The Malampaya East-1 gas find has the potential to reshape the Philippines’ energy outlook. The discovery, announced this week, could strengthen domestic supply, reduce dependence on imports, and ease pressure on electricity costs.
At the centre of the development stands Enrique Razon Jr, the businessman behind the project. At 65, Razon ranks among Southeast Asia’s most influential entrepreneurs. Yet his path to the country’s latest energy milestone began far from executive offices.
A start far from the boardroom
Razon entered the workforce at 17, earning minimum wage as a cargo loader in his family’s port operations in Manila. He worked long hours on the docks, handling freight and learning logistics through direct experience.
Rather than fast-track him, his father placed him in the toughest assignments. He waited at anchorages, worked irregular shifts, and learned how ports functioned under pressure. That period shaped his discipline and taught him that operational detail matters.
Those early lessons would later define his leadership style.
Family roots in port services
Born on March 3, 1960, Razon grew up in a Spanish-Filipino business family deeply tied to maritime trade. His grandfather founded a port services company in 1916, which his father rebuilt after World War II.
Although Razon briefly studied business at De La Salle University, he chose hands-on work over formal education. He believed mastery came from understanding operations, not theory alone.
That decision proved decisive.
Building a global port business
Razon’s rise accelerated through International Container Terminal Services Inc. The company was incorporated in 1987 to bid for the Manila International Container Terminal. After securing the concession in 1988, it began expanding abroad.
Under Razon’s direction, ICTSI entered emerging markets, often during periods of economic uncertainty. Even the 1997 Asian financial crisis failed to derail its growth.
Today, ICTSI operates terminals in over 30 locations across nearly 20 countries, establishing Razon as a major force in global logistics.
Wealth built on long-term bets
By mid-January 2026, Forbes estimated Razon’s net worth at $14.4 billion, up from $8.1 billion in 2023.
While much of his wealth remains tied to ICTSI, his investments now extend into infrastructure, utilities, resorts, and energy. The shift reflects a focus on sectors tied directly to national development.
Why Malampaya East-1 matters
Razon’s energy push runs through Prime Infrastructure, the group behind the Malampaya East-1 drilling project.
The gas discovery could reinforce the Philippines’ domestic energy supply and lower reliance on imported fuel. In turn, that could help stabilise power prices and strengthen long-term energy planning.
At the same time, Razon has publicly expressed interest in small modular nuclear plants, signalling a broader strategy aimed at diversifying the country’s energy mix.
A career shaped by persistence
Razon’s journey from dock worker to energy investor follows a consistent pattern. He learns operations first, commits capital cautiously, and expands when the fundamentals align.
As the Malampaya East-1 gas find moves from discovery to development, it adds a new chapter to that story. It also reinforces a point often overlooked.
Razon is not a sudden entrant into energy. He is a builder who spent decades understanding systems from the ground up, before placing one of his most consequential bets yet on the Philippines’ energy future.
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Credit: Bloomberg
