High-rise buildings dominate the Metro Manila skyline. — PHILIPPINE STAR/EDD GUMBAN

The Sy siblings have once again topped the Forbes list of the Philippines’ 50 Richest for 2025, with a combined net worth of $11.8 billion, according to Forbes Asia.

The heirs to the SM Group empire held their top position despite a $1.2 billion dip in their wealth.

Ports and casino tycoon Enrique K. Razon Jr., chairman of International Container Terminal Services, Inc. and Bloomberry Resorts Corp., retained the No. 2 spot with $11.5 billion.

Former senator and property magnate Manuel B. Villar, Jr. stayed in third place with a fortune of $11 billion.

San Miguel Corp. Chairman and Chief Executive Officer Ramon S. Ang ranked fourth with a net worth of $3.75 billion, followed by Isidro A. Consunji & siblings of DMCI Holdings, Inc. at No. 5 with $3.7 billion.

The Que Azcona family, taking over from the late Mercury Drug Corp. President Vivian Q. Azcona who passed away in April, debuted at No. 6 with $3.6 billion. The drugstore chain is now led by her son, Steven Azcona.

Jaime Zobel de Ayala & family of conglomerate Ayala Corp. came in seventh with $3.4 billion.

At No. 8 is airline and liquor magnate Lucio C. Tan, who holds a net worth of $3.2 billion.

Puregold Price Club, Inc. founders Lucio and Susan Co were listed ninth with $3 billion, while Jollibee Foods Corp. Chairman Tony Tan Caktiong rounded out the top ten with $2.9 billion.

The minimum net worth to make the 2025 list was $185 million, up from $170 million the previous year.

The full list appears in the August issue of Forbes Asia and on forbes.com/philippines.— Arjay L. Balinbin and Revin Mikhael D. Ochave

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