Manila International Container Terminal
ICTSI
This story is part of Forbes’ coverage of Philippines’ Richest 2026. See the full list here.
Ports billionaire Enrique Razon Jr. charged ahead to become the Philippines’ richest person this year for the first time since his debut on the list in 2007. Shares of his International Container Services (ICTSI), where he is chairman and president, more than doubled in the past year, making it the country’s most valuable publicly traded company and helping Razon’s net worth to balloon at roughly the same rate to $21.8 billion. The port operator reported record earnings for 2025, with net profit climbing 23% to $1.1 billion on an 18% rise in revenue to $3.2 billion. The growth was driven by Razon’s expansionist moves across the country and beyond.
In December, the company signed a 25-year joint venture agreement with South Africa’s state-owned Transnet to operate a container terminal at the Port of Durban, which handles nearly half the country’s port traffic. ICTSI says it will spend close to $650 million on upgrades. The same month, the company announced a $175 million expansion of its Brazilian terminal at Rio de Janeiro. On its home base, ICTSI has a $1 billion spending plan that includes upgrading its flagship port in Manila and building a new container terminal in Batangas province, south of the capital. A June research report from Malaysia’s Maybank notes that such investments will “support sustained compounding of earnings over the long term.”
Razon is also pumping money into his other businesses, which include casinos, energy and mining. In March, his privately held Prime Infrastructure Capital agreed to buy SierraCol Energy, a Colombian oil and gas producer, from private equity firm Carlyle.