Wed, 11/05/2008 - 16:30 — admin
Shopping mall mogul Henry Sy has become The Philippines’ richest man after amassing $1.65 billion in the past year, while his peers were hurt by the global financial crisis, according to Forbes, the international business magazine.
The fortune that Sy made was the “biggest gain in absolute terms” of the country’s wealthiest 40 families, who saw their collective wealth plunge 18 per cent amid the world credit turmoil, the magazine said.
In its annual list of The Philippines’ richest people, Forbes noted that the country’s stock exchange has dropped 35 per cent in the past year, making 25 out of 40 tycoons – including those in banking and real estate – poorer.
Forbes said the Sy family is now worth $3.65 billion.
The 83-year-old and his family control SM Investments, which owns stakes in a dozen companies, including the nation’s second largest bank. Sy started off selling shoes to American GIs in The Philippines in 1958. From one store known as Shoe Mart, he built a multi-billion-dollar empire. Today he is Asia’s biggest shopping mall operator with 30 mega malls throughout The Philippines.
Jaime Zobel de Ayala and family slipped from first to third as their wealth dropped to $944 million from $1.4 billion, Forbes reported.
The stock of their conglomerate Ayala Corporation is down 46 per cent since last year in part because of the economic slowdown and declining profits in banking and electronics manufacturing.
Moving up to second place is Lucio Tan and his family, with a net worth of $1.8 billion, although this is still down by $118 million from last year. Tan controls Philippine Airline, the country’s largest cigarette firm, one of its largest brewers and mining operations.
bvlgari watches
BVLGARI Watches she is BVLGARI Watches supposed to BVLGARI Watch take for BVLGARI Watch high BVLGARI blood pressure BVLGARI and CHANEL Watches cholesterol CHANEL Watches. She CHANEL Watch has become CHANEL Watch effusively CHANEL religious CHANEL — an FRANCK MULLER Watch unexpected FRANCK MULLER Watch turn FRANCK MULLER Watches for this FRANCK MULLER Watches onetime FRANCK MULLER standup FRANCK MULLER comic HUBLOT with HUBLOT X-rated HUBLOT Watch material HUBLOT Watch — finding HUBLOT Watches in Christianity HUBLOT Watches her IWC only form IWC of health IWC Watch insurance IWC Watch. The IWC Watches call for IWC Watches a more LONGINES standardized, LONGINES comprehensive LONGINES Watch method LONGINES Watch of overseeing LONGINES Watches medical radiation LONGINES Watches.
~*.*~
TISSOT Watches failing to TISSOT Watches create rolex watches jobs in rolex watches sufficient cartier watches numbers cartier watches to absorb.
watch
The executive mansion was torched by British troops in 1814, during the War of 1812. omega watchThe structural damage caused by the fire was repaired but the exterior sandstone walls were still black with fire damage. replica omega watchesThe walls were then painted white, giving birth to the nick name "The White House". An act of Congress made this the official name in 1902.
replicas watches
We offer a selection of the highest quality replica watches available today. replicas watches Genuine watches of these replicas are very expensive and the choice of the rich, replicas watches famous and collectors around the world.
Write comment