Richest Filipino behind MORE Power

By Herbert Vego

ENRIQUE K. RAZON JR., 66, is now the richest man in the Philippines with a net worth of USD 16.5 billion, according to the Forbes World’s Billionaires List.

Does that make him the first peso trillionaire?

No doubt. With the exchange rate of one U.S. dollar now exceeding PHP 61, rounded off, USD 16.5 billion is worth PHP 1.0065 trillion.

Three of the top 10 Filipino billionaires on Forbes’ list lag surprisingly far behind: Ramon Ang, with USD 3.6 billion; Lucio Tan, USD 3.5 billion; Manuel Villar, USD 3.1 billion; Henry Sy Jr., USD 2.5 billion; Hans Sy, USD 1.8 billion; Herbert Sy, USD 1.8 billion; Harley Sy, USD 1.7 billion; Andrew Tan, USD 1.6 billion; and Lucio Co, USD 1.6 billion.

Razon is well-known here in Iloilo City as the majority owner of MORE Electric and Power Corp. (MORE Power), as well as of Negros Electric and Power Corp. (NEPC) in Bacolod City.

I wrote about him soon after he came here on June 28, 2019, at a time when MORE Power was preparing to take over Panay Electric Co. (PECO) as Iloilo City’s new power distribution utility.

In that year, or only seven years ago, he was the third-richest Filipino.

Since the remaining space for this column would not be enough to enumerate the names of all his businesses, suffice it to say that Ricky Razon is also the chairman of International Container Terminal Services Inc. (ICTSI), the port-handling giant in Manila and abroad, and of the world-class Solaire Casino and Resort in Manila.

With a budget of PHP 10.5 billion, ICTSI has acquired, under a 25-year concession from the Philippine Ports Authority, the Iloilo Commercial Port Complex in Barangay Loboc, renaming it Visayas Container Terminal (VCT).

The 25-year concession features deepened berths, new mobile harbor cranes, and direct international shipping services to improve regional logistics.

VCT recently welcomed the inaugural call of Maersk’s PH6 service, marking a step toward improving international trade connectivity for the Visayas region.

The PH6 cargo-handling service gives customers in Panay and the rest of Western Visayas direct access to key trade hubs such as Yantian in mainland China and Hong Kong, connecting them to major global markets in the Asia-Pacific, the United States, Latin America, Europe, and the Middle East.

I remember that TV interview where host and economist Solita “Winnie” Monsod asked Razon how he became a billionaire.

“Work, work and work,” he answered, insinuating that he had worked hard while taking over the ports business empire that he had inherited from his father in 1987 to become the largest corporation providing container-port terminal services in Manila, Subic, Batangas, and General Santos City, and abroad in Poland, Brazil, Mexico, Africa, the Middle East, and Latin America.

“Yes, I take risks,” he answered Winnie’s question. “I may lose but I recover my losses from earnings of my other ventures.”

The greatest risk Razon took was when he plunked USD 1.2 billion into building Solaire in Manila, the Philippines’ largest casino hotel, with no previous experience in the gaming industry. He relied more on gut feeling, knowing that high rollers from around the world had been coming to the Philippines to play in government-owned casinos.

It was also gut feeling that pushed him to apply for a 25-year franchise to distribute electricity in Iloilo City. A number of congressmen, irked by complaints against PECO over poor services and overbilling, sponsored the bill granting the franchise to his new company, MORE Power.

Then-President Rodrigo Duterte signed the bill into law, Republic Act 11212, on Feb. 14, 2019.

He had no second thoughts about appointing Roel Z. Castro as president and CEO of the new company. Castro had done a good job holding the same post at Palm Concepcion Power Corp., a coal-fired power plant in Concepcion, Iloilo.

MORE Power began energizing homes in a leap year, specifically on Feb. 29, 2020.

It has since grown by leaps and bounds, from 62,000 customers to more than 110,000 today.