Henry Sy remains Philippines’ richest – Forbes

Henry Sy remains the country’s richestfor the 8th consecutive year, according to Forbes magazine’s The Philippines 50 Richest List for 2015.

Mall magnate Sy has a net worth of $14.4 billion (from 2014’s $12.7 billion), as the value of his publicly traded conglomerates, SM Investments and SM Prime Holdings, increased by 17% and 20%, respectively over the past year.

Sy’s companies announced record income from banking and retail businesses and two new mall partnerships in 2014. The SM Group plans to build “micro cities” around some of its existing mall properties – the goal is to build 10 mixed-use townships by 2020 as part of an estimated $11-billion expansion.

Sy also has a stake in privately-owned electricity firm National Grid Corporation, the country’s national power transmission operator. READ MORE

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