John Gokongwei
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John Gokongwei, Jr. (吴奕辉, born on August 11, 1926 in Cebu City, Philippines) is a Filipino businessman with holdings in telecom, financial services, petrochemicals, power, aviation and hog farming. In 2005, he was listed by Forbes as the 34th richest person in Southeast Asia, with a fortune of US$425 million. Some say that the Forbes estimate of Mr. Gokongwei's fortune is very low, considering his large business portfolio.
He is the chairman of JG Summit Holdings, one of largest conglomerates in the Philippines. Some estimates his fortune at a very conservative $4.5 billion well above the $425 million that Forbes estimates. In 2005, his company had spent $700 million of internally generated funds for buying new aircraft for his airline, Cebu Pacific Air, the second largest carrier in the Philippines. From 2003 up to the present his telecom arm Digitel Telecommunication has spent nearly $800 million for its mobile unit Sun Cellular which is now 3rd largest mobile operator in the Philippines. He is in talks right now for his possible $1 billion takeover of UIC a property giant from Singapore which he owns more than 30% already. UIC controls Singapore Land one of the biggest property landlord in singapore. Gokongwei also owns Universal Robina Corporation, largest manufacturer of snacks in the Philippines and the maker of the very successful C2 green tea drink in the country. He also controls Robinsons Land one of the biggest property concerns in the Philippines that operates the Robinsons Malls.
He was born into a wealthy Cebu-based family, originally from China's Fujian province. The family fortune was lost when his affluent father died. He started his business career during World War II, buying and selling rice, cloth and scrap metal. He is married, and has six children. His only son Lance Gokongwei is now in charge of the Gokongwei Empire serving as president and COO while his father serves as Chairman Emeritus.
On August 29, 2007, at the Ateneo de Manila University, Gokongwei’s book, “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. In 2002 Gokongwei donated P200-million to the undergraduate school of management. and he also made donations to University of San Carlos, Xavier School, De La Salle University, Sacred Heart School and Immaculate Conception Academy.[1]
On February, 2008,Forbes Asia magazine’s first Heroes of Philanthropy list included 4 Filipinos - Jaime Zobel de Ayala, John Gokongwei, Ramon del Rosario Jr., and Oscar Lopez.The list is composed of 4 philanthropists each from 13 selected countries and territories in Asia.[2]
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