The Yap family
Dr. Emilio T. Yap built his wealth from banking, real estate, pharmaceuticals, education, hotels and media. Since Emilio’s death in 2014, his wealth has been distributed to the members of the Yap family. In 2023, the family emerged 30th in Forbes magazine’s’ list of 50 Richest Filipinos , even with a significant decrease in total net worth (US$445 million) from 2016 (US$1.1 billion).
His son, Basilio C. Yap has taken over the chairmanship in majority of their corporations, including the ultimate parent company of their family’s conglomerate, U.S Automotive Co. and its subsidiaries USAUTOCO, Inc. and Manila Bulletin Publishing Corporation (MB), owner and publisher of English broadsheet Manila Bulletin and several other publications.
As of September 2023, the Yap family owns 78.09% of MB through their companies U.S Automotive Co., Inc. with 54.20% and USAUTOCO Inc. 23.34%. Several members of the Yap family, including Basilio and MB President Emilio C. Yap III, also own a small percentage of individual shares.
Prior to taking over the Yap business empire, Basilio was assistant vice president at the Bank of America. Today, he heads, as chairman, 10 different companies involved in non-media businesses such as real estate, banking and finance, hotels, and school operations, established or acquired by his businessman-philanthropist father. These companies are the Manila Hotel, Manila Prince Hotel Corporation, Centro Escolar University, Philtrust Realty Corporation, Cocusphil Development Corporation and Seabreeze Enterprises, Inc. The younger Yap also sits as vice chairman of Euro-Med Laboratories Philippines, Inc. and director of MH F&B Ideas, Inc. and TMH Transport Limousine Services, Inc. He is chairman emeritus of the Philippine Trust Company (Philtrust) Bank.
Other family members serve in various capacities in their other business ventures, with grandson Emilio C. Yap III sitting as president of the publishing company.
Business
Real estate lessor
U.S. Automotive Co., Inc. (100%)
Real estate
Philtrust Realty Corporation (around 98.37%)
Cocusphil Development Corp. (100%)
U.N. Properties Development Corporation;
Banking and finance
Philtrust Bank (around 67.5212%)
Education
Centro Escolar University (around 57.0936%)
Hotel
Manila Prince Hotel Corporation (100%)
Manila Hotel;
Investment in stocks
USAUTOCO, Inc.;
Pharmaceutics
Euro - Med Laboratories Philippines, Inc. (around 91.21%);
MH F&B Ideas, Inc.;
TMH Transport Limousine Services, Inc.;
Seabreeze Enterprises, Inc.
Family & Friends
Affiliated Interests Family Members Friends
is the president of Manila Bulletin Publishing Corporation. He is the first grandson of the company’s late former chairman and namesake, Emilio T. Yap, and the nephew of incumbent chairman Basilio C. Yap. He holds various positions in the Yap family’s conglomerate as the vice chairman/president of the Bulletin’s ultimate parent company US Automotive Co., Inc., and its subsidiaries USAUTOCO, Inc., Manila Prince Hotel Corporation, Cocusphil Development Corporation. He also serves as a board director of Centro Escolar University and vice chairman of Philtrust Bank and Manila Hotel.
a board member and vice president of the Manila Bulletin Publishing Corporation, is also a nephew of Basilio C. Yap. He also occupies positions in companies under their family’s conglomerate as vice president of the US Automotive Co., Inc., USAutoco Inc. and the Manila Prince Hotel Corporation. He sits as board member of Euro-Med Laboratories Phil. Inc., and is director/executive vice president of Manila Hotel.
Further Information
Meta Data
Information on company affiliations of Yap family members are obtained from the 2023 definitive statements of the Manila Bulletin publishing Corporation and its affiliate Philtrust Bank. However, the team still exerted effort to verify the information indicated in some documents by conducting desktop research and obtaining records from the Securities and Exchange Commission and the Philippine Stock Exchange.
The list of shares owned by the Yap family in the companies are computed based on the shares owned by its members and subsidiaries.
Conversion rate on Oct. 17, 2023: PhP56.836 per US$1.
