holdings (down 40 percent), PH Resorts Group (down 27 percent), Phoenix Petroleum (down 24 percent), and Chelsea Logistics (down 20 percent), all found themselves in the red compared to the previous year.
Monde Nissin, another former blockbuster IPO, saw its major owners stumble down the Forbes rankings.
Monde chairman Hartono Kweefanusaw his wealth plummet by 39 percent, a staggering $600 million decrease, landing at $950 million.
His sister-in-law, Betty Ang, faced a similarly unfortunate fate, relinquishing a third of her wealth, equivalent to $370 million, to reach $695 million. Kweefanus’ brother-in-law and Monde CEO, Henry Soesanto, suffered a 27 percent tumble in net worth, amounting to a $170 million loss, settling at $455 million.
Brothers Keng Sun and Peter Mar, heirs of M.Y. San who exchanged their biscuit business for Monde shares, encountered a harsh blow, with a 35 percent or $110 million decline, culminating in $200 million.
Monde is currently trading at 61 percent below its historich high of P20.15 and 43 percent off its IPO price of P13.50.
Even the heirs of esteemed taipans found their wealth diminished, as the Gotianuns experienced a 22 percent or $220 million contraction, leaving them with $850 million. Meanwhile, the inheritance of Lance Gokongwei and his siblings shrank by $100 million, resting at $3 billion.
Among the other notable casualties were Roberto Coyiuto, vice chairman of National Grid Corp. of the Philippines (NGCP), who experienced a $75 million setback, reducing his worth to $345 million. Additionally, Luis Yu Jr., chairman of mass housing builder 8990 Holdings, saw his fortune diminish by $50 million, settling at $495 million.
50 wealthiest Filipinos: Ultra bilyonaryos led by Razon, Villar, Sy-blings, Ramon Ang reign supreme in 2023 winners’ list