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Alliance Global's Tan joins Billionaire's List

ANDREW TAN, the son of a poor immigrant factory worker from China, has reportedly become the newest addition in more than a decade to the ranks of Billionaires in the Philippines.

After restructing his holding company, Alliance Global, Mr. Tan's net worth more than doubled to US$ 1.1billion from US$480 million, Forbes Asia magazine said in its 2007 Philippine Rich List published on Thursday, October 18, 2007. Mr. Tan made his fortune from three major businesses: property, alcohol and fast-food restaurants.

His wealth propelled him to fourth on Forbes Asia's ranking of 40 richest people in the Philippines. Property and telecommunications tycoon Jaime Zobel de Ayala and family jumped from third to first place with net worth of US$ 2 billion.

Shopping mall king, Henry Sy was second with a net worth of US$ 1.7 billion and tobacco, alcohol and airline tycoon Lucio Tan came in third with US$ 1.6 billion.

Last year, this two were the first and second respectively, with US$ 4 billion and US$ 2.3 billion, but their net worth was adjusted down this year when Forbes Asia learned new information about their holding company structures, it said in a statement.

"The Philippines is making a comeback. Second quarter growth of 7.5% was the highest in two decades and unemployment was 8%, the lowest since 1997", said project editor Justin Doebele.

The 40 richest people in the Philippines are worth a combined US$ 17 billion - one billion more than last year Forbes said. -AFP

Source:

October 10-20, 2007 Issue