This story is part of Forbes’ coverage of Philippines’ Richest 2018. See the full list here.
With Neerja Jetley, Jane Peterson and Anu Raghunathan.
It was a volatile year for the Philippines 50 richest: more than a third saw their totals shift 20% or more, shaking up our ranking and enabling seven to make their debut. We’ve spotlighted two of those newcomers below, along with three other entrepreneurs who had an eventful year.
1. Ironman: Wilfred Steven Uytengsu Jr.
The Philippines boasts the label “Asia’s triathlon capital” thanks to the Alaska Milk chairman. Uytengsu’s Sunrise Events group brought the iconic Ironman races to the country a decade ago and has expanded to six headline-grabbing events.
In August the Asia-Pacific Championship of Ironman in Cebu drew 2,500 triathletes from 52 countries. “Bringing in foreign athletes helps expand sports tourism and make the Philippines a destination,” says 57-year-old Uytengsu, a 20-year veteran of triathlon sports. Separately, Alaska Milk sponsors the popular “IronKids” triathlon races throughout the Philippines, offering tips on training, motivation and commitment. For the more than 500 kids who compete per race, Uytengsu believes the program inspires a “healthy and active lifestyle.” His fortune comes from the sale of his family’s Alaska Milk to a Dutch company in 2012.
More On Forbes: Philippines’ Richest 2018: Billionaire Builders Push Ahead With Infrastructure Projects
2. Smashing Burgers: Tony Tan Caktiong
The restaurant tycoon who chairs the $5 billion (market cap) Jollibee Foods is on a global expansion spree this year. Armed with a $230 million war chest, he’s looking to open 500 stores–at least 200 outside the Philippines; he is focused on Vietnam – where the chain already has more than 100 stores. In April, Jollibee, which spans 12 restaurant brands, swallowed an additional 45% stake in U.S. chain Smashburger in a $100 million deal. Tan is also looking to open a store in Manhattan under its Jollibee brand, selling chicken and burgers. In the past year, this “McDonald’s of the Philippines” also ventured into Europe with a store in Milan. Another, in London, is slated this year.
3. Summit CEO: Lance Gokongwei
In April John Gokongwei Jr.’s only son was elevated to chief executive of JG Summit Holdings, the Philippines’ second-largest family-run conglomerate. The company, founded by his father (now No. 3 on our list) in 1957, has interests ranging from banking and real estate to airlines, telecommunications, power and food. As part of the shift, the 51-year-old transitioned from CEO to chairman of the group’s food and beverage unit, Universal Robina. A nonfamily member was appointed to the post, a first for a Summit core company. Lance is also the CEO of the group’s Robinsons Land, Robinsons Retail and budget airline Cebu Airline, which became the country’s largest carrier under his helm.
4. Made In Manila: Josie Natori
The fashion designer behind The Natori Co. retails her fashion, lingerie and lifestyle brand through U.S. department stores such as Saks Fifth Avenue, Bloomingdales and Neiman Marcus. Founded in 1977, Natori, 71, now owns a factory in eastern Metro Manila with 500 workers and saw an estimated $200 million in annual sales last year. Her son Kenneth runs the show as president and is focused on growing online sales. Natori, who started playing the piano at age 9, once performed at Carnegie Hall for her 50th birthday. She was the first woman vice president in corporate finance at Merrill Lynch. She holds dual citizenship in the Philippines and the U.S. Her wealth includes real estate in New York’s Westchester County, Manhattan and Palm Beach.
5. Big-Box Newbie: William Belo
Founder of big-box retailer Wilcon Depot saw his shares more than double since its initial public offering in March 2017, boosting its market cap to some $880 million. Wilcon, which sells home improvement and construction products, boasts 43 stores across the country and had $27 million in net income and $340 million in sales last year. It also retails electrical, plumbing, houseware and furniture products through its own brands. Belo started the company with a 645-square-feet shop in Quezon City in 1977 and is now its chairman emeritus. Daughter Lorraine Belo-Cincochan, who was one of 25 women on our inaugural Emergent Women’s list in May, joined the company in 2000 and is now its president and chief executive.
