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Mang Inasal owner, Aboitizes among country’s billionaires


06:41 AM June 22nd, 2012

June 22nd, 2012 06:41 AM

The architect turned entrepreneur, who made the Mang Inasal food chain popular, became the youngest billionaire in the country.

Edgar Sia, 35, became the Philippines’ 40th richest man, worth $140 million or around P5 billion, according to Forbes Magazine Asia in its website.

Jollibee Corporation’s $65 million acquisition of 70 percent stake of the Mang Inasal chain in 2010 make up the bulk of Sia’s wealth.

Sia, who’s from Roxas City in Capiz, also sits as a member of the board of the Philippine Bank of Communications, where he has a minority stake.

Two Aboitizes and Chinese tycoon John Gokongwei also made it in the country’s wealthiest list still topped by retail magnate Henry Sy, who has a net worth of $9.1 billion

Jon Ramon Aboitiz, 63, chairman of the Aboitiz Equity Ventures, and his family ranked 16th in the Forbes list and worth $955 million or around P38 billion.

AEV is the Aboitiz family’s conglomerate.

Aboitiz patriarch, Enrique, 90, uncle of Jon Ramon Aboitiz, who sits in the AEV board, also made it in the billionaires’ list. He’s the 23rd richest Filipino and is worth $400 million or around P16 billion.

Gokongwei, 84, who grew up in Cebu, is the 4th richest with a net worth of $3.2 billion or around P128 billion.

The Chinese tycoon owns owns JG Summit Holdings. He also owns Cebu Pacific Air, which is run by his son Lance, and the Robinson Malls.

The top 40 wealthiest list include the second richest Filipino, tobacco king Lucio Tan, 77, worth $4.5 billion; 3rd richest, International Container Terminal Services owner Enrique Razon Jr., 52, worth $3.6 billion; seventh richest Jaime Zobel de Ayala, 77, worth $2.2 billion, and Eduardo Cojuangco Jr., 77, $1.4 billion.

Forbes also showed three new billionaires in the list – the husband and wife team of Puregold Price Club, Lucio and Susan Co; Michael Cosiquien of Megawide Construction and Sia./dennis Singson

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