Sy family retains top spot, Razon rises to second

According to Forbes' latest rankings, the Sy siblings retained their position as the wealthiest family in the Philippines with a combined net worth of $13 billion, down from $14.4 billion last year due to currency fluctuations.

Enrique Razon Jr., owner of International Container Terminal Services (ICTSI), secured the second spot on Forbes' list with a net worth of $11.1 billion, marking an increase of $3 billion from the previous year as ICTSI's share prices rose by 80%.

Manuel Villar came in third place with a net worth of $10.9 billion, up by $1.2 billion from last year, largely due to his mass-housing and memorial park businesses.

Ramon Ang of San Miguel Corporation climbed to the fourth spot on Forbes' list, seeing an increase in his net worth to $3.8 billion thanks to the company's expansion into infrastructure projects.