Edgar "Injap" Sia II: Wealth, Business Empire, and Life Outside Work
When Edgar “Injap” Sia II became the Philippines' youngest billionaire in 2011, he was only 34 years old. His rise from probinsyano to modern-day tycoon can be attributed to an aggressive business mentality. So much so that he's on the record saying that DoubleDragon should reach P120 billion in total equity by 2030.
About 15 years since the distinction, and after a series of Mang Inasal chains across the country, he has diversified his portfolio, expanding to real estate, trading, and pharmacies, among others. Sia has struck deals with the country's most prominent businessmen, including his mentor Tony Tan Caktiong.
The founder of Mang Inasal and chairman of DoubleDragon Corporation, Sia became one of the youngest Filipino billionaires ever and hasn't looked back since. Here’s everything we know about Edgar "Injap" Sia II.
Net worth: $330 million (P18 billion)
Age: 47
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In His Youth
Born on January 9, 1977 in Iloilo City, Edgar "Injap" Sia II is the eldest of three siblings to Edgar Sr. and Pacita Jaruda. Sia's father was of Chinese descent while his mother came from a Japanese bloodline, each hailing from Capiz and Iloilo, respectively. He had been given the nickname "Injap" as a portmanteau of both his father's and mother's origins.
Even during his early years, he was said to have had an interest in business. While he initially planned to become an architect (having enrolled in Architecture at the University of San Agustin in Iloilo), Sia would eventually drop out and pursue a different route.
He, nevertheless, first worked as an architectural draftsman, attached to different construction projects. He went on to start several small businesses, including a laundry shop, a photo-developing business, as well as a small local hotel.
In 2003, at just 26 years old, he founded Mang Inasal. The fast-food chain would go on to develop a loyal customer base with its version of the famous grilled chicken dish. From there, he would build his business empire.
Sia's Business Empire
Sia's Mang Inasal would grow so rapidly that it would catch the attention of Jollibee Foods Corporation (JFC) in 2010. Tony Tan Caktiong would become his de facto mentor. Mang Inasal at the time went from a small restaurant in Iloilo to 100 chains all over the country.
The conglomerate would add Mang Inasal to its portfolio, purchasing a 70-percent stake for a whopping P3 billion. In April 2016, JFC would buy the remaining 20 percent for P2 billion. Today, Mang Inasal has more than 570 stores nationwide. Sia, in turn, would end up finding a new business partner in Tan Caktiong.
The two would eventually team up to form DoubleDragon Properties Corporation, a real estate development corporation that went public in 2014. Established in 2009 as Injap Land Corporation, it had grown 81.25 percent in just six years. Among its developments included CityMall chain of malls. In 2016, the company acquired a major stake in Hotel of Asia.
DoubleDragon declared P589 million when it went public before ending up with P47.86 billion in total equity in 2020. Now, it has properties not only in the Philippines, but in North America, Greater Asia, and Europe, as well. Hotel101, under Sia's leadership, became the first homegrown hotel brand to expand overseas.
Apart from this, Sia set up MerryMart, a grocery chain, which is a nod to his grandfather's grocery store in the '50s. It went public in the middle of the pandemic and has since carved a decent niche for itself in the segment. The MeryMart Consumer Corporation would go on to enter the pharmacy business, having bought into a few local brands in the province.
Tan Caktiong and Sia would open up the online stock brokerage platform DragonFi Securities Inc. in 2023, as well.
Sia's Impact on Philippine Economy and Society
The tycoon has mostly donated to educational and humanitarian efforts. In the past, Sia, through the Injap Foundation, has helped teachers in provincial schools in Visayas and Mindanao. One of these partnerships included an agreement with Teach for the Philippines to sponsor Teacher Fellows. Royalties from Sia's book, Life Principles, went to the Injap Sia Family Educational Scholarship charity program.
In 2017, Sia was also part of the group that helped launch the country’s first and only humanitarian vessel named M/V PRC Amazing Grace through the Philippine Red Cross. Sia's family has also built churches, such as one in Roxas City, where they donated to a new public college, as well.
During the pandemic, the businessman donated P7.1 million to aid the fight against the virus. Included in his donations were 2,700 testing kits and 800 sets of personal protective equipment.
The Philippine Chamber of Commerce and Industry also confers the Injap Sia Outstanding Young Entrepreneurs Award after the Mang Inasal founder. This award recognizes "young entrepreneurs who have made a significant contribution to the economic development of the country," doing so by bringing new ideas, developing new markets, and generating more jobs.
Outside the Boardroom
Sia has three children with his wife, Shella Sia. Edgar Sia III, John Henry Sia, and Elisa Stephanie Sia have kept the billionaire grounded all these years. His other siblings, Ferdinand Sia, the lawyer, and Rizza Marie Joy, the accountant, have maintained a great relationship with the tycoon.
He's an author, too. Life Principles by Injap Sia is an entrepreneurial goldmine in many ways. It takes readers into the man who built Mang Inasal, one of the most successful chains in modern business history.
The billionaire says that the first big purchase he made in his life was a Rolex watch in 2004. “The first luxury I bought myself was a Rolex. It was considered as a sign of achievement then. I bought my first and only Rolex in 2004; a few months later, I bought one for my father, my mother, my wife, my brother, my sister. I still keep mine, although I seldom wear a watch now.”
