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How Ramon Ang became Philippines' 10th richest man in 2017

This makes him one of the few notable gainers this year in terms of fortune. As of August 23, 2017, Ang's net worth is equivalent to 0.754% of the Philippines' gross domestic product (GDP) of $304.9 billion in 2016, and 12.77% of the $18-billion fortune of Henry Sy Sr, the country's richest man. During Eagle Cement's first day of trading, its stock price rose 2% to close at P15.30 from its IPO price of P15 apiece, after Ang announced market share is expected to hit 25% over the next two to 3 years. (READ: Eagle Cement aims to be market leader by 2020 ) Eagle Cement, which is run by Ramon's son John Paul Ang, saw its net income increase by 13% to P2.2 billion in the 1st half of 2017 even as local cement prices hit a 4-year low. Ramon's daughter Monica Ang also serves as the cement firm's chief finance officer. Its net sales, meanwhile, rose 12% to P7.5 billion in the 1st half of 2017, versus P6.7 billion in the 1st half of 2016, on higher sales volume for both bagged and bulk cement. (READ: Ramon Ang's Eagle Cement in race to rise above multinational giants ) Aside from Eagle Cement, Ang's other businesses, including diversified conglomerate San Miguel Corporation , have been doing well this year in terms of financial performance. San Miguel registered a net income of P26.1 billion in the 1st half of 2017. The conglomerate now has interests in brewery, oil, power, mining, infrastructure, and most recently, car distribution. (READ: San Miguel's latest venture: BMW vehicles ) It was Ang, San Miguel's largest shareholder, who was able to turn it from a food and beverage company into the country's most diversified conglomerate.

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