According to Forbes, the COVID-19 pandemic led to a drop in the fortunes of the Philippines’ richest with a total of 32 listees posting a decline in their net worth.

“Tycoons on the 2020 Forbes Philippines Rich List saw their collective wealth fall 22 percent to $60.6 billion as the Covid-19 pandemic disrupted the country’s economy,” Forbes said.

The children of mall and banking tycoon Henry Sy took the biggest hit in dollar terms, with their fortune down by $3.3 billion but remain the country’s richest with a net worth of $13.9 billion.

Property tycoon and former Philippine Senator Manuel Villar is the country’s second-richest man, even as his wealth fell from $1.6 billion to $5 billion.

Ports magnate Enrique Razon Jr. moved up to No. 3 this year with a net worth of $4.3 billion, down from $5.1 billion previously, it said.

Newcomers on the list are Lance Gokongwei and his siblings, who debuted at No. 4 with a net worth of $4.1 billion.

They replace their father John Gokongwei Jr., who passed away in November 2019.