THE Philippines' 50 richest tycoons amassed a combined wealth totaling $80.8 billion according to the August issue of Forbes Asia magazine, relatively flat compared to $80.4 billion last year.
Forbes said that more than half of the country's 50 richest are less wealthy this year, due to slower growth in the Philippine economy in the first quarter at 5.7 percent, as well as inflation and high borrowing costs that weighed down domestic demand.
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