October was a rocky month for the Philippines’ ultra-rich as profit-taking hit the Philippine Stock Exchange (PSE) just after a four-year high.

Eleven of the 14 Filipino billionaires on the Forbes list saw declines in their net worth as the PSE index dropped 1.78 percent month-on-month to close at 7,142 after peaking at 7,604.

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The Sy family, the country’s wealthiest, experienced a seven percent dip in combined assets to $13 billion, with SM Prime Holdings down five percent, BDO down three percent, and SM Investments down two percent.

Ports, casino and infrastructure tycoon Ricky Razon’s net worth lost four percent to $11.5 billion.

San Miguel big boss Ramon S. Ang also slid two percent to $3.7 billion.

Andrew Tan gave up five percent to $1.9 billion even despite a seven percent rise in Megaworld.

Jollibee’s Tony Tan Caktiong lost seven percent to $1.3 billion while Puregold’s Lucio Co tumbled eight percent to $1.1 billion.

Manny Villar, the only billionaire to post gains, saw his net worth jump 24 percent to $17.9 billion, which further cement his claim as the richest Filipino.

His death care company, Golden MV Holdings (HVN), rose 30 percent in paper value to P1.4 trillion last month, despite thin trading averaging less than P1 million daily, apart from two trades of P29.9 million and P48 million on October 3 and 16.

HVN trades at a price-to-earnings ratio of 2,198, significantly higher than the PSE index average of 13.

Breakdown of October performance of ultra bilyonaryos based on Forbes: