Page 2 - SEPTEMBER 2017 A ISSUE

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FORBES’ 50 RICHEST
TYCOONS’
DUTERTE’S PUSH FOR INFRASTRUCTURE
MANILA – Henry Sy, Sr. of the
SM Group has remained the country’s
wealthiest man on the Forbes
Philippines’ 50 Richest List for the tenth after his net worth improved to $4.3
straight year, with the economic policy
of President Rodrigo R. Duterte playing
part in dictating the fortunes of the
country’s business magnates.
Eighteen Filipino billionaires led
by Mr. Sy made it to the elite club this
year, down from 21 in 2016, as half of
the country’s top 50 tycoons saw their
net worths take a hit because of the
flat performance of the benchmark
Philippine Stock Exchange index and
the weakness of the peso against the US
dollar, Forbes said in a statement.
Mr. Sy, who owns a 54% stake in SM
Investments Corp., enjoyed the biggest
gain in dollar terms, with his net worth
surging to $18 billion from $13.7 billion
last year.
The Sy family recently handed over
the management of the conglomerate,
which has interests in consumer-centric
sectors like property, banking and retail,
to long-time Chief Financial Officer Jose
T. Sio.
JG Summit Holdings, Inc. Chairman
Emeritus John L. Gokongwei, Jr. kept
the No. 2 spot, even as his wealth
declined to $5.5 billion from $6.8
billion. Mr. Gokongwei has built
an empire spanning airline, food,
real estate, chemicals, power and
telecommunications.
5 ways how>> Continuation from page 1 OFWs can protect
themselves from investment scams
xEarning money without product
movement or services. When you
decide to invest in any financial
investment vehicle, make sure there
is an outright product or services
being received. Fraudulent investment
scheme, needless to say, has emphasis
solely on recruiting new distributors,
not the products. Be cautious about
people who are trying to persuade you
to invest without certain products or
services involved.
As a new investor, scam usually
happens when people tried to use
your money to compensate investment
fund for other old investors. When the
company has come to a point of no
recruits or referrals, it will eventually
collapse as the company solely depends
their operation from the fund they are
getting from new clients or investors.
yApproval or recognition from
the government. It is essential
to know if the company is regulated
by the government and ensure
they have permit to operate. In the
Philippines, for instance, Securities
BUSINESS & FINANCE
FORTUNES IMPACTED BY
International Container Terminal
Services, Inc. Chairman Enrique K.
Razon, Jr. moved up to the third spot
billion from $3.5 billion last year when
he was eighth on the list. Mr. Razon’s
gaming business under Bloomberry
Resorts Corp. is raking in record profits
this year, riding a boom in Chinese
tourist arrivals as Mr. Duterte sought
warmer ties with Beijing.
Seven of the 10 biggest dollar
gainers, Forbes said, have notable
interests in construction and
property development, thanks to the
government’s ambitious infrastructure
drive.
DMCI Holdings, Inc. Chairman David
M. Consunji jumped to sixth place with
a net worth of $3.68 billion, up from
$3.1 billion last year when he held the
ninth spot, while San Miguel Corp. Chief
Operating Officer Ramon S. Ang, who
also owns Eagle Cement Corp., took the
10th spot after doubling his net worth to
$2.3 billion from $1.21 billion.
The co-founders of Megawide
Construction Corp.—Michael C.
Cosiquien (29th, $385 million)
and Edgar B. Saavedra (31st, $375
million)—grew their net worth by
nearly half on the back of the 30% rise
in the shares of their company.
On losing end. There were also
some tycoons on the losing end of Mr.
Duterte’s policies.
and Exchange Commission (SEC)
issued public advisories and
warnings over fraudulent investment
scheme and has the jurisdictions or
regulates over all companies and
corporations regarding unethical
or pertinent violations. In some
occasions, the Philippine embassy is
giving a written advisory or warning
to the Filipino community so you will
be aware.
It’s important to know whether
an investment entity is in good
standing and allowed by the
government to solicit investments.
To avoid being scammed, financial
education is a must so you will be
more cautious where to put your
hard-earned money as an OFW. n
Jun Amparo is a personal finance advocate and
founder of Richly Blessed Today. He is an OFW
currently working as a school counselor in an
international school in Thailand. He is currently
writing a book on personal finance for OFWs
and soon to be available in public. To learn
more about proper money management, please
visit his blog www.richlyblessedtoday.com |
Published September 1, 2017 4:55 PM
September 2017 – No. 17 • UK & Europe Edition
LT Group Chairman Lucio C. Tan
maintained the fourth spot even after
his net worth slumped to $4.2 billion
from $4.9 billion, with his tobacco
business under pressure from a
nationwide smoking ban.
Former ambassador Alfredo M. Yao
suffered a 26% drop in his net worth to
$600 million to secure the 25th spot. A
proposed tax on sweetened beverages is
casting a dark cloud over the prospects
of his soft drinks business under Macay
Holdings, Inc.
Rounding up the top 10 and their
respective net worths were: Ayala
Corp. founder Jaime Zobel de Ayala
(No. 5, $3.7 billion from $4.1 billion); Emeritus Dean L. Lao, Sr. (18th, $1
GT Capital Holdings, Inc. Chairman
Emeritus George S.K. Ty (No. 7, $3.6
billion from $4.6 billion); Jollibee
Foods Corp. founder Tony Tan Caktiong
(No. 8, $3.4 billion from $4.3 billion);
Alliance Global Group, Inc. Chairman
Andrew L. Tan (No. 9, $2.5 billion from
$3 billion).
Also in the billionaire’s club were
Lucio and Susan Co of Puregold Price
Club, Inc. (11th, $1.8 billion); Vista
Senators divided on Gordon’s threat to file ethics rap vs. Trillanes
SENATORS had mixed reactions
on Senator Richard Gordon’s threat
to file an ethics complaint against
Senator Antonio Trillanes IV.
For Senator Sherwin Gatchalian,
Gordon and Trillanes should just let
cooler heads prevail.
“The first thing to do is to sit
down and settle this issue among
themselves. After this long weekend,
heads will be cooler and it’s a good
time for the leadership to get both
parties to sit down as honorable
senators,” Gatchalian said.
“Conflicting opinions will always
prevail in the Senate. But these
conflicting opinions should be
respected and debated if necessary,”
he said.
Senator JV Ejercito, meanwhile,
said Trillanes’ actions should already
be dealt with.
From left, Henry Sy Sr., John Gokongwei Jr. and Enrique Razon, Jr:
Top 3 on Forbes’ 50 Richest Filipino
Land & Lifescapes, Inc. founder Manuel
B. Villar, Jr. (12th, $1.65 billion);
Iñigo and Mercedes Zobel, (13th,
$1.6 billion); Robert G. Coyuito, Jr. of
the National Grid Corporation of the
Philippines and PGA Automobile, Inc.
(14th, $1.5 billion) and Mercedes T.
Gotianun (15th, $1.4 billion).
Completing the top 20 are former
Trade minister Roberto V. Ongpin
(16th, $1.15 billion); SMC Chairman
Eduardo M. Cojuangco, Jr. (17th, $1.1
billion); D&L Industries, Inc. Chairman
billion); Century Pacific Food, Inc.
“It is unfortunate the incident
yesterday [Thursday] does not give a
good impression of the Senate. I feel
that these kind of actuations have to be
dealt with accordingly,” Ejercito said in Pimentel III should talk to both Gordon
a text message to reporters.
“We practice parliamentary courtesy
to avoid occurrence of such incidence.
This is very unparliamentary,” he added.
In July, Ejercito called for an ethics
committee probe on Trillanes’ statement
labelling colleagues as “cowards” and
“puppets” of the Duterte administration.
Senator Manny Pacquiao, a member
of the ethics committee, said he feels
Trillanes disrespected Gordon and the
Senate blue ribbon committee.
“We’re going to discuss with all
the members of the committee. Sa
nakita ko, hindi maganda ang sinabi
ni Trillanes. He should respect the
committee especially the chairperson,”
Chairman Emeritus Ricardo S. Po, Sr.
(19th, $980 million) and Monde Nissan
Corp. President Betty Ang (20th, $880
million).
New on the list is STI Education
Systems Holdings, Inc. Chairman
Eusebio H. Tanco at 45th place
with a fortune of $150 million after
shares in his company more than
doubled over the past year due to an
expanding demand for courses in fields
of information and communication
technology, and business management.
n Krista A. M. Montealegre, BusinessWorld |
August 25, 2017, 2:43 AM
Pacquiao said in a text message.
For her part, Senator Grace Poe
said Senate President Aquilino “Koko”
and Trillanes.
Poe said it would be unproductive
if the verbal tussle of the two senators
would lead to an ethics committee
hearing.
“Mas maganda sana na pag-usapan
nila nang maayos, wala ng complaint na
papasok para hindi na rin mabawasan
ang oras ng bawat senador sa iba pang
mga trabaho namin,” Poe said.
Poe said such squabbles would only
divert the issue being investigated by
the committee.
“Hindi kaya mas matutuwa pa ang
smugglers at drug pushers na nakatuon
ang isyu dito sa internal na pag-aaway
imbes na nakatuon sa talagang isyu
na dapat maalis ang katiwalian dito sa
mga ahensya ng gobyerno?” she said.
Trillanes and Gordon engaged in a
heated argument Thursday during the
blue ribbon committee’s investigation
on the smuggling of shabu, after
Trillanes accused Gordon of turning his
panel into a “committee de abswelto.”
Gordon vowed to personally
file an ethics complaint against
Trillanes. Trillanes said he will
welcome such move, and doubted
whether Gordon’s action would get
the support of their colleagues. n RSJ,
GMA News | Published September 1, 2017 4:57 PM
Updated September 1, 2017 4:57pm