Ports, gaming king Razon is now the richest Filipino, Villar in 2nd place

Enrique Razon Jr. 

Enrique Razon Jr. has overtaken Manuel Villar Jr. to become the richest individual in the Philippines after a remarkable surge in stock prices that propelled his ports business past the P700 billion mark. 

“His wealth soared by $3 billion to $11.1 billion,” Forbes Asia said in its latest list that tracks the wealthiest families in the Philippines.

“Shares of his International Container Terminal Services, which has been in expansion mode, jumped by nearly 80 percent in the past year amid the global trade rebound,” it added.

Razon's ICTSI is trading near all-time highs thanks to robust global trade. (Chart from TradingView) 

ICTSI, which operates cargo ports in the Philippines and all over the world, soared amid resurgent global trade in the post-pandemic era. Shares of the company continue to trade near all-time highs of P374 per share following a recent correction.

Razon also controls casino operator Bloomberry Resorts, valued at about P90 billion, and Prime Infrastructure, which owns energy and water utilities, including Manila Water Co.

Manuel Villar Jr. 

Villar, the founder of property giant Vista Land & Lifescapes Inc., was previously the richest individual in the Philippines.

While his net worth increased by $1.2 billion to reach $10.9 billion, it wasn’t enough to outpace Razon’s surge.

He now holds the second spot on the individual rich list. He also owns several other listed companies, including cemetery plot developer Golden MV Holdings, which is worth over P950 billion in the stock market.

About the author
Miguel R. Camus
Miguel R. Camus

Miguel R. Camus has been a reporter covering various domestic business topics since 2009.

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