This story appears in the August 2023 issue of Forbes Asia. Subscribe to Forbes Asia

This story is part of Forbes’ coverage of Philippines’ Richest 2023. See the full list here.

Billionaire Ramon Ang, president and CEO of San Miguel Corp., is one of the biggest gainers this year. With his net worth increasing 39% to $3.4 billion, he enters the top five for the first time at No. 4. Ang cemented gains from the sale last October of a key asset, letting him consolidate his infrastructure portfolio amid a construction boom.

San Miguel, which has interests in infrastructure, food and beverages, paid 97 billion pesos ($1.8 billion) for a nearly 89% stake in Eagle Cement that Ang, chairman of that company, and his family owned. San Miguel said that Ang and his eldest son, John Paul, who’s on the San Miguel board and president of Eagle Cement, did not participate in the approval process of the acquisition. Eagle Cement, one of the country’s largest cement makers, had a stellar 2021 (the latest financial year available) with sales up 54% and net income up 78%. It delisted in February following the sale to San Miguel.

In June, Ang made headlines, again, when he paid 10.9 billion pesos to raise his stake in Top Frontier Investment Holdings, the parent company of San Miguel. The acquisition of 45 million shares, made via his Far East Holdings, increased his stake to about 35% from 26% previously, making him the second-largest shareholder of Top Frontier after its chairman Inigo Zobel (No. 18). Ang, helming San Miguel since 2002, has spearheaded diversification of the company originally known for its beer.

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