by Ferry Bayu | Aug 10, 2023 | Business
Wealth Of The Philippines’ 50 Richest On Forbes List Rises 11% To US$80 Billion
SINGAPORE (August 10, 2023) – The combined wealth of tycoons on the 2023 Forbes list of Philippines’ 50 Richest rose 11% to US$80 billion from $72 billion last year. The complete list can be found here and in the August issue of Forbes Asia.
The Philippine economy logged 6.4% growth in the first quarter of 2023, marking two years of continuous expansion since its recovery from the pandemic. Although the economy must now deal with inflation and higher interest rates, the country’s benchmark stock index rose 6% from a year ago when fortunes were last measured.
More than half of those on the list are wealthier this year, led by the top three. The Sy siblings, heirs to the group built by the late Henry Sy Sr., retain the top spot, adding $1.8 billion to their net worth, which now stands at $14.4 billion. Shares of their flagship SM Investments, a conglomerate with interests in banking, property and retail, jumped 19% from a year ago amid a rebound in consumer spending.
Property tycoon Manuel Villar continues to hold second place with a fortune of $9.7 billion, up $1.9 billion, on the back of a resilient housing market. Villar also listed his power business, Premiere Island Power REIT, in December 2022. Rounding out the top 3 is this year’s biggest dollar gainer, ports tycoon Enrique Razon Jr., who saw his fortune rise $2.5 billion to $8.1 billion. Shares in his company International Container Terminal Services jumped 24% from a year ago, thanks to sustained improvement in supply chains.
Another notable gainer is Ramon Ang, president and CEO of listed conglomerate San Miguel Corp., who moves up five spots to No. 4. His wealth was up nearly 40% to $3.4 billion following the acquisition of his majority owned Eagle Cement, one of the archipelago’s largest cement makers, by San Miguel. Taking the fifth spot on the list is Tony Tan Caktiong of Jollibee Foods, who saw his net worth rise $600 million to $3.2 billion.
Featured on the cover of the August issue of Forbes Asia is Sabin Aboitiz, a fourth-generation member of the Aboitiz family (No. 6, $3.15 billion). Aboitiz is spearheading a $7 billion transformation of Aboitiz Equity Ventures, Philippines’ second largest electricity producer, into a banking, infrastructure and technology powerhouse.
The three new newcomers to the list are all inheritors. The Gotianun family, at No. 22 with $850 million, inherited stakes in conglomerate Filinvest Development from matriarch Mercedes Gotianun, who died last December. The Yuchengco family, heirs of Alfonso Yuchengco and the biggest shareholder of Rizal Commercial Banking Corp., one of the country’s largest lenders, also joins the ranks at No. 33 with $420 million. Federico Lopez debuts on the list at No. 42 with $300 million, shared with his family, after taking over the media, property and power empire from his father, Oscar, who died in April at age 93.
The minimum net worth to make the list was $180 million, slightly down from $185 million last year.
The top 10 richest in the Philippines are:
- Sy siblings; US$14.4 billion
- Manuel Villar; $9.7 billion
- EnriqueRazon Jr.; $8.1 billion
- RamonAng; $3.4 billion
- Tony Tan Caktiong; $3.2 billion
6.Aboitiz Family; $3.15 billion
7.Lance Gokongwei & siblings; $3 billion
8.Isidro Consunji & siblings; $2.9 billion
- Jaime Zobel de Ayala; $2.8 billion
- Lucio Tan; $2.6 billion
The list was compiled using shareholding and financial information obtained from the families and individuals, stock exchanges, analysts and other sources. Unlike the Forbes Billionaires’ rankings, this list includes family fortunes, including those shared among extended families. Net worths are based on stock prices and exchange rates as of the close of markets on July 21, 2023. Private companies were valued based on similar companies that are publicly traded. The list can also include foreign citizens with business, residential or other ties to the country, or citizens who don’t reside in the country but have significant business or other ties to the country.
For more information, visit www.forbes.com/philippines
by Ferry Bayu | Aug 10, 2023 | Business
For its 6th annual Impact Day themed “Building a Better Future”, Universal McCann (UM) employees in Malaysia come together to support the Super Sarapan project (Super Breakfast), an ongoing project done in partnership with Yayasan Generasi Gemilang and aimed at feeding children from low-income households whose family’s combined monthly income is less than RM2,500. The carnival that ran in the office was a funfair environment with food and games, and it raised RM22,500 in total to keep children fed and in school.
MALAYSIA, 10 AUGUST 2023 — Universal McCann (UM), the global media agency network of IPG Mediabrands, announced its sixth annual day of service to the community, UM Impact Day, on 20th July. Launched under UM’s corporate social responsibility initiative, Better World, Impact Day exemplifies the agency’s commitment to community and care and its employees’ commitment to driving a better workplace, work product, and world for the communities in which they live and serve.
Themed “Building a Better Future”, UM Impact Day this year saw 80 UM employees in Malaysia come together to support the Super Sarapan project (Super Breakfast), an ongoing project done in partnership
with Yayasan Generasi Gemilang and aimed at feeding children from low-income households whose family’s combined monthly income is less than RM2,500.
Audrey Chong, Chief Executive Officer of UM commented, “Our aim this year, was to raise funds for this exceptional programme that looks to close the education gap for underserved children by improving literacy and nutrition. Super Sarapan helps address the issue of hunger and motivates children to stay in schools by giving them a daily meal for each day they go to school. In this way, it encourages them to continue their education, thus opening the door for them to create a better future and elevate their livelihood.”
This Impact Day saw UM Malaysia inviting clients, partners, friends and family for a carnival in the office, where UM staff contributed time, energy and resources to create a fun-fair like day of food & beverages, games and activities. UM clients including Tyson Foods, F&N Malaysia, Munchy’s and Mattel also supported the carnival by way of prizes and items to be sold on the day. The carnival sales proceeds totaled RM22,500, donated to Yayasan Generasi Gemilang for the Super Sarapan project.
Melissa Ngiam, Chief Executive Officer of Yayasan Generasi Gemilang said, “At Yayasan Generasi Gemilang, we get to see first-hand how providing a meal every single school day makes a huge difference in improving food insecurity for underserved students in Malaysia. Super Sarapan exists to address the very real issue of student hunger. It is so meaningful to see the team at Universal McCann showing their genuine support for this programme. Thank you so much! The funds raised will allow us to collaborate with more schools to ensure more students are fed.”
Audrey adds, “This year’s cause was extremely meaningful to us as we looked towards helping drive change in our community and contributing towards the United Nations’ Sustainable Development Goals (SDG), in particular, SDG 1 – no poverty; SDG 2 – zero hunger and SDG 4 –quality education. We are thankful for the collaboration of our numerous clients and partners who have been extremely generous with their support. And not to forget, a big thanks to our UM team, who drove this year’s impact day with heart and boundless energy to make the day a success.”
Learn more about Yayasan Generasi Gemilang here.
For more news on UM Malaysia, follow the Friends of UM page.
UM is a global media agency committed to Futureproofing our clients’ businesses for the now and the next. We leverage the transformational power of rich business analytics and real-time intelligence to maximize growth and activate the full consumer journey across content and connections. Our consultative approach and agile model, rooted in diversity, equity and belonging, drive better business outcomes for brands. As the leading global media network in IPG Mediabrands, UM operates in over 100 countries, with more than 3,000 people innovating on a roster of global clients including Accenture, American Express, GoPro, Johnson & Johnson, Levi Strauss & Co, Mattel, Sony and Spotify. For more information, please visit https://www.umww.com.
Gavina Rajendran
Director of Marketing & Communications, Mediabrands Malaysia
Ga**************@**ww.com
+603 7966 6118
by Ferry Bayu | Aug 10, 2023 | Business
US-ASEAN Business Council Commits More Investments In PH
The United States (US) – Association of Southeast Asian Nations (ASEAN) Business Council, the largest American business contingent, pledged to pursue more investments in the Philippines.
The commitment was made when the members of the US-ASEAN Business Council paid a courtesy call to President Ferdinand R. Marcos Jr. at the President’s Hall of Malacañan Palace in Manila on Wednesday.
During the meeting, US-ASEAN Business Council president and chief executive officer Ted Osius said the members of the non-profit organization are looking forward to deepening their engagements with the Marcos administration and creating more partnerships with the Philippine businesses.
“We’re very much focused and you highlight these themes on sustainable development, transformative digitalization, innovative healthcare solutions, supply chain resilience, and ease of doing business,” Osius told Marcos.
“We are determined that we come here not just to talk but also to bring a lot of action to create real partnerships and to show our commitment in the form of investments,” he added.
Osius, a retired US ambassador, was joined by representatives of 30 companies, the largest delegation to visit the Philippines in the 40-year history of US-ASEAN Business Council.
He said the number of the delegation visiting the Philippines signifies the organization members’ interest in the country’s strong growth and stable macroeconomic fundamentals; the young and competent Filipino workforce; and the Marcos administration’s receptiveness to foreign investments and sustainable approach to sustain economic development.
Citing Marcos’ commitment to put a premium on industries such as infrastructure, agriculture, clean energy, green metals and semiconductors, Osius said American companies have expressed readiness to back the Philippine development efforts.
Marcos acknowledged the council’s crucial role in the Philippine development and hoped that alliances, partnerships, and arrangements with its members would be sustained.
He said the meeting with the US-ASEAN Business Council is significant in discussing concrete steps in upholding socioeconomic cooperation, including the sectors of agriculture, clean energy, infrastructure, climate change, digital connectivity and post pandemic recovery.
“I recognize the critical role that the United States and American businesses have played in advancing a robust and inclusive economic growth in the Philippines, not only in this period but for a very long time now,” Marcos said.
Marcos also assured the council of concrete steps that he and US President Joe Biden have identified to make the two countries’ alliance and partnership “relevant and responsive to the current emerging challenges in the defense, security and economic spheres.”
“I invite the members of the esteemed Council to continue being valuable partners of the Philippines. Let us push for greater economic engagement between our two countries, for our mutual benefit, for the prosperity, especially of the region,” he said.
Osius also stressed the importance of the country’s participation in the Indo-Pacific Economic Framework, as well as in the Asia-Pacific Economic Cooperation (APEC).
“The view in Washington is that the Philippines has been an incredible partner in this process, especially the supply chain. [The] Indo-Pacific Economic Framework and the US is looking for continued Philippine leadership on Pillar 3 which is focused on clean energy, decarbonization, and infrastructure, and Pillar 4, tax and any corruption,” Osius said, adding US companies welcome a transparent predictable business environment in the context of Pillar 4.
The US-ASEAN Business Council is a non-profit organization established in 1984 that conducts research and analysis in the ASEAN member states in terms of economic, financial, political, social and environmental conditions.
Worldwide, the council’s membership of over 175 companies generates almost USD7 trillion in revenue and employs more than 14.5 million people.
The council is the only American organization formally recognized in the ASEAN Charter and meets annually with the Finance, Trade, and Energy Ministers at their annual meetings.
To date, its members include the largest US companies conducting business in ASEAN and range from newcomers to the region to firms that have been working in Southeast Asia for more than 100 years. (PNA)
by Ferry Bayu | Aug 10, 2023 | Business
AECA Solutions Sets Up Singapore Base
Malaysian Geospatial Intelligence Technology Company, AECA Solutions Establishes AECA Technologies Pte. Ltd. In Singapore
AECA Solutions is now
a part of Singapore’s Geospatial ecosystem with the establishment of AECA
Technologies Pte. Ltd. in Singapore.
One of the reasons
AECA has chosen Singapore as another site to base out of is that the country is
at the epicenter of international business activity in the Asia Pacific region.
Location is pivotal.
Malaysia and Singapore are at the center of an emerging market.
Economic forecasts
predict that Southeast Asia is likely to remain one of the fastest-growing
regions for years to come.
CEO of AECA Solutions,
Tengku Erina Tengku Nasrudin spoke about the strategy behind AECA setting up
office in Singapore, “Singapore is leading Geospatial initiatives in this
region. We chose to build our presence here in Singapore as part of a larger
strategic growth plan, and to make full use of the support by local agencies such
as GeoWorks by Singapore Land Authority and Singapore Business Federation in
line with their Smart Nation initiatives.”
In addition, Singapore
is attracting global technology, talent and investment because of its safe and
stable environment as well as a regulatory framework that is favourable to
technology companies and entrepreneurs.
Based on the country
ranking of the Geospatial Knowledge Infrastructure (GKI) Readiness Index 2022
by Geospatial World and the United Nations Statistics Division, Singapore is
ranked number 8.
With AECA’s presence
and participation in Singapore’s more advanced Geospatial arena, AECA aspires
to contribute in boosting Malaysia’s ranks in terms of GKI readiness by taking
advantage of the benefits of being a part of Asia’s most geospatial-ready
country.
AECA Solutions Sdn. Bhd. is a Geospatial Intelligence Technology Company featuring superior equipment and solutions.
Steadily expanding and crossing borders to provide need-based UAV solutions, this Malaysian
company is redesigning its local drone industry by making drone technology accessible and
affordable to all industries nationwide. Prioritising quality and integrity, AECA’s team has been a
key driver of UAV services in Precision Agriculture and Survey-Grade Aerial Mapping.
Dina Nawawi
(Public Relations Officer, AECA Solutions)
di**@************ns.com
by Ferry Bayu | Aug 9, 2023 | Business
On July 26, ARCHIDEX, the largest and most influential exhibition for building and decoration materials in Malaysia and even Southeast Asia, was opened at the Kuala Lumpur Convention Centre. As a leading provider of construction and building materials system services in Southeast Asia, Oriental Yuhong Technologies (Malaysia) Sdn.Bhd. (“Malaysia Oriental Yuhong” for short) was invited to the business event to serve the Southeast Asian market and show its waterproof products and overall solutions to the world.
With the theme of “Sweet Home is No More Wet” Malaysia Oriental Yuhong primarily exhibited polyurethane waterproofing coating, polymer cement waterproof coating, thermoplastic polyolefin (TPO) waterproof membrane, Imerz999 high resistance waterproof coating, HCA Suke organosilicon waterproof coating, and other building materials, to “contribute to a better living with diverse products and services”.
Shan Dongning, General Manager of Malaysia Oriental Yuhong, introduced the exhibits with agents, and visitors spoke highly of Oriental Yuhong’s system services and products. The lucky draw set in the booth attracted many participants.
Malaysia Oriental Yuhong, leveraging localized management, keeps consolidating the foundation for sustainable development. Competitive products and the adaptation to the local market have allowed it to stand out from other brands. Malaysia Oriental Yuhong has made positive contributions to the Belt and Road Initiative projects, undertaking many large-scale construction projects in Malaysia. For instance, its thermoplastic polyolefin (TPO) waterproof membrane was approved to be included in the catalog of waterproof materials for mosque construction in Malaysia for the material’s outstanding performance in the maintenance and construction project of Sultan Salahuddin Abdul Aziz Shah Mosque in 2022.
Over the past 28 years, Oriental Yuhong has braved challenges and struggled through hardships. At first, it found acclimatizing to local conditions was difficult; after years of efforts, it has grown into “the Oriental Yuhong of the World”, participating in and witnessing the rise of buildings prestigious worldwide and establishing a good Chinese corporate image abroad. Oriental Yuhong will stay committed to its original aspiration and make greater contributions to the high-quality development of the world’s building materials market.
Oriental Yuhong, incorporated in 1995, has grown into an outstanding building material systems service provider in the past two decades by providing high-quality and complete system solutions for tens of thousands of important infrastructure construction projects, industrial buildings, civil buildings, and commercial buildings.
Oriental Yuhong
+86 4007791975
sa***@********om.cn
by Ferry Bayu | Aug 9, 2023 | Business
#17YearsWithForest: A Legacy of Gender Balance and Inclusive Workforce
Forest Interactive, an industry trailblazer celebrating its 17th anniversary, is making bold strides in fostering an inclusive work culture and promoting diversity in the tech industry. With visionary leadership and unwavering commitment, Forest Interactive is driving change, connecting communities, and championing diversity, equity, and inclusion (DEI) at all levels.
Igniting a Vision of Inclusion
Since 2020, Forest Interactive has actively supported efforts to end harassment, starting with its pledge of support for the Anti-Sexual Harassment Act in the Malaysian Parliament two years later. Since then, Forest Interactive has taken steps to implement a zero-tolerance stance on sexual harassment, clearly outlining guidelines and complaint procedures.
#ItEndsNow Campaign: Last year, Forest Interactive launched an internal #ItEndsNow campaign, to gauge employees’ knowledge. Weekly email newsletters raising awareness of various types of workplace harassment, employees’ rights, grievance mechanisms, and resources for conflict resolution were also disseminated to educate and empower, as part of this campaign. Forest Interactive’s #ItEndsNow campaign is more than just a statement; it is a battle cry against harassment and discrimination in the workplace.
Anti-Harassment Policies: Forest Interactive’s robust anti-harassment policies embody its unwavering commitment to protect and uplift every individual within its workforce. The zero-tolerance policy ensures that harassment has no place within the organization, fostering a culture of respect and inclusion.
Whistleblowing Policy: The whistleblowing policy is an embodiment of transparency and accountability. By empowering employees to report misconduct, the company ensures that no injustice goes unnoticed. The policy is already in progress through the cooperation with Corporate PR and People Operations.
Uniting a Diverse Workforce through Exemplary Leadership
All-Female Morocco Team: Forest Interactive showcases an all-female team in Morocco. This bold move challenges stereotypes and empowers women, creating a workforce that thrives on diversity and breaks barriers.
Female Representation in Upper Management: With 80% of its upper management positions occupied by women, Forest Interactive demonstrates its dedication to empowering talented individuals, irrespective of gender.
Diverse Work Culture: There are more than 20 different nationalities within the company, bringing in their valued unique perspective. This visionary culture fuels creativity, innovation, and collaboration among employees.
Accolades on Gender Equality: Forest Interactive is awarded second runner-up for the Community Engagement & Partnerships category at UN Women 2021 Malaysia Women Empowerment Principles (WEPs) Awards in 2021. Additionally, the company was shortlisted as a finalist for the Gender-Inclusive Workplace category. The following year, the UN Women Malaysia Women Empowerment Principles (WEPs) Awards recognized Forest Interactive CEO Johary Mustapha, with Malaysia’s Leadership Commitment Award. Our CEO, Johary Mustapha was the only CEO representing Southeast Asia in the United Nation’s CEO Roundtable held in New York to report our gender equity efforts at the workplace.
Career Development: Forest Interactive commits to nurturing the talents and aspirations of its workforce. Through training programs like LinkedIn Learning, mentorship opportunities in skills like project management and software development, and leadership development initiatives, the company empowers employees to reach their full potential. We fully utilize our meaningful partnerships such as with LeadWomen, as they conducted an experiential learning journey for our talents, mostly HODs, and team leaders to foster a culture of gender inclusion within their own teams and the whole business ecosystem.
Networking Events Open to All Talents: Talents have access to networking opportunities such as MWC Barcelona and Telemedia, skill-building workshops, and support systems to foster the growth and success of both women and men within the organization.
Knowledge Sharing Sessions: Departments initiate specific knowledge sharing sessions like the Creatives’ mentor-mentee program and Corporate PR’s “Could Would Should,” where the company encourages continuous learning and professional growth.
A Visionary Network for Lasting Impact
Committed to Women’s Aid Organisation (WAO) WePledge: Forest Interactive’s commitment to the Women’s Aid Organisation (WAO) WePledge demonstrates its visionary engagement in addressing gender-based violence and promoting gender equality. By standing alongside WAO, the company strengthens its resolve to drive change beyond its own walls.
Corporate Community Engagement: By actively engaging with organizations such as LeadWomen’s first Corporate Community. By actively engaging with other organizations, the company fosters collaboration, shares best practices, and contributes to building a more inclusive business ecosystem.
United Nations Global Compact (UNGC) Membership: Forest Interactive exemplifies its commitment through its membership in the United Nations Global Compact. By aligning its operations with UNGC’s sustainability principles and have our women leaders speak on their events, the company demonstrates its commitment to responsible business practices and driving positive social and environmental impact.
UNGC Roundtable Conference for CEOs: Our CEO being nominated for the UNGC Roundtable Conference for CEOs amplifies Forest Interactive’s voice in shaping sustainable and inclusive business practices on a global stage.
Dialogue Includes All for the Visually Impaired: Forest Interactive extends to inclusivity for all, including the visually impaired. Through the “Dialogue Includes All” program, the company creates opportunities for equal participation and access, breaking barriers and fostering a more inclusive society.
Hosting Internal Events for Female Talents: Forest Interactive hosts internal events that empower and celebrate its female talents. These events provide a supportive platform for networking, sharing experiences, and nurturing professional growth.
Conducting Events that are Vehicles for Inclusivity: Forest Interactive’s visionary engagement is evident in the events it conducts, serving as vehicles for inclusivity. These events foster understanding, celebrate diversity, and create opportunities for dialogue and collaboration among stakeholders. One of our notable engagements are with Speak Up Malaysia who came to educate us on workplace harassment and discrimination, and to raise awareness on how to identify and respond to such behaviours.
As Forest Interactive celebrates its 17th anniversary, it ignites a vision of inclusion, connects communities through visionary leadership, and engages stakeholders for lasting impact. Through these 17 visionary initiatives, the company continues to inspire the tech industry and beyond, driving a future where diversity, equity, and inclusion are embraced by all.
Founded in 2006, Forest Interactive develops scalable mobile platforms to connect mobile operators with their subscribers. With over 17 years of industry experience, Forest Interactive has expanded to include a diverse workforce of 20+ nationalities in 14 regional offices.
Delivering content subscription services, service delivery platforms, digital vouchers, e-commerce platforms, and mobile apps for all ages, Forest Interactive operates in more than 25+ countries, servicing 90+ mobile operators and 100+ content partners with the capacity to reach over one billion subscribers worldwide.
Visit forest-interactive.com to learn more.
Arvee Gomez
Media Relations Executive
ar*********@****************ve.com
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