Forbes: Henry Sy is still PH top billionaire; Jeff Bezos is world's richest

MANILA - Shopping mall tycoon Henry Sy is still the Philippines' richest man while Amazon.com founder Jeff Bezos seized the top spot for the first time, Forbes Magazine said Tuesday.

Sy has a net worth of $20 billion (P1 trillion), nearly double from last year's $12.7 billion, and ranked 52nd worldwide. Sy has led the country's billionaires for 10 years in a row.

Bezos' seized the top spot from Microsoft founder Bill Gates this year with a net worth of $112 billion. Gates placed second with a net worth of $90 billion.

Tycoon John Gokongwei of the JG Summit group and family ranked second in the Philippines and 305th worldwide with $5.8 billion.

Enrique Razon, who owns Solaire Casino and Resort, was third in the Philippines and 404th worldwide with $4.9 billion.

According to Forbes, Asia Pacific has the most billionaires at 827, followed by the United States at 585 and Europe at 559.

A record 2,208 billionaires made this year's list, with a collective net worth of $9.1 trillion, up from $7.7 trillion last year.

source: news.abs-cbn.com

ICTSI raises medium term debt program to $1-B

MANILA, Philippines - Enrique Razon's International Container Terminal Services Inc. (ICTSI) increased its borrowing program by 25% to $1 billion to finance its aggressive overseas expansion program.

In a disclosure to the stock exchange, ICTSI treasury head Arthur Tabuena said the board of directors approved the increase in its medium note program to be issued by ICTSI Treasury BV to $1 billion instead of $750 million.

"The maximum aggregate nominal amount of notes outstanding that may be issued under the program was increased from the original amount not exceeding $750 million or its equivalent in other currencies to $1 billion," he said.

ICTSI has also appointed Citigroup Global Markets Ltd and Credit Suisse Securities (Europe) Ltd as new dealers.

The ports operator raised $400 million of the $750 million medium term note program in January.

ICTSI Treasury BV has launched the note program to manage its debt portfolio, as well as fund its ongoing expansion program in the country and overseas.

source: www.abs-cbnnews.com