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Lucio Tan

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Lucio Tan (born July 17, 1934) is a prominent Filipino business magnate. He owns Asia Brewery, the 2nd largest brewer in the Philippines, Tanduay Holdings, one of the world's largest rum makers, Fortune Tobacco, the largest tobacco company in the country, Philippine Airlines, University of the East one of the most financially stable university in the Philippines in terms of assets, Philippine National Bank, the 5th largest bank in the country, Allied Bank the Philippines' 8th largest lender, Eton Properties Philippines the Global Real Estate brand of the Lucio Tan Group. These companies are just a few of some 300 companies that Mr. Tan controls. The total value of his business empire according to some estimates would not be less than US$20 billion, and he controls 40 to 60% of that.

He also owns Eton Properties Philippines which is groomed to rise as one of the top realty developers in the Philippines.

He is credited for returning Philippine Airlines to profitability by some, after years of losses.[citation needed] Not true, according to majority of Filipino business executives in Manila.[citation needed]

After President Gloria Macapagal sought his advice, an op-ed piece in the Wall Street Journal said:[1]

... Mr. Tan -- the archetypal "imperial dragon" -- is such a terrible well from which to draw economic advice. He first got really rich in the 1970s, thanks to various tax breaks and favors bestowed by former Philippine strongman Ferdinand Marcos. Understandably, the Chinese-born tycoon takes a dim view of cuttthroat market-oriented competition from foreign-run budget airlines. His critics revile him as the personification of what's wrong with the Philippine economy.

As of 2007, his net worth is listed by Forbes magazine as $2.3 billion, ranking him third richest person in the Philippines and placing him in a tie rankings between the 407th and 431st places in the world.[2][3][4][needs update]

History

Tan was born on July 17, 1934, in Amoy, Fujian, Republic of China. His parents moved to the Philippines when he was a child. He studied chemical engineering at Far Eastern University in Manila, but quit before graduating to take a job in a tobacco factory. Though a non-smoker, he started a cigarette company called Fortune Tobacco in 1966.

He was a known ally of former President Ferdinand Marcos.

He is considered the richest industrialist in the Philippines, with a personal net worth of at least US$1.5 billion. Earlier controversies about his fortune as a result of tax evasion practices were resolved in 2004 by the dismissal of relevant cases by the Supreme Court.[5]

On December 7, 2007, the Supreme Court of the Philippines affirmed a judgment dismissing the state's sequestration of Lucio Tan's companies. Associate Justice Angelina Sandoval Guiterrez wrote in the Court's order, referring to the government's past sequestration orders, "There can be no question that indeed, petitioner's orders of sequestration are void and have no legal effect." The decision clears the way for a planned merger between Philippine National Bank (PNB) and another Tan's Allied Banking Corporation. Edgar Bancod, research head, ATR-Kim Eng Securities, stated that the merged bank would become the country's 4th biggest after Metropolitan Bank & Trust Co., Banco de Oro-EPCI Inc., and Bank of the Philippine Islands. [6][7]

On December 19, 2007, in a 40-page judgment by Presbitero Velasco, Jr., the Supreme Court of the Philippines' 2nd Division declared that "only the DENR Secretary could cancel mineral contracts under Republic Act 7942, Philippine Mining Act of 1995." The court ruled that 7 mining lease contracts of Lucio Tan’s Macroasia Corporation with the Department of Environment and Natural Resources were valid (Vide G.R. No. 171545 / G.R. No. 172936, December 19, 2007, Celestial Nickel Mining Exploration Corp. Vs. Macroasia Corporation, et al. / Blue Ridqe Mineral Corp. Vs. Hon. Anqelo Reyes, et al.).[8]

References

  1. ^ Greg Rushford (September 25, 2007), Philippine Fly-Over, Wall Street Journal, retrieved 2008-01-11 {{citation}}: Check date values in: |accessdate= and |date= (help); Cite has empty unknown parameter: |1= (help)
  2. ^ The Philippines' 40 Richest: #3 Lucio Tan & family, Forbes Magazine, October 18, 2007, retrieved 2007-01-12 {{citation}}: Check date values in: |accessdate= and |date= (help)
  3. ^ The Philippines 40 Richest, Forbes Magazine, October 18, 2007, retrieved 2007-01-12 {{citation}}: Check date values in: |accessdate= and |date= (help)
  4. ^ The World's Billionaires: Page 18 of 38, Forbes Magazine, March 8, 2007, retrieved 2007-01-12 {{citation}}: Check date values in: |accessdate= and |date= (help)
  5. ^ People of the Philippines vs. Lucio Tan et al., Supreme Court of the Philippines, retrieved 2007-10-11
  6. ^ AbsCbn, Tan SC victory to spur merger between PNB, Allied bank
  7. ^ Supremecourt.gov.ph, G.R. Nos. 173553-56, PCGG vs. Lucio Tan, First Division, Dec. 7, 2007
  8. ^ Inquirer.net, SC affirms 7 mining contracts of Lucio Tan firm with DENR
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