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Business Times
2 days ago
- Business
- Business Times
Sy family of SM fame retains top spot among Philippines' richest: Forbes
[SINGAPORE] Forbes Asia on Thursday (Aug 7) announced the 2025 Forbes list of Philippines' 50 Richest, where the combined wealth of its tycoons rose by over 6 per cent to US$86 billion, from US$80.8 billion the year before. In 2025, the minimum net worth to make the list is US$185 million, up from US$170 million in the previous year. The Philippine economy expanded by 5.4 per cent in the first quarter of this year, on the back of positive domestic demand and an uptick in infrastructure investments. However, US tariffs of late proved to spell some trouble, with the PSE Composite Index falling around 2.8 per cent year to date, though partially offset by a firmer peso. Despite recent turbulence in the areas of trade and geopolitics, close to half of those on the Forbes list of Philippines' 50 Richest in 2025 are wealthier compared to a year ago. Here are the top 10 billionaires from the Philippines in 2025, according to Forbes: A NEWSLETTER FOR YOU Friday, 8.30 am Asean Business Business insights centering on South-east Asia's fast-growing economies. Sign Up Sign Up 1. The Sy siblings The Sy siblings, heirs to the family conglomerate SM Group built by the late retail tycoon Henry Sy Sr, retained the top spot at US$11.8 billion in combined wealth. The six Chinese Filipino siblings and businesspeople are vice-chairman of SM Investments Teresita Sy-Coson, president of SM Hotels and Conventions Elizabeth Sy, Henry Sy Jr, Hans Sy, Herbert Sy and Harley Sy. Founded in 1958, SM Group began its journey with Henry Sy Sr opening a small shoe store named ShoeMart (SM in Carriedo, Manila in the Philippines, before it became a large department store. The focus was first on buying large supplies of shoes from the US. SM Group to date has various holdings across retail, property and logistics sectors, with SM Investments and real estate flagship SM Prime Holdings the core pillars of the business. It also owns Banco de Oro, the largest bank in the Philippines. SM Prime Holdings, in particular, plans to invest US$9 billion over the next five years to grow its property footprint across the country. 2. Enrique Razon Jr The ports and casino billionaire retained his second place title with his net worth of US$11.5 billion in 2025. The 65-year-old is the chairman and chief executive of port-handling company International Container Terminal Services, Inc (ICTSI) listed in Manila. From a Spanish-Filipino family involved in the marine cargo handling industry, his grandfather started the business with a port in Manila in 1916, which was rebuilt by his father after World War II. Razon Jr thereafter grew the business, with Razon Group and the Soriano Group incorporating ICTSI. The move was initially to bid for the Manila International Container Terminal in the country with the contract secured in 1988. ICTSI to date operates a total of eight terminals in the Philippines. The company reported a two-thirds jump in net profit to US$850 million for 2024, and said it will press ahead with global expansion this year. 3. Manuel Villar The property tycoon also retained his status as the country's third-richest man, with a net worth of US$11 billion. The Filipino businessman and former politician served as the 20th president of the Senate of the Philippines from 2006 to 2008, and as senator from 2001 to 2013. In recent times, his mass-housing and memorial park developer Golden MV Holdings is transitioning into Villar Land Holdings. Villar Land Holdings is the builder of Villar City, a 3,500-hectare mixed-use development that will be completed over the next three decades. He also owns five other listed entities including mall operator Vistamalls, property landlord VistaReit, home improvement chain AllHome, supermarket chain AllDay Marts and Premiere Island Power Reit. 4. Ramon Ang Ang is the president and chief executive of San Miguel Corporation (SMC), one of the Philippines' largest and most diversified conglomerates with interests in food, beverages, energy, infrastructure, and petrochemicals. He recorded a net worth of US$3.75 billion. A mechanical engineer by training, he expanded SMC from its original roots as a brewery into a leader in the food and beverages space. Its revenue is mainly derived from power and infrastructure projects, however, involving toll roads and airports. His business at present is building a US$15 billion airport and city complex at a 2,500-hectare site in Bulacan. It also started a US$3 billion project to revamp Manila's international airport in 2024. He also serves as chairman of Cyber Bay Corporation and Eagle Cement Corporation. 5. The Consunji siblings The Consunji siblings recorded a net worth of US$3.7 billion, coming in at fifth place. They inherited their wealth from their late father David Consunji, founder of DMCI Holdings, a major Philippine conglomerate involved in construction, mining, real estate, and utilities. The eldest of the siblings Isidro Consunji now serves as chairman and president of the company, which was founded in 1954. The organisation is best known for its real estate arm DMCI Homes. It also owns Semirara Mining and Power Corporation, the country's largest coal producer, which obtained regulatory approval for its US$5 billion coal mine expansion project in Antique province in Feb 2025. 6. Que Azcona family The Que Azcona family owns and operates Mercury Drug, the largest pharmacy chain in the Philippines with 1,200 locations across the country and over 15,000 employees. Their net worth stands at US$3.6 billion. Founded by the late Mariano Que in 1945 with a single pushcart, the company grew into a household name, dominating the retail pharmaceutical sector. His grandson, Steven Que Azcona, is the company's chairman and president. His late mother, Vivian Que Azcona who died in April 2025, also served as its president. The business remains privately held and has avoided franchising to maintain tight operational control. 7. Jaime Zobel de Ayala and family A Harvard-educated businessman and philanthropist, Jaime Zobel de Ayala was the chairman of his family's Ayala Group until his retirement in 2006. He and his family are valued at a net worth of US$3.4 billion. Ayala Corporation is one of the Philippines' oldest and largest conglomerates with a presence in banking, insurance, telecommunications and real estate. Founded in 1834 as Casa Roxas, the company was initially in the space of agriculture and distillery. It became Ayala Corporation formally in 1968, before it was listed on the Manila and Makati Stock Exchanges in 1976. The group's crown jewel, Ayala Land, is spending US$500 million to construct new hotels and double its room inventory to around 8,000 by 2030. His eldest son, Jaime Augusto, has since taken over the business. The elder Ayala's seven children own over 40 per cent of the conglomerate. 8. Lucio Tan Lucio Tan is the founder and chairman of LT Group, which has interests in tobacco, spirits, banking and property development. His net worth is valued at US$3.2 billion. Born in Fujian, China, Tan first established Asia Brewery in 1982, before acquiring Tanduay Distillers in 1988 for one billion pesos (S$22.5 million) through Twin Ace Holdings Corporation. It is now a subsidiary of LT Group, and a direct competitor to Ang's SMC. His grandson and heir apparent Lucio Tan III was appointed president of LT Group and PAL Holdings in 2023. 9. Lucio and Susan Co The husband and wife duo have a net worth of US$3 billion, and are the founders of PureGold Price Club, a chain of hypermarkets and supermarkets in the Philippines. It is the second-largest retail chain in the country, with 640 stores nationwide. Founded in 1998, Puregold first targeted low to middle-income consumers and has expanded through acquisitions such as warehouse club chain S&R Membership Shopping in 2011 and DiviMart. The company was listed on the Philippine Stock Exchange in 2011. The son of the Filipino entrepreneurs, Ferdinand Vincent, helps run the company as president. 10. Tony Tan Caktiong and family As the founder and chairman of Jollibee Foods Corporation – the largest fast food company in the Philippines – Tony Tan Caktiong's combined net worth with his family stands at US$2.9 billion. The chemical engineering graduate started his business as a humble ice cream parlour in 1975, before expanding into burgers. He eventually built a multi-brand empire to include businesses such as Chowking and Coffee Bean and Tea Leaf, which Jollibee acquired in 2019 for US$350 million. The beloved national brand also acquired a 70 per cent stake in Compose Coffee, a South Korean cafe chain with over 2,600 stores, for US$238 million in 2024.
IOL News
09-05-2025
- Business
- IOL News
Lessons from DRC private partnership at state-owned ports
After the concession for the Durban Container Terminal Pier 2 was awarded, ICTSI's bid was subject to a further independent review. By Hans-Ole Madsen The ability of International Container Terminal Services, Inc. (ICTSI) to successfully meet its R12 billion tender commitment to the Durban port has been underscored by its recently announced financial results for the quarter ending 31 March. The company posted revenue from operations of $745 million (R1.3 billion) – a 17% increase year on year. The results highlight its financial muscle and ability to operate South Africa's largest container port in partnership with Transnet and to help unlock South Africa's economic potential. In an affidavit filed at the Durban High court, Transnet CEO Michelle Phillips also admitted 'ICTSI plainly had and continues to have the necessary financial capacity.' Yet the partnership between ICTSI and Transnet has been delayed by losing bidder Maersk who have stalled the process by pursuing a spurious legal action. Maersk's legal case hinges on their own narrow interpretation of a non-material single accounting measure, despite the tender process being thorough, fair and transparent. Independent auditors oversaw the process. After the concession for the Durban Container Terminal Pier 2 was awarded, ICTSI's bid was subject to a further independent review. ICTSI's financial clout to deliver on its commitment to Durban is further revealed when it estimates its capital expenditure for 2025 would be approximately $580m, a significant part of which will be channelled into expansions to port projects in the Philippines, Mexico, Brazil and the Democratic Republic of Congo. In addition to serious financial flows, ICTSI has experience in upgrading and managing ports in a range of economies and developing nations. ICTSI currently runs 32 ports in 19 countries. The Port of Matadi in the DRC is one such a success story that should be noted by those concerned about South Africa's struggling export and import economies. When ICTSI partnered with the government of the DRC to develop the port, it had been beset by years of congestion, inefficiencies, and ageing infrastructure. Matadi is located on the Congo River and serves as the country's primary gateway for containerised and general cargo. Within two years of the public-private partnership with ICTSI, Matadi had undergone a remarkable transformation: a new terminal was built, vessel turnaround times were slashed, and trade flows into Kinshasa and the interior dramatically improved. What had once been a chokepoint in the country's logistics chain became a symbol of what well-executed public-private partnerships can achieve, even in challenging environments. This turnaround in the DRC is not an isolated success. It reflects the broader value that private sector participation can bring to state-owned assets - particularly in sectors like transport and logistics, where operational efficiency, technical expertise, and capital investment are crucial. Across the globe, and especially in developing economies, public-private partnerships have proven to be a catalyst for infrastructure renewal, service improvement, and long-term competitiveness. In South Africa, where state-owned enterprises face mounting pressure to deliver under tight fiscal conditions, now is the time to lean into these partnerships. ICTSI sees immense potential for South Africa's trade economy – and the Durban Container Terminal Pier 2 is the economy's beating heart. It handles 46% of all SA's port traffic and handles over 70% of the container throughput at the Durban harbour. And, as has been noted by many observers, the infrastructure of DCT2 has basically remained the same since 1963. That is why ICTSI jumped at the opportunity to become the private partner of Transnet when the concession was first announced. However, after almost two years, South African exporters and importers are still frustrated with the lack of progress at the Durban port. ICTSI has not been able to implement its agreement with Transnet, due to Maersk's court action. Bottlenecks and backlogs are still causing costly delays in loading and unloading ships, as well as in processing cargo for onward transportation. Despite efforts to improve operations, inefficiencies persist. Such delays come at a financial cost. Ships stuck at anchorage or slow-moving cargo means higher port and transport fees, increased fuel costs, and lost productivity for trucking companies waiting at terminals. These inefficiencies also create ripple effects throughout the economy, as this burden is passed onto on consumers. Essential commodities, from electronics to food and medical supplies, become more expensive, reducing affordability and hampering economic growth. Addressing these challenges is critical, and a partnership with an experienced private operator will provide the expertise, investment, and efficiency needed to modernise port operations and drive economic recovery. ICTSI is more than able to deliver on its R12bn commitment to partner with Transnet. It is also noteworthy that Maersk's bid for the Durban tender came in at R2bn below ICTSI's. All parties involved now await the court's judgement. It is a sobering thought that, were it not for Maersk's spurious case, DCT2 would by now have been well on its way to offer efficient services to shipping lines and South Africa's importers and exporters, contributing substantially to the country's economy.
The Citizen
06-05-2025
- Business
- The Citizen
Transnet opens bidding for Durban multi-purpose terminal concession
The operator will be in charge of handling fresh produce and break bulk. Transnet National Ports Authority (TNPA) has opened the bidding process for a terminal operator to take over the design, funding, construction, and long-term management of a multi-purpose terminal at the Port of Durban. The concession will run for 25 years and will focus on handling fresh produce and compatible break bulk cargo, Transnet said on Monday. This comes as Transnet has already awarded the tender for the concession of Durban Container Terminal's Pier 2 – SA's biggest shipping container handling facility – to Philippine ports giant International Container Terminal Services (ICTSI) as part of a joint-venture deal. However, ICTSI and Transnet have been taken to court by a disgruntled losing bidder, which has delayed the project. Cash-strapped Transnet is looking for more private sector participation in SA's major ports as a way to unlock much-needed multi-billion-rand investment into port infrastructure. ALSO READ: 'Spurious' legal battle over Durban port threatens SA economy It said the request for proposals (RFP) for the Durban multi-purpose terminal, issued on Monday, falls under Section 56 of the National Ports Act and aims to boost operational efficiency and competitiveness at South Africa's busiest port. The project is earmarked for the Maydon Wharf precinct, a 145-hectare zone with 15 berths and capacity to handle over seven million tons of cargo annually. 'This multi-purpose terminal request for proposals is a pivotal development for the Port of Durban. It will enhance the port's competitiveness to support the domestic and international supply chain while aligning with Transnet's goals to increase cargo volumes and ultimately lead to economic growth and job creation in the region,' said Nkumbuzi Ben-Mazwi, acting TNPA port manager for the Port of Durban. ALSO READ: How to fix Transnet's ports in the interest of economic growth The Maydon Wharf area is primarily a mixed-use precinct, accommodating terminals for dry bulk, break bulk, limited liquid bulk, and some container cargo. The new operator will be expected to maintain and transfer the terminal at the end of the concession period. Interested parties can access RFP documents through the National Treasury's e-tender portal or the Transnet website. Transnet said a non-compulsory briefing session will take place on Wednesday at 10am at N-Shed, 2 Quayside Road, Port of Durban. This article was republished from Moneyweb. Read the original here.
IOL News
29-04-2025
- Business
- IOL News
ICTSI defends partnership with Transnet as Maersk dispute resumes in court
International Container Terminal Services Inc. (ICTSI) was announced as the preferred bidder for the Durban Container Terminal 2 almost two years ago. However Transnet, ICTSI and Maersk, the losing bidder, are engaged in a legal battle which returns to court at the end of April. Banele Ginidza Phillipines-based shipping container lines conglomerate, International Container Terminal Services, Inc. (ICTSI), has reaffirmed the legitimacy of its partnership with Transnet for the development of Durban's Pier 2 terminal. The dispute with Danish shipping giant Maersk, which returned to the KwaZulu-Natal High Court for two days of deliberation, could significantly impact one of South Africa's crucial trade gateways. The High Court issued an interdict last year, temporarily halting the collaboration following Maersk's legal challenge. Despite ICTSI's bid being announced as the preferred option on 11 April 2023, the court's previous decision led to significant frustration regarding delays in critical upgrades to the terminal. ICTSI has since expressed concern that the ongoing legal disputes could further postpone necessary enhancements. In a statement on Tuesday, ICTSI emphasised their readiness to commence implementation of the project immediately, asserting that their partnership with Transnet would introduce greater operational efficiency and transparency at Durban Container Terminal Pier 2. "ICTSI stands ready to begin implementation immediately and remains committed to partnering with Transnet to deliver improved operational efficiency, transparency, and reliability at Durban Container Terminal Pier 2," it said. "Unlike Maersk, ICTSI is not vertically integrated into shipping and port operations, allowing it to serve all shipping lines impartially," it said on frustrations with the delays stemming from Maersk's legal challenge. ICTSI reiterates its full confidence in the integrity, fairness and transparency of the process, run by Transnet." ICTSI decried that the challenge by Maersk was lodged nearly a year after the preferred bidder was publicly announced and is based on their interpretation of the financial solvency ratio — a metric that was not a disqualifying factor at any stage of the tender process. "It is important to clarify that ICTSI and all other bidders disclosed their financials during the Request for Qualification (RFQ) phase in early 2022," it said. "ICTSI's not only met the required criteria but exceeded them. When final bids were assessed, ICTSI offered R12 billion for the concession and received a 100% evaluation score compared to Maersk's R9.2bn and evaluation score of 83%." Transnet on Tuesday noted that it was the first day in the legal matter at the KwaZulu-Natal Division of the High Court in Durban. "Transnet and APM Terminals made their initial submissions to the court and will make further submissions tomorrow (Wednesday), which will be followed by ICTSI's presentation of its will await the court's decision at the conclusion of the case," Transnet said. In an interview earlier this year, Transnet Ports Terminals CEO Jabu Mdaki said the entity would continue with investments to the Pier 2 infrastructure while the court ruling held the partnership in abeyance. He said TPT would re-evaluate the inputs, to go into developments, have committed resources that would - That does form part of the contractual issues, what it is that we are doing will be taken into account once the dust settles and depending on which direction this will be settled. The viability of the terminal needs to continue to be a working terminal. "Our position with Pier 2 is quite important for the economy. We are not going to compromise the viability of Pier 2, which is the reason we are continued investing equipment like the 20 straddle carriers," Mdaki said. "We have also placed an order for 4 STS cranes for Pier 2 to be delivered second half of this year. This a huge investment, one cannot allow equipment deterioration to continue while waiting for the legal outcome and the counterchallenges that might come. It is important to continue with the business and strengthening the business as well." BUSINESS REPORT
IOL News
23-04-2025
- Business
- IOL News
Tender process for Transnet's Durban Container Terminal 2 was rigorous and transparent
International Container Terminal Services Inc. (ICTSI) was announced as the preferred bidder for the Durban Container Terminal 2 almost two years ago. However Transnet, ICTSI and Maersk, the losing bidder, are engaged in a legal battle which returns to court at the end of April. Image: Leon Lestrade/ Independent Newspapers IT HAS been almost two years since Transnet announced International Container Terminal Services Inc. (ICTSI) as the preferred bidder for the Durban Container Terminal 2, and exactly a year after this was reaffirmed by independent third-party financial consultants who verified the rigour and fairness of the tender process. Yet the implementation of the public/private partnership between Transnet and ICTSI is still in the balance, costing the South African economy billions in lost opportunities. The delay is a result of the losing bidder Maersk seeking to nullify Transnet's awarding of the contract to ICTSI on entirely spurious grounds The Durban Container Terminal Pier 2 concession process was a rigorous, transparent, and competitive bidding exercises – on par with best-in-class processes that ICTSI has taken part in across the world. ICTSI is a multinational specialist company that successfully runs port operations across 32 ports in 19 countries. It operates in some of the world's largest and most dynamic economies, including China, Brazil, Indonesia, the Philippines, Argentina and Australia as well in smaller, complex jurisdictions such as Madagascar and the Democratic Republic of Congo. ICTSI's global revenues for the 2024 financial year rose 15% to $2.74 billion (R50 billion), and net income for the year rose 66% to $849.8 million (R15.54 billion). In an attempt to subvert the outcome of the bidding process, losing bidder Maersk has not only lodged a legal challenge on meritless grounds, but it also waited almost a year after the announcement was made before launching the challenge. Hans-Ole Madsen the Regional Head of International Container Terminal Services Inc. says they are ready to implement critical improvements at the container terminal, enhancing the efficiency and reliability of one of South Africa's most important trade gateways. Image: Supplied Their argument? That ICTSI should not have passed the earlier Request for Qualification (RFQ) stage based on their own interpretation of one financial metric, a metric that even more to the point was never a pass/fail test in any portion of the process. The process leading up to the awarding of the container terminal concession was extensive and methodical. It began with a Request for Interest on August 17, 2021, followed by the issuance of a Request for Qualification by the Transnet Board of Directors on February 11, 2022, inviting potential partners for a 25-year special purpose vehicle to operate the Durban container terminal. The closing date for RFQ submissions was April 12, 2022. During this submission, ICTSI (as well as all interested parties) disclosed its financial standing, including the now-contested solvency metric. By August 9, 2022, the Transnet Board had evaluated all applicants and shortlisted ten qualified entities, including ICTSI and Maersk's subsidiary, APM Terminals. At this stage, Transnet's auditors had no concerns regarding ICTSI's financial eligibility. The shortlisted bidders were then invited to submit formal proposals. When the final bids were assessed, ICTSI emerged as the clear winner, offering $618 million (approximately R12 billion) for the concession, while Maersk bid $515 million (R9.2 billion). ICTSI also scored 100% on Transnet's evaluation, compared to Maersk's 83%. Based on these results, Transnet's Board approved ICTSI as the preferred bidder on April 11, 2023, and the decision was made on July 3, 2023. Maersk was officially notified of its unsuccessful bid three days later, and the announcement was made public on July 18, 2023. After July 2023, Transnet commissioned external consultants to do a further round of assessment on ICTSI – over and above the legal requirements of the tendering process. The independent third-party consultants, GrowthStone, found that: 'Based on the financial due diligence review, ICTSI is expected to be a robust participant in the Durban Container Terminal Pier 2 private sector participation project. From a financial risk standpoint, the company is in a very strong position to add value to the project while being able to withstand volatilities in both global and local markets through its strong balance sheet, well-diversified business portfolio, and extensive access to capital across a broad range of sources. Coupled with effective capital management practices and a well-crafted gearing strategy, ICTSI is positioned to be a strong and reliable strategic partner to Transnet in the [Durban Container Terminal Pier 2] operation.' On the basis of this, Transnet reaffirmed ICTSI's selection as the preferred bidder. Maersk only then filed an urgent interdict on March 11, 2024 based on ICTSI's solvency ratio — some nine months after the final decision had been made and almost two years since the RFQ notice. Maersk misleadingly framed its challenge as though Transnet had only confirmed ICTSI's bid in March 2024, when in fact, the process had been concluded nine months prior. This legal manoeuvre appears to be nothing more than an attempt to disqualify ICTSI on an arbitrary technicality, disregarding the fact that ICTSI's bid was superior both in financial and operational terms. ICTSI used a recognised industry method to calculate solvency during the RFQ process, based on market capitalisation, which is widely accepted in financial evaluations. Maersk is now attempting to impose its own choice of definition of solvency—one that would disqualify even some of the world's largest corporations, including Apple, for the same bidding process. Moreover, financial solvency is just one metric among many used to assess a company's financial capacity to execute a major investment project. ICTSI has a proven track record of running successful port operations globally, and its financial standing is robust. Attempting to reduce its capability to a single financial ratio is both misleading and disingenuous. The ongoing legal dispute has significant consequences for South Africa's trade efficiency. Transnet is upgrading equipment at the Durban harbour, but the port needs a world-class operator to drive efficiency, transparency, and competitiveness. Unlike Maersk, ICTSI is not vertically integrated into shipping and port operations, making it an impartial player that can fairly serve all shipping lines using the Durban container terminal. Every delay caused by Maersk's legal challenge impacts South Africa's exporters and importers, stalling much-needed improvements at the terminal. If Maersk succeeds in disqualifying ICTSI in favour of its own bid, Transnet stands to lose R2 billion in investment, an outcome that would be entirely unjustifiable given the integrity of the bidding process.
