MANILA, Philippines - The combined wealth of the 50 richest Filipinos and their families is a whopping $65.8 billion or about P2.8 trillion as of July 2013, according to Forbes' list of billionaires in the Philippines.
Topping the list of 50 richest Filipinos is 88-year-old shopping mall mogul Henry Sy, whose net worth is currently pegged at $12 billion or P521 billion.
"The Philippines' richest person Henry Sy saw his fortune swell by $2.9 billion, boosted by the surge in shares of his SM Investments, the country's most valuable company, which reported record profits of over $570 million in 2012," Sy's profile read on Forbes website.
The second richest is Lucio Tan and his family with a net worth of P325 billion. He is followed on the list by Andrew Tan (P199.7 billion), Enrique Razon (P195.3 billion), and John Gonkongwei Jr. (P147.6 billion).
Jaime Zobel de Ayala and his family are ranked as sixth richest with a net worth of P134.6 billion.
The Aboitiz family that controls Cebu-based conglomerate Aboitiz Equity Ventures ranked seventh with a net worth of P130.2 billion.
The country's "father of construction," David Consunji, is the eight richest with a net worth of P117.2 billion.
Former senator Manny Villar has also joined the billionaire ranks for the first time after doubling his stake in listed home builder Starmalls. His net worth is currently pegged at P45.5 billion. He is the 16th richest Filipino.
President Benigno Aquino III's uncle, Eduardo Cojuangco, is the 20th richest in the country. As the chairman of San Miguel Corp., he has a net worth of P35.8 billion.
Billionaires involved in the media industry are also among the country's richest: Manila Bulletin's Emilio Yap, ABS-CBN's Oscar Lopez, and GMA 7's Gilberto Duavit and Felipe Gozon.
The last man on the list, Manny Pangilinan, has a net worth of P4.5 billion. According to Forbes, MVP is the chief executive of Hong Kong-listed First Pacific, which owns big companies such like Philippine Long Distance Telephone, TV 5 and Meralco in the Philippines and Indonesian instant noodles maker Indofood.
An article by Naazneen Karmali posted on the Forbes website said the 50 richest Filipinos are worth a combined $65.8 billion or about P2.8 trillion, more than a quarter of the Philippines' gross domestic product.