Enrique Razon Jr.
Gio Panlilio for Forbes Asia
This story is part of Forbes’ coverage of Philippines’ Richest 2025. See the full list here.
Buoyed by domestic demand and an uptick in infrastructure investments, the Philippine economy expanded by 5.4% in the first quarter of 2025, but U.S. tariffs proved to be a spoiler. The country’s benchmark stock market index dipped 7% since we last measured fortunes, though that was partially offset by a firmer peso. As a result, the collective wealth of the country’s 50 richest was up over 6% to $86 billion from $80.8 billion last year.
The Sy siblings, heirs to the SM group built by the late retail tycoon Henry Sy Sr., retained the top spot despite their fortune falling by $1.2 billion—the biggest drop in dollar terms—to $11.8 billion. The group’s real estate flagship SM Prime Holdings has an ambitious plan to invest $9 billion over the next five years to grow its property footprint across the country.
Nearly half of those on the list are wealthier this year, including ports and casino billionaire Enrique Razon Jr., who remained at No. 2 with a modest increase in his net worth to $11.5 billion. His International Container Terminal Services reported a two-thirds jump in net profit to $850 million for 2024 and said it will press ahead with global expansion this year.
Property magnate Manuel Villar retained his status as the country’s third-richest with a net worth of $11 billion, amid the transformation of his mass-housing and memorial park developer Golden MV Holdings into Villar Land Holdings, the builder of Villar City, a sprawling 3,500-hectare mixed-use development that will be completed over the next three decades. Trading of the company’s shares, however, was suspended in May due to a delay in filing its 2024 audited financial statement.
Recording the biggest gain in percentage terms were husband and wife Dennis Anthony & Maria Grace Uy, cofounders of broadband services provider Converge ICT Solutions. Their combined net worth rocketed 74% to $1.6 billion as shares of Converge got a massive boost, partly from the government’s efforts to increase internet access across the archipelago.
Among the 20 listees whose wealth shrank is home improvement tycoon William Belo, founder of big-box retailer Wilcon Depot. Intense competition from smaller rivals amid sluggish demand caused the company’s shares to tumble to an eight-year low in April, dragging down Belo’s net worth by over 40% to $520 million, the biggest drop on the list in percentage terms.
The Que Azcona family takes the place of Vivian Que Azcona, president of Mercury Drug, who died in April at age 69 shortly after the company celebrated its 80th anniversary. The 203-billion-pesos (revenue) drugstore chain is now led by her son Steven.
Two from last year didn’t make the cut, including Dennis Uy, who’s looking to reduce debt at his entertainment and telecoms company DITO CME Holdings. The cutoff for the list this year is $185 million, up from $170 million in 2024.
Full Coverage of Philippines’ Richest 2025:
Reporting by Jonathan Burgos, Gloria Haraito, Anis Shakirah Mohd Muslimin, Anuradha Raghunathan, Yessar Rosendar, Ian Sayson, Jessica Tan and Yue Wang.
Methodology:
The list was compiled using shareholding and financial information obtained from the families and individuals, stock exchanges, analysts and other sources. Unlike our billionaire rankings, this list includes family fortunes, including those shared among extended families. Net worths are based on stock prices and exchange rates as of the close of markets on July 18, 2025. Private companies were valued based on similar companies that are publicly traded. The list can also include foreign citizens with business, residential or other ties to the country, or citizens who don’t reside in the country but have significant business or other ties to the country. The editors reserve the right to amend any information or remove any listees in light of new information.
Acknowledgments:
Special thanks to Leechiu Property Consultants, Luna Securities, Maybank Securities and the other experts who helped us with our reporting and valuations, including Zhang Yi, iiMedia Research.