83-year old mall mogul, Henry Sy has been named the Philippines wealthiest man, according to the Forbes Asia 2008 Philippines Rich List.

Sy has an estimated net worth of US$3.1 billion. His wealth is up by $1.4 billion from last year, the biggest gain on the list in absolute terms. Sy and his family control SM Investments, which owns stakes in a dozen companies including the nation’s second largest bank, Banco de Oro Unibank.

Business tycoon Lucio Tan is in second place with a net worth of $1.5 billion. Tan’s holdings include Fortune Tobacco, Philippines Airlines, Asia Brewery, mining operations and Hong Kong property.

The top 10 richest in the Philippines are:

1. Henry Sy & family; US$3.1 billion
2. Lucio Tan & family; $1.5 billion
3. Jaime Zobel de Ayala & family; $1.2 billion
4. Andrew Tan; $700 million
5. Tony Tan Caktiong & family; $690 million
6. John Gokongwei Jr. & family; $680 million
7. Eduardo Cojuangco Jr.; $610 million
8. Enrique Razon Jr.; $525 million
9. George Ty & family; $435 million
10. Inigo & Mercedes Zobel; $430 million

Forbes Asia calculated net worths using October 3 stock prices and exchange rates to compile this list. Public wealth was estimated using shareholder and financial information while privately held assets were estimated based on what they would be worth if public.