The founder of the 2003-founded company Mang Inasal from Ilo-ilo City, Edgar Sia II was included in the list of the Philippines Richest according to the latest list released by Fortune Magazine with a net worth of $85 million. He is the youngest member of the Philippines millionaire’s club listed on the world’s most reliable magazine Fortune Magazine.
The 34-year-old founder of Mang Inasal was the main man behind one of the Philippines most successful restaurant chain famous for its roasted chicken. The Mang Inasal fast-food chain is the country’s third most popular chain with a total of 380 stores. The youngest Filipino millionaire founded Mang Inasal when he was just 26-years-old. He was a former college drop-out.
The Ilo-ilo native Injap Sia sold 70% of Mang Inasal to the Philippines most popular food chain, Jollibee Foods Corporation (JFC) for a staggering amount of $68 million last year. The deal earned the 34-year-old entrepreneur a net worth of $85 million. The JFC also controls the country’s top two fast-food chains, Jollibee and Chowking.
Jollibee Food Corporation is owned by the 11th richest person in the Philippines, Tony Tan Caktiong. Edgar Sia II has a 30% stake in Mang Inasal although it was already sold to JFC. Sia heads the operations and holds a three-year non-compete contract. The youngest Filipino millinaire plans to have 425 Mang Inasal branches this year and hopefully 500 by next year.
Meanwhile here are some of the richest people in the Philippines according to Forbes:
- Henry Sy ($7.2 billion)
- Lucio Tan ($2.8 billion)
- John Gokongwei ($2.4 billion)
- Andrew Tan ($2 billion)
- David Consunji ($1.9 billion)
- Jaime Zobel de Ayala ($1.7 billion)
- Enrique Razon Jr. ($1.6 billion)
- Eduardo Cojuangco ($1.4 billion)
- Roberto Ongpin ($1.3 billion)
- George Ty ($1.1 billion)
