Enrique Razon Jr., chairman of casino operator Bloomberry Resorts and port operator ICTSI, has overtaken real estate magnate Manny Villar to become the richest person in the Philippines, according to Forbes Asia’s real-time billionaires list.
The development was first reported by business publication Bilyonaryo.com.
Razon’s estimated net worth now stands at $11.9 billion, narrowly surpassing Villar’s $11 billion. The shift comes after the Philippine Stock Exchange suspended trading of shares in Villar’s Golden MV Holdings on May 16th for failing to submit its audited 2024 annual report.
In April, Forbes had pegged Villar’s wealth at $17.2 billion, well ahead of Razon’s $10.9 billion. However, Razon’s fortune has grown on the back of strong performance across his core businesses.
International Container Terminal Services Inc. (ICTSI), the country’s largest port operator, saw its share price rise 30 percent since March, after reporting a 14 percent increase in first-quarter net income to $239.54 million.
Bloomberry Resorts, which operates Solaire casino, jumped 54 percent, boosted by a one-time PHP2.9 billion ($49.8 million) gain from refinancing a PHP40 billion ($686.8 million) loan, alongside strong gaming and non-gaming revenue growth. Apex Mining also surged nearly 60 percent after posting a 70 percent rise in first-quarter net income to PHP1.4 billion ($24 million), driven by higher gold prices.
Razon further expanded his energy portfolio through Prime Infra’s PHP50 billion ($857 million) acquisition of a 60 percent stake in First Gen’s natural gas unit in May.
Meanwhile, Villar’s net worth has dropped amid concerns over Golden MV Holdings. Once a cemetery developer, the company saw its stock soar 456 percent after a PHP5.2 billion ($89.2 million) land injection in 2024. But trading was halted after it failed to file financial results on time. Analysts have questioned its PHP1.33 trillion ($22.7 billion) revaluation gain, calling it inflated and lacking solid basis.
