MANILA -- Shopping mall tycoon Henry Sy held on to the distinction of being the Philippines' richest man, according to 2018 rankings released by Forbes Magazine.
Former Senate President Manuel Villar zoomed to second place, dislodging taipan John Gokongwei, after he tripled his net worth on the strength of his memorial park business.
The share price of Villar's Golden Bria jumped 1,300 percent in the first quarter, Forbes said. Investors also saw Villar's housing empire as building blocks for a possible telecommunications foray, the magazine said.
Forbes said the 2018 rankings were "volatile" wherein 19 on the list saw a shift in their net worth of 20 percent or more.
Here are the Philippines richest, according to Forbes:
1. Henry Sy Sr ($18.3 billion)
2. Manny Villar ($5 billion)
3. John Gokongwei Jr ($4.4 billion)
4. Jaime Zobel de Ayala ($4 billion)
5. Enrique Razon Jr ($3.9 billion)
6. Tony Tan Caktiong ($3.85 billion)
7. Lucio Tan ($3.8 billion)
8. Ramon Ang ($2.85 billion)
9. George Ty ($2.75 billion)
10. Andrew Tan ($2.6 billion)
11. Inigo and Mercedes Zobel ($2.5 billion)
12. Isidro Consunji family ($2.45 billion)
13. Lucio and Susan Co ($1.5 billion)
14. Eduardo Cojuangco ($1.4 billion)
15. Robert Coyiuto Jr ($1.3 billion)
16. Roberto Ongpin ($1.25 billion)
17. Mercedes Gotianun ($1.15 billion)
18. Ricardo Po Sr ($1.05 billion)
19. Dean Lao ($950 million)
20. Beatrice Campos ($700 million)
The list of 50 richest Pinoys saw 7 newcomers including William Belo of big-box chain Wilcon Depot (no. 22 with $600 million),
self-made fashion designer Josie Natori (no. 45 with $150 million) and Necisto Sytengco of chemical-trading outfit SBS Philippines (no. 41 with $180 million), Forbes said.
Jerry Liu of semiconductor maker Cirtek Holdings (no. 46 with $145 million), and Rafael Simpao (no. 44 with $155 million) and Alberto Villarosa (no. 42 with $170 million) of Security Bank also debuted on the list.
Forbes said 27 people on the list saw their fortunes shrink this year, including media tycoons Gilberto Duavit, Menardo Jimenez and Felipe Gozon, as the value of their shares in GMA Network dropped.
Betty Ang of noodle giant Monde Nissin, saw her fortune shrink 70 percent amid her company's sharp fall in net income.
Forbes said the list was compiled using information from the individuals, stock exchanges, analysts, private databases, government agencies and other sources.