th images menu user export search eye clock list list2 arrow-left untitled twitter facebook googleplus instagram cross photos entrep-logo-svg

Business-Owning Families Top List of Richest Congress Members

Many are members of families with substantial interests in large business enterprises
By Pauline Macaraeg |

 

 

Eight of the top 10 richest members of Congress are owners, executives or members of families that control some of the country’s largest companies, Entrepreneur Philippines has found.

 

We looked at the newly released summary of the 2016 statements of assets, liabilities and net worth (SALN) of members of the House of Representatives and researched the backgrounds of the members who topped the list. The House released the summary on August 10.

 

Congress’ richest members have interests in a wide variety of business sectors, including port operations, sports, construction and property, hospitality and leisure, management, media, financial services and sports.

 

Michael L. Romero, 1-Pacman Party List representative, is the richest among all 294 representatives in the lower house, with a total net worth of Php7 billion. His business interests are in sports and port operations, through his listed port developer firm Globalport 900 Inc.

 

Following Romero is DIWA Party List Representative Emmeline Aglipay-Villar with Php1.4 billion, and District Representative Alfredo Benitez with Php943 million. (see infographic for full list)

 

Out of the top 10, only two solons have no known business affiliations. These are Imelda Marcos and Vilma Santos-Recto, district representatives of the second district of Ilocos Norte and sixth district of Batangas, respectively.

 

Former First Lady Marcos is the fourth wealthiest with a net worth of Php917.8 million, while Santos-Recto is in eighth place with Php522.6 million.

 

 

*****

 

 

Pauline Macaraeg is Entrepreneur PH's data journalist. Follow her on Twitter @paulinemacaraeg

Latest Articles

Why Every Entrepreneur Should Spend Less Time Looking at Screens

Don't let your mind and body deteriorate because you're too stubborn to take a break

byAnna Johansson | December 16, 2017 00:00:00

Potato Corner Reopens Branch in Marawi

The famous food cart is back just two months after the conflict ended

byPauline Macaraeg | December 15, 2017 09:00:00

Here's How Millennials Can Reach Financial Freedom

Ever heard of this thing called passive income?

byJennifer Spencer | December 15, 2017 08:00:00

Too Many Meetings Suffocate Productivity and Morale

If you're spending more than 20% of your time in meetings, you're not working fast enough and...

byGeorge Deeb | December 15, 2017 06:00:00

6 Ways to Make Sure Your Resume Gets Read

Advance to the interview round by sidestepping common mistakes with not-so-common solutions

byDan Scalco | December 15, 2017 02:00:00

Top 5 Tips to Succeed at a Self-Taught Career Path

Dream careers start with excitement about your craft and taking on challenges with gusto

byAmber Aultman | December 15, 2017 00:00:00

How Much Cut in Personal Income Taxes Can You Expect Under the Newly Ratified Tax Reform Bill?

President Rodrigo Duterte just needs to sign the bill and it will take effect 15 days later

byEntrepreneur Staff | December 14, 2017 16:00:00

Productivity Hack: Free Up Space on Your Mobile with Files Go

An app that frees up space, finds files faster, and easily shares them

byNicai de Guzman | December 14, 2017 10:00:00

Which PH Cities and Towns Have the Most and Least Bank Deposits?

If you have Php10 million in the bank, you have more deposits than at least 10 entire towns

byPauline Macaraeg | December 14, 2017 09:00:00

The Holy Trinity of Business Growth: People, Process and Metrics

How do you keep your company profitable as it scales above 50 employees?

byDoug and Polly White | December 14, 2017 08:00:00

3 Relationships That Will Build the Tribe Every Entrepreneur Deserves

Life is a team sport, and we cannot succeed alone

byKim Perell | December 14, 2017 06:00:00

Science Says You Can Do This Simple Action to Boost Your Memory

You have to listen to your own voice

byNina Zipkin | December 14, 2017 02:00:00