DMCI’s Consunji Siblings Were Dealt Major Pandemic Blows

This story is part of Forbes’ coverage of Philippines’ Richest 2020. See the full list here.

The Consunji siblings—Isidro, Jorge, Josefa, Luz, Maria Cristina and Maria Edwina—face a serious challenge. The family’s DMCI is in many businesses badly hit by the pandemic: construction, mining, property development and power generation.

In first half results to June, released in August, DMCI said net profit fell almost 70% to 2 billion pesos ($41 million) as property earnings fell by 97% and earnings from mining by almost two-thirds.

DMCI’s share price has dropped more than 50% over the past 12 months, bringing the family fortune down 35% to $1.3 billion. Isidro, who at 72 is DMCI’s chairman and CEO, said in an August stock exchange filing that DMCI was “severely affected” by low market prices. “We expect weak demand and low selling prices to affect most of our businesses,” he said during an online media.

To offset losses, the company has cut capital expenditures, including land purchases, says a DMCI spokesperson. At the July briefing, Isidro said he is looking for a recovery next year. “Hopefully, the government will relax on its permits, [particularly] permits in the area of mining, ” Isidro said. “That will be a very big boost immediately.”