THE combined income of the children of late taipan Henry Sy went down this year, but they continue to be the country’s wealthiest.

Based on Forbes’ Philippines’ Richest 2022’s list, Teresita Sy Coson, Henry Sy Jr., Hans, Herbert and Harley — the controlling shareholders of the SM Group conglomerate — had a combined net worth of $12.6 billion, down $4 billion from the previous year.

Forbes said that because investors had become “skittish,” shares of the family’s flagship company, SM Investments, declined by 19 percent from the previous year.

The country’s second richest man after the Sy siblings is real estate tycoon Manuel “Manny” Villar Jr. He added $1.1 billion to his wealth this year, bringing his fortune to $7.8 billion.

Enrique Razon Jr., a port mogul who suffered a modest dip in his net worth to $5.6 billion, was No. 3 on the list.

The Po family, who took over Century Pacific from Ricardo Po Sr. after his death in October 2021, is one of the newcomers on the list this year, ranking 16th.

Following the passing of her husband Delfin Wenceslao in September last year, Sylvia Wenceslao, who assumed the chairmanship of D.M. Wenceslao & Associates, also made the list this year with a net worth of $340 million.

The Aboitiz family, whose combined

fortune is $2.9 billion, is back on the list. The family is one of the two returnees this year, making the top five with combined riches of $2.9 billion, including the larger family’s interests.

Rounding up the top 10 are Isidro Consunji and his brothers from DMCI; Tony Tan Caktiong and his family from Jollibee Foods Corporation; Jaime Zobel de Ayala and his family from Ayala Corporation; Ramon Ang from San Miguel Corporation; and Andrew Tan from Alliance Global.

According to Forbes, the collective fortune of the wealthiest 50 Filipinos dropped from $79 billion in the previous year to $72 billion in 2022. Nearly two-thirds of those listed reported a drop in their wealth.

In the first quarter of 2022, the Philippines’ economy expanded by 8.3 percent as domestic demand began to recover from the coronavirus pandemic.

President Ferdinand “Bongbong” Marcos Jr. promised to sustain the pace of growth.

“Nonetheless, the pressures of inflation, rising commodity and energy prices as well as reduced exports to China dragged the benchmark stock index down 6 percent from 11 months ago when fortunes were last measured,” noted Forbes.

During the same period, the value of the Philippine peso fell by 12 percent.