Rich List: Consumers in Philippines enrich tycoons

More affluent consumers are enriching tycoons whose businesses are adapting to changing trends and spending behaviour.
Henry Sy
Henry Sy

The Philippines economy sustained its powerful momentum last year, growing at 6.1%, helped by strong government spending, private consumption, investment, and exports. In particular, more affluent consumers are enriching tycoons whose businesses are adapting to changing trends and spending behaviour.

Henry Sy, ranked 41 on FinanceAsia's 2015 Rich List, again earned more dividend income than his rival tycoons. His two publicly traded conglomerates, SM Investments and SM Prime Holdings, posted record profits from their retail and banking activities. Sy intends to expand several of his mall properties into minitowns over the next five years, capturing customers for his retail outlets. However, his family’s holdings in BDO Unibank...

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