GMA-7 and ABS-CBN owners made it to the Philippines’ 50 Richest List, according to Forbes Asia Magazine’s September 2018 issue.
GMA Network, Inc. owners Gilberto Duavit Sr., Menardo Jimenez, and Felipe Gozon landed in the 48th, 49th, and 50th spots, respectively.
This was despite having suffered a “notable” decline in their fortunes, the report said.
It was listed that Duavit Sr. has a net worth of $135 million, Jimenez with $130 million, and Gozon with $125 million.
Forbes’ online report read in part, “Media tycoons Gilberto Duavit, Menardo Jimenez, and Felipe Gozon fell as shares in their GMA Network dropped 11%.
“The network posted a 21% decline in earnings for the first half of 2018.”
Gozon is the current chairman and CEO of GMA-7, while Duavit and Jimenez are his fellow shareholders.
Lopez Holdings’ chairman emeritus Oscar Lopez—whose “bulk of wealth” is held in ABS-CBN—ranked 23rd in the Philippines’ 50 richest list.
His current net worth is $480 million.
Oscar is the uncle of ABS-CBN Chairman Eugenio "Gabby" Lopez III.
Meanwhile, JG Summit founder John Gokongwei Jr. landed in the third spot with a net worth of $4.4 billion.
His son Lance Gokongwei is the current CEO of JG Summit, while his eldest daughter Robina is the president of Robinson Retail Holdings.
His second eldest daughter Lisa Gokongwei runs Summit Media.
SM Group founder Henry Sy remains the country's richest person for the 11th year in a row, with a net worth of $18.3 billion.
Former Senator Manny Villar was listed as the second richest man in the country with a net worth of $5 billion.
Villar's fortune reportedly tripled primarily due to his real estate business.