John Gokongwei

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John Gokongwei, Jr.
Born (1926-08-11) August 11, 1926 (age 88)
Amoy, Republic of China
Residence Manila, Philippines
Nationality Filipino
Ethnicity Han Chinese
Education De La Salle University
Occupation Businessman
Net worth $4.2 billion

John L. Gokongwei, Jr. (traditional Chinese: 吳奕輝; simplified Chinese: 吴奕辉; pinyin: Wú Yìhuī; Pe̍h-ōe-jī: Gô͘ E̍k-hui; born August 11, 1926 in Gulangyu, Xiamen, Fujian Province, China is a Chinese Filipino businessman with holdings in telecommunications, financial services, petrochemicals, power generation, aviation and live stock farming. As of 2012, Gokongwei is the third richest entrepreneur in the Philippines with a networth of $4.2 billion, ranking behind only to Henry Sy and Lucio Tan.[1]

Profile[edit]

He is the chairman of JG Summit Holdings, one of largest conglomerates in the Philippines. In 2005, his company spent $700 million of internally generated funds which was used to buy new aircraft for his airline, Cebu Pacific Air. From 2003 up to the present his telecom company Digital Telecommunications Philippines spent nearly $800 million for its mobile carrier, Sun Cellular which is the 3rd largest mobile operator in the Philippines as of 2008. He attempted a $1 billion takeover of UIC, a property giant from Singapore of which he owned in excess of 30%. UIC controls Singapore Land, one of the biggest property landlord in Singapore. Gokongwei also owns Universal Robina Corporation, one of the largest manufacturer of snacks in the Philippines. He also controls Robinsons Land one of the biggest property developers in the Philippines which also operates a chain of malls.

Life[edit]

John Gokongwei was born into a wealthy Cebu-based family, originally from China's Fujian province. The family fortune was lost when his affluent father died. John was 13 years old at this time. He initially supported his family by peddling items along the streets of Cebu from his bicycle.[2] From the age of 17 to 19, he traded using a wooden boat, taking items to Lucena by sea, and thence to Manila by truck. After the Second World War, he started his own company called Amasia, which imported textile remnants, fruit, old newspapers, magazines, and used clothing from the US. During this time, he courted a young girl, Elizabeth, who would later become his wife. In the early 50's, along with his brothers and sisters who returned from China, he started to import cigarettes and whiskey too.

In 1957, seeing that trading would always have low margins[2] and would always be dependent on government policies, the family concern entered the era of manufacturing. With a loan of 500,000 pesos from Dr. Albino Sycip, then chairman of China Bank, and DK ChiongHe started a corn milling plant, producing glucose and corn starch. The company was named Universal corn products and later expanded into Universal Robina Corporation)[3] San Miguel Corporation was a big customer of theirs.

In 1961, as his company started to launch brands such as Blend 45 (an instant coffee brand, to compete with Nestle's Nescafe), John returned to school, to study and obtain an MBA at the De La Salle University. A decade later, he underwent a 14 week advanced management program at Harvard.[2]

He is married to Elizabeth, and has six children (1 son and 5 daughters) - Lisa, Robina, Lance, Faith, Hope and Marcia.[4] All his children play an active role in the Gokongwei empire and companies owned by JG Holdings. His only son, Lance Gokongwei, is now in charge of the Gokongwei Empire, serving as president and COO while John serves as Chairman Emeritus.

On August 29, 2007, at the Ateneo de Manila University, Gokongwei’s biography, “John L. Gokongwei Jr.: The Path of Entrepreneurship” by the University’s Dr. Marites A. Khanser, was launched, and it narrated the “riches-to-rags-to-riches” story of the tai-pan. Gokongwei stated that entrepreneurship is a way out of poverty. Khanser's book also enumerated the Nine Rules of business success[5] that Gokongwei followed since he was still a young businessman. In 2002 Gokongwei donated P200-million to the undergraduate school of management. He also gave donations to University of San Carlos, Xavier School, De La Salle University, Sacred Heart School and Immaculate Conception Academy.[6]

On February, 2008, Forbes Asia magazine’s first Heroes of Philanthropy list included 4 Filipinos – Jaime Zobel de Ayala, John Gokongwei, Ramón del Rosario Jr., and Óscar López.The list is composed of 4 philanthropists each from 13 selected countries and territories in Asia.[7]

John Gokongwei and fellow businessman Andrew Gotianun are cousins.[8]

External links[edit]

See also[edit]

References[edit]

  1. ^ "The Philippine' 40 Riches". Forbes.com. July 7, 2010. Retrieved 2010-07-23. 
  2. ^ a b c "Speech delivered last March 1, 2002 during the launch of the Ateneo de Manila University John Gokongwei School of Management". JG Summit Holdings Inc webpage. Retrieved 6 January 2014. 
  3. ^ "Our History". Universal Robina corporation. Retrieved 6 January 2014. 
  4. ^ Gonzalez, Bianca (1 September 2013). "Publishing mogul Lisa Gokongwei-Cheng’s dream: To own a tiny bookstore". The Philippine Star. Retrieved 6 January 2014. 
  5. ^ Gokongwei's Nine Rules of Business Success
  6. ^ Inquirer.net, A way out of poverty, according to ‘Mr. John’
  7. ^ www.abs-cbnnews.com, 4 Filipinos in New Forbes Heroes List
  8. ^ "SGV boys stir up KPMG kerfuffle". Manila Standard Today. January 12, 2007. Retrieved 2008-09-04. [dead link]