(SPOT.ph) Thirty-four-year-old Edgar "Injap" Sia II of Mang Inasal fame is the youngest addition to Forbes Asia Magazine’s "Philippines 40 Richest" list this year, reports Forbes.com. Sia founded the successful fast food chain eight years ago when he was 26. He holds the 40th spot on the list.
After becoming the third-largest fast-food chain in the country with 380 stores, Sia sold 70 percent of Mang Inasal’s shares to Jollibee Food Corporation (JFC) for $68 million last year. This deal earned him a net worth of $85 million, solidifying his place in Forbes' list. JFC, which controls the country’s top two fast-food chains, Jollibee and Chowking, is owned by Forbes’ "Philippines’ 40 Richest" 11th placer Tony Tan Caktiong.
Sia told Forbes that competing against larger chains was not conducive to his business. "How long can an eight-year-old win against a 30-year-old?" he said, referring to Jollibee. "Jollibee’s operational know-how and our entrepreneurial energy is an unbeatable combination."
Sia, who still has a 30-percent stake in Mang Inasal, continues to head operations and holds a three-year non-compete contract. He plans to have 425 Mang Inasal branches this year (500 by next year) and increase revenues by 40 percent. He is also eyeing Chowking’s spot as the second largest fast food chain in the country.
Topping the list are local billionaires 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) and George Ty ($1.1 billion).
For more on this story and for the complete list of Forbes Philippines 40 Richest, log on to Forbes.com.