Staying next to Sy on the Forbes list was JG Summit founder John Gokongwei Jr, who has a net worth of $6.8 billion, up from $5.5 billion last year.
Forbes noted that Gokongwei has developed JG Summit into the "Philippines' fifth largest company with a market capitalization of $13.2 billion and diverse business interests including an airline, banking, food, hotels, power, chemicals, real estate and telecommunications."
JG Summit subsidiaries include JG Summit Petrochemical Corporation; CP Air Holdings, Incorporated; Universal Robina Corporation (URC); Robinsons Land Corporation; and Robinsons Bank Corporation.
Gokongwei-led Cebu Pacific Air saw its net income surge by P8 billion in the first 6 months of the year, after it breached the 10-million mark in passenger volume.
URC, meanwhile, recently announced it is buying Snack Brands Australia for AU$600 million (US$460.55 million or P21.38 billion).
JG Summit also holds an 8% interest in PLDT and a 27.1% interest in Meralco.
Gokongwei is featured on the cover of Forbes Asia's September 2016 issue. His daughter, Robina Gokongwei-Pe, was also included in Forbes Asia's Power Businesswomen 2016 list.