And now at your old age to tear away from it, its very hard.. He received his Masters degree in Business Administration from De La Salle University in 1977 and has, since then, been an ardent supporter of education. nullity of amended by-laws, cancellation of certificate of filing of amended by- laws, injunction and. It offered a detailed account of Johns life and struggles. In 1961, John Gokongwei launched another company, Consolidated Food Corporation (later renamed CFC Corporation). In 2016, Gokongwei wrote a book "Lessons from Dad, John Gokongwei Jr."[23] He also contributed to an anthology titled "Letters to My Children".[24]. Entrepreneur, philanthropist, and nation-builder John L. Gokongwei passed away on November 9, 2019, at the age of 93. Eventually, his company launched several businesses, including Universal Corn Products (now Universal Robina Corporation), Consolidated Food Corporation (later CFC Corporation), JG Summit Holdings, Cebu Pacific Air, Digital Telecommunications Philippines, and Robinsons Retail. As for himself, he says its time for him to enjoy life and focus on philanthropy. By continuing to browse the site, you are agreeing to our use of cookies. The company is the second-largest multi-format retailer in the Philippines. Love your country. He soon realized he could do more if he had a bicycle. When I saw my wife for the first time, she was 17 and I was 23 or 24, says Gokongwei. From ages 17 to 19, he used a wooden boat to carry his goods to Dalahican, Lucena, and then carried them to Manila by truck. Wake details are private, to be shared with family and friends, the children said. The following day (November 16), Elizabeth died, at the age of 85. However, following his fathers death, John and his family lost all their wealth. But hed always remind me that one should not worry about defeat. He prepared by reading Nuts!, a book by former Southwest Airlines CEO Herb Kelleher. Sign up now! John Gokongwei also tried to acquire the Singapore-based property company United Industrial Corporation Ltd. (UIC) for $1 billion, where he had over 30% of stakes. Gokongwei's youngest brother, JG chairman, James Go received 174,942 shares. If not, just play around, play around! while all the nurses AND physicians were there surrounding him. I couldnt have said it any better. Gokongwei used his bicycle to trade goods through checkpoints across towns. His father, John Jr., established JG Summit Holdings Inc., while his mother, Elizabeth, was a founding member of Robinsons Department Store. He came from Fujian province in China and owned a huge trading company, Gotiaoco Hermanos. From journalists Emmie Abadilla Top row: John, Elizabeth, and daughter Robina. "We need blood and sweat and hard work to make the Philippine economy compete globally, for our family businesses to be world class in this era of globalization. Maybe Aboitiz is going to the third. (Arguably, its already in the fifth.). Gokongwei married Elizabeth Yu in 1958 and had six children (one son and five daughters) Lisa, Robina, Lance, Faith, Hope and Marcia. About The Gokongwei Family in Cebu, 1938. Thanks for your feedback to [emailprotected]. The Lasallian Community is saddened by. Buy PhilSTARs Tagalog tabloid Pilipino STAR Ngayon every Friday and read my column Kuwentong Panadero. Read also https://investment.fwd.com.ph/experts/asia-s-business-leaders-and-what-we-can-learn-from-them. He checks his Bloomberg Terminal at home each weekday and has been weighing what JG Summit should do next. The family would shuttle back and forth between China and the Philippines, but the fortune was lost when Gotiaoco's grandson, John Gokongwei Sr. passed away prematurely. The line is repeated by Tonythis time as hologramto his daughter at his funeral. Johns children have held senior responsibilities for some time: Lance runs Summits airline, Cebu Air, and the groups food-and-beverage outfit, Universal Robina, where youngest sister, Marcia, is a manager. In March 1996, Cebu Pacific Air began operations. Lance Y. Gokongwei is the President and Chief Operating Officer of JGSHI. The company imported flour, fruits, onions, used clothes, old newspapers, and magazines from the U.S. A decade later Lisa would launch Summit Media, this time acquiring no newspapers, just nonpolitical magazines and websites. I used to visit Angkong a lot at the office when i was still in school. The Gokongwei family even has also donated buildings and money to big universities here in the country and part of the proceeds of this book will go to a charitable institution. His nephew Patrick Henry Go, president and CEO of JG Summit Petrochemicals Group, shared a memory of witnessing an animated late afternoon meeting between his late dad Henry Go and Gokongwei on whether to further expand their diverse businesses. [9], In the late 1990s, Gokongwei became general manager of Universal Robina's branded food business, where he led the development of beverages. His father was a scion of a wealthy Cebu-based family with ancestral ties to China's Southern Fujian province. I'm Cebuano. This year, two of the Philippines' greatest taipans passed away, both peacefully. He learned that war is a great equalizer, but he bounced despite the difficult road, with his business conglomerate as one of the fixtures of the Philippine business environment. He was asking me about the sales of Great Taste Coffee and I said, Were up based on recent data. He had a very big smile. [11], In 1996, Lance Gokongwei was tasked by his father, John, Jr., to take on the challenge of building a new affordable airline, Cebu Pacific Air. With a net worth of US $5.3 billion, making him the third richest man in the Philippines in 2019, John Gokongwei Jr. has really come a long way from the young boy who sold soap, thread and other basic needs in post-war Cebu. Tweet John Gokongwei Jr. Love your family. [12] His only son, Lance, currently leads the group as president and CEO of JG Summit. Well look at the financial statements for you, Lance on dad John Gokongwei: Why he always had food in his pocket and loved to fly cheap, /ancx/food-drink/recommended-bars/03/02/23/a-jazz-bar-just-opened-inside-makati-cinema-square, /ancx/culture/art/03/01/23/kids-of-top-artists-showcase-works-alongside-their-dads, /ancx/culture/spotlight/02/28/23/a-first-look-at-lazadas-new-cafeteria-style-office-in-bgc, /ancx/culture/spotlight/02/28/23/cebu-pacs-smile-mag-is-back-with-new-younger-design, /ancx/style/necessary-style/02/27/23/the-union-x-jordan-1-low-ajko-collab-is-a-crowd-pleaser. Business News Philippines 2023. Anyway, like my mom, I decided that sticking to something despite so many defeats is no longer being smart. At the end were good soldiers., As the only son Lance was groomed to take over the business. The Gokongwei family controls over $20 billion of combined market capitalization for all the companies they own. John Gokongwei is a Chinese Filipino businessman with holdings in telecommunications, financial services, petrochemicals, power generation, aviation and live stock farming, financial services, petrochemicals, power generation, aviation and live stock farming/ He is the chairman of JG Summit Holdings, one of the largest conglomerates in the Philippines. I was one year old when I came here to Cebu from Fujian, south China. I was nine then, and hed make beating me look so damn easy. I was really shocked that someone who was 78 could beat me in swimming. In November 1990, Gokongwei incorporated JG Summit Holdings as a publicly listed holding company. With his money, Big John founded his cornstarch manufacturing company, Universal Corn Products, in 1954. Lisa is in charge of Summit Media. He always made sure that he worked hard and smart, giving 100% of his effort in everything he did. But opting out of some of these cookies may affect your browsing experience. Yesterday morning, Friday, at Heritage Park in Taguig City, Justin Pe paid his last respects to his departed grandfather, the industrialist John Gokongwei Jr. with a heartfelt eulogy both touching and funny. Initially, he dealt in second-hand goods imported from the U.S., but after his family joined in, he started dealing in beverages and cigarettes, too. This story appears in the Septemper 12, 2016 issue of Forbes Asia. He then finished his last two years in Singapore. Necessary cookies are absolutely essential for the website to function properly. He wants to be a food chemist. Patrick recalled, I distinctly remember this discussion because my father was loudly trying to convince Mr. John not to do it anymore. Below is a letter Lance wrote for his two children, Hannah and Jacob, sharing the greatest lessons he learned from his father. These days she fusses after him. Taipan John Gokongwei continues to shower his family with his generosity three years after passing away at the age of 93. [12], Then tragedy struck, when in February 1998, two years after the company's inception, Cebu Pacific Flight 387 slammed into a mountainside, killing all 104 people aboard. Robina Y. Gokongwei-Pe is the eldest child John Gokongwei Jr., founder and Chairman Emeritus of the publicly-listed company JG Summit Holdings Inc. (JGSHI). The cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional". JG Summit grew to $135 million by 1993, when it listed on the Philippine Stock Exchange, and then $1.8 billion by its 50th anniversary in 2007. Indeed, for the don of JG Summit, retirement remains an unnatural act. Elizabeth's father owned a hardware store back then. He also gave donations to University of San Carlos, Xavier School, De La Salle University, Sacred Heart School Ateneo de Cebu and Immaculate Conception Academy (ICA).[9]. Khanser's book also enumerated the Nine Rules of business success[8] that Gokongwei followed since he was still a young businessman. On Gokongweis pioneering heavy industry project of petrochemicals for the Philippines, Go said: One of our guests last night found out that I was handling petrochemicals and told me this was Mr. Johns baby and he was very proud of it. He is survived by his wife of 61 years, Elizabeth Yu, and his children Robina, Lance, Lisa, Faith and Hope, and Marcia, his in-laws and grandchildren, brothers Eddie and James, the current chairman of the company, his sister Lily, and his nieces and nephews. He returned to the Philippines to workliterally at his brothers elbow, in their tight office space. He never gave up in what he believed in, always took risks, and continuously learned new things. Fellow billionaire and former Trade Minister Roberto Bobby Ongpin told me: Gokongwei was probably the most educated tycoon in the Philippines, the only one whod talk to me about derivatives., The youngest brother of Gokongwei, in his own right a topnotch business leader, JG Summit Holdings chairman James L. Go, said: My eldest brother was very complex. On behalf of the third generation, and as your employee, we promise to keep your legacy shining brightly. John Gokongwei Jr., whose rags-to-riches story has inspired many Filipino entrepreneurs, died on November 9 at . The Lasallian MASTER recognition was awarded to Mr. John Gokongwei Jr. at the launching of the DLSU College of Business and School of Economics last June 11, 2010 at Dusit Hotel in Makati City. By the time the U.S. retook control of the Philippines, he had saved enough to travel to America for secondhand goodsused shoes, used clothing, used newspapers, any used remnantsto sell at a small storefront he rented in Cebu. the passing of Mr. John Gokongwei, Jr. Hes not there, but hes there, says Robina. He enjoys reading and exercising [37], and was a finisher in the 2009 New York Marathon [38]. Gokongwei was one of two remarkable rags-to-riches business tycoons, the other one being Henry Sy Sr., whom Ive known for over three decades and considered a friend since I was a college student. Lance Yu Gokongwei (born 23 November 1966) is President and CEO of JG Summit Holdings Inc., one of the largest Filipino conglomerates,[1] with interests in food (Universal Robina), air transport (Cebu Pacific), real estate and property development (Robinsons Land Corp.), banking (Robinsons Bank), and petrochemicals (JG Summit Olefins Corp.)[1][2] He also has a stake in Robinsons Retail, one of Philippines' largest retailers, which was started by his father as a department store in 1980. His response took me aback. Established in 1992, the Gokongwei Brothers Foundation has for the past three decades "equipped learners with the tools they need to grow and develop as well-rounded members of the community. John and Elizabeth had first met when John was still a small-time importer of second-hand goods and owned a tiny store in Cebu.