Philippines' 10 richest: Ports tycoon Enrique Razon Jr rises to the top
Manila-based mogul jumps to the top of country's richest list, as per Forbes
Manila: His journey began in the gritty underbelly of the docks, a mere boy of 17, his hands calloused and spirit raw.
Enrique "Ricky" Razon Jr. began his life as a mere cog in the industrial machine, a minimum-wage cargo loader in his family's stevedoring company. Yet, within this unassuming figure burned a fire, a relentless ambition that would ignite an empire.
Today, at the helm of International Container Terminal Services Inc. (ICTSI), 64-year-old Razon Jr is a titan of Philippine industry, with footprints around the globe.
His dominion stretches across ports, gaming, energy, and utilities. ICTSI, listed on the Philippine Stock Exchange, is a global ports management company headquartered in Manila. It is one of the world's largest independent terminal operators with presence in six continents, running 32 terminals in 19 countries.
Forbes estimates Razon Jr's net worth at $11.1 billion as of August 2024.
With this wealth, he has ascended to the pinnacle of Philippine society, eclipsing even the formidable real estate magnate Manuel "Manny" Bamba Villar Jr. to claim the crown of the nation's richest man.
Besides ports, Razon Jr is at the helm of a conglomerate with interests in property development, gaming, energy, utilities and more.
The six Sy siblings (Teresita, Elizabeth, Henry Jr., Hans, Herbert and Harley, heirs to the late SM Group founder Henry Sy Sr.), continue to lead the Forbes list, as they have a combined net worth of $13 billion, while Villar Jr. held onto the third position with $10.9 billion.
Razon Jr, however, holds the individual title of the richest individual in the country.
Wealth builder
How did he break through to the top?
Forbes attributes Razon Jr’s $3 billion wealth surge to the stellar performance of ICTSI shares, which skyrocketed nearly 80 per cent in the past year, buoyed by a global trade upswing, while profits soared by 36 per cent in the Q1 2024.
Additionally, his Bloomberry Resorts Corp. continues to be a leading player in the country's gaming sector, contributing significantly to his fortune. In March, Razon Jr.'s Bloomberry reported 2023 profits hit 9.5 billion pesos ($168 million), 85 per cent higher than 2022 earnings, and just below pre-pandemic earnings of 9.9 billion pesos ($175 million).
In May, he opened the Solaire Resort North in Quezon City, his second gaming complex in Metro Manila.
For his part, Villar's net worth grew more modestly, rising by $1.2 billion to $10.9 billion. This slower pace of growth resulted in Villar slipping behind Razon in the rankings.
Expansion
ICTSI is recognised as the largest ports operator in the Philippines, with significant operations across Asia, the Americas, and Europe.
The company is poised for further expansion, with a $1.3 billion investment earmarked for port projects across Africa, Asia, and South America.
Overall, the wealth of the Philippines’s richest individuals remained relatively flat at $80.8 billion in 2024, a slight increase from the previous year’s $80.4 billion.
The list also includes Lance Gokongwei, Andrew Tan, and Dennis Anthony Uy, whose fortunes grew significantly due to their respective industries.
We’re trying to build an organisation that is world-class. Why do you have to just be the biggest in the Philippines when the whole world is a market? Bakit kapag Filipino, dito [ka] lang? Hindi tama yun (Why, if you're Filipino, you're confined here? That's not right).”
This shift in rankings underscores Razon Jr's ability to strategically grow his business empire, even amidst global economic uncertainties.
His latest investments in infrastructure, particularly in energy and utilities through Prime Infra, also played a crucial role in boosting his wealth.
Economy
The 2024 Forbes list reflects the dynamic nature of the Philippine economy, which grew by 6.05 per cent in the first half of 2024, outpacing previous forecasts.
Despite various challenges, including inflation and geopolitical tensions, the country's top billionaires have managed to maintain – and even grow – their wealth.
Razon Jr’s rise to the top spot marks a significant moment in the Philippines’s business landscape, illustrating the potential for growth and expansion in the nation’s key industries.
Logistics
Widely recognised for his entrepreneurial acumen, Razon Jr has firmly established himself among the elite ranks of Filipino billionaires and business magnates.
His work and vision in the shipping industry has not only propelled ICTSI to global prominence but has also catalysed economic growth, positioning the Philippines as a key player in global logistics.
Razon Jr's ambitions have always extended beyond the docks. He takes a long-term view.
“We look at 10, 20 years ahead, and in certain areas even generations ahead. We go to markets where no one wants to go. Over time, we make money,” he told Esquire Magazine's Philippine edition.
His ability to recognise opportunities and take calculated risks has enabled him to diversify his business empire into sectors such as gaming, utilities, power generation, and hospitality.
By expanding his portfolio, Razon has not only fortified his position in the business world but has also driven growth in these critical industries within the Philippines.
Infrastructure, energy
His ventures, particularly in infrastructure and energy, have had far-reaching impacts, contributing to national development and enhancing the country's economic resilience.
Razon Jr believes Filipino businesses can be competitive globally. He summed up his global ambitions to Esquire: “We’re trying to build an organisation that is world-class. Why do you have to just be the biggest in the Philippines when the whole world is a market? Bakit kapag Filipino, dito [ka] lang? Hindi tama yun (Why, if you're Filipino, you're confined here? That's not right).”
This philosophy underscores his ventures, where he emphasises a broader value creation that his businesses bring to the world, through the communities they serve.
Ricky’s remarkable achievements have garnered him respect both locally and internationally.
His journey from a young worker in a cargo-loading company to one of the Philippines' most influential billionaires is a testament to what vision, hard work, and grit can achieve.
Razon Jr’s impact, both economic and social, continues to resonate, underscoring his role as a transformative figure in the region’s business landscape. The ambitions Filipino business titan has set his sights on new ventures.
Energy projects
Now, he’s proposing to tackle one of the country's most pressing challenges: the power crisis.
Razon Jr.’s Prime Energy is making significant strides in expanding the offshore Malampaya gas field, a critical energy source for the Philippines.
The company has partnered with OneSubsea, a global leader in subsea engineering, to enhance gas production as part of the Malampaya Phase 3 project.
This expansion is crucial for securing the country’s energy future, as Malampaya currently supplies around 20 per cent of the Philippines' electricity.
Prime Energy seeks to boost the nation’s energy resources through advanced technologies. Razon Jr. is also spearheading efforts to introduce small modular reactors (SMRs), aiming to revolutionise the local energy landscape, with electricity generated by splitting atoms using next-generation reactors.