Gokongwei brothers John, Johnson, Henry, and James, established the Gokongwei Brothers Foundation in 1992 with the goal of having a lasting impact on education in the Philippines. *The quote is a wink to the Tony Stark moment with his daughter in the film Avengers: Endgame. Im thinking of advising them to look into digital, he says. Maybe Aboitiz is going to the third. (Arguably, its already in the fifth.). The last time I had visited him at his home a few months ago, he seemed to have lost some weight but was nevertheless in good health and still intellectually sharp. We not just the family but the Philippines have just lost a great man.. The airline is a subsidiary of JG Summit Holdings, controlled by the Gokongwei family - one of the richest Filipino- Chinesefamilies based in the Philippines. [16] In 2020, the company was hit by quarantine measures during the COVID-19 pandemic. In 1977, Gokongwei earned his Master of Business Administration from De La Salle University. John Gokongwei Jr. built JG Summit into one of the, biggest conglomerates in the Philippines. The company was named Universal Corn Products (which later evolved into Universal Robina Corporation). He had to close down. (Tan went on to start his own diverse conglomerate, LT Groupwith a market cap of $4 billion and no interests in cornstarch.). John Gokongwei Jr. We have to look for opportunities if we're going to survive the next 50 years. We need hard work, perseverance, innovation, courage, and total dedication. Banks seized their properties, and they fell into poverty. Since then, Big John was unstoppable as he built one of the Philippines biggest business empires, the JG Summit. Save my name, email, and website in this browser for the next time I comment. JG Summits legend is well known among the firms 35,000 employees: Gokongwei, the eldest of six children, grew up well-off in an ethnic Chinese family in Cebu, where his father owned a chain of movie theaters. His inspiring story from riches to rags to riches is something that we can learn from. JG Summits Digital Telecommunications Philippines (Digitel) had been the first there to launch unlimited mobile texting. I left for Manila when I was 22. I finally joined the business four months ago not knowing he'd pass away so soon. In addition, Gokongwei named publicly-listed company Universal Robina Corporation after her. In Lances mind, too, there were certain expectations., Earlier this year newly elected Philippine President Rodrigo Duterte floated the idea of Lance taking a post in his administration. Lance Y. Gokongwei is the President and Chief Operating Officer of JGSHI. 2023 ABS-CBN Corporation. 'Old Auntie', under his great-grandfather, Don Pedro Singson Gotiaoco, whose illegitimate son was also President Sergio Osmea. [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. In 1992, John together with his brothers, Johnson, Henry, and James, donated a significant portion of their shares from JG Summit to their very own foundation, Gokongwei Brothers Foundation (GBF) which aims to create lasting impact on education in the Philippines. In 1961, he established Consolidated Food Corporation (later known as CFC Corporation, which later merged with Universal Robina Corporation), which launched its instant coffee brand Blend 45. 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. He came from China with nothing. They were the victors at the time.. Gokongwei often has his pants pockets stuffed with peanuts, his favorite snack, and is known to leave a trail of shells. Gotiaoco arrived in Cebu in the 1870s from Fujian province in China. Family businesses (Fambiz) constitute anywhere from 80 to 90 percent of businesses in the Philippines, yet many are plagued with problems. Gokongwei was born in Manila, as the second of six children. With the success of his Amasia trading, Big John reunited with his family back in the Philippines. Indeed, for the don of JG Summit, retirement remains an unnatural act. His presence is very much felt., Where John usually is, instead, is at home with the woman he married 58 years ago, as he was plying the import trade in his native Cebu, pre-JG Summit. Success Story of John Gokongwei Success Story of John Gokongwei "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. 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. His response took me aback. He is also survived by wife Elizabeth and daughters Lisa, Robina, Faith, Hope and Marcia. The company merged with Universal Robina Corporation. Big Johns life story is no ordinary rags-to-riches because he actually once came from a wealthy clan. He attempted a $1 billion takeover of United Industrial Corporation Ltd (UIC), a property giant from Singapore of which he owned in excess of 30%. He then asked me: You have girlfriend? He is survived by his wife, six children and at least 12 grandchildren. He was 93. John then launched a corn milling plant, named Universal Corn Products, and started producing corn starch and glucose. Taipan John Gokongwei continues to shower his family with his generosity three years after passing away at the age of 93. It includes companies such as snack food and drink producer Universal Robina, shopping centers Robinsons Malls, and everyone's favorite budget airline Cebu Pacific. John always went for the best; he liked to take on challenges. The Filipino billionaire is known as the founder of JG Summit Holdings, one of the Philippines' largest conglomerates. Together the brothers expanded into new business ventures as the elder, intuitive Gokongwei saw opportunities and James kept a detailed eye on the balance sheet, R&D and quality control. John was about 23 or 24 and Elizabeth was 17 when they fell in love. whatever it takes. The Gokongwei family at one of their family gatherings in the 1980s. Thus, in his teens, he began trading on the streets of Cebu. Opinions expressed by Forbes Contributors are their own. He became the. [7], On 29 August 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. . My mom only spoke half of it in her eulogy three days ago. In July the following year, Griffin's Foods was acquired by Universal Robina for $609 million, from Pacific Equity Partners, a New Zealand-based food enterprise. MANILA, Philippines In 1992, industrialist John Gokongwei Jr. and his brothers - Henry, Johnson and James - established the Gokongwei Brothers Foundation (GBF), with the goal of making a. Last November 9, 2020, marks the first death anniversary of John Gokongwei Jr., a Filipino business tycoon and philanthropist who founded JG Summit, one of the largest conglomerates in the country. We need to slug it out." nullity of amended by-laws, cancellation of certificate of filing of amended by- laws, injunction and. "I salute him. Patrick recalled, I distinctly remember this discussion because my father was loudly trying to convince Mr. John not to do it anymore. After the war, Big John took it as a good opportunity to expand his trading business abroad. Follow @wilsonleeflores on Instagram, Twitter, Facebook. [6], In 1988, he graduated from the University of Pennsylvania with a double degree in Finance and Applied Science (summa cum laude). I told him, Angkong, I was told to socialize more to not be so torpe and not be such a nerd. To which he replied: Id rather you be a nerd. Just goes to show how back then, and even now, being smart is truly the new sexy. JG Summit's legend is well known among the firm's 35,000 employees: Gokongwei, the eldest of six children, grew up well-off in an ethnic Chinese family in Cebu, where his father owned a chain. As the business morphed in size and scope, the brothers found their ways complementary and the payoff substantial. In 2002 Gokongwei donated P200-million to the undergraduate school of management. On behalf of the third generation, and as your employee, we promise to keep your legacy shining brightly. A decade later Lisa would launch Summit Media, this time acquiring no newspapers, just nonpolitical magazines and websites. Because they needed to escape the turmoil in China, they migrated to the province of Cebu here in Philippines where his grandfather Pedro Gotiaoco operated a successful chain of movie houses. This cookie is set by GDPR Cookie Consent plugin. This cookie is set by GDPR Cookie Consent plugin. It has also provided the content and technology teachers and other stakeholders need to develop their skills as educators." Still, its hard to shed old habits. "He is survived by his wife of 61 years, Elizabeth, and his children Robina, Lance, Lisa, Faith, Hope, and Marcia; his in-laws and grandchildren; brothers Eddie and James Go, sister Lily; and his nieces and nephews," the statement added. (Although James says his retirement wont be total retirementI will still be around as executive chairman. Through his efforts, countless Lasallian students and scholars were . He quickly disagreed, saying: No, were different. The eldest grandchild of Mr John he is the son of Robina Gokongwei Pe he said that his grandfathers journey was that of true grit, and that despite his enormous success the business titan has remained humble. My Angkongs journey was a journey of pure grit. You give birth to it, you nurture it, you raise it through problems, crisis, good times, bad times. The following day (November 16), Elizabeth died, at the age of 85. This story appears in the Septemper 12, 2016 issue of Forbes Asia. He tried to ask for a loan from several banks but to no avail. Gokongwei used his bicycle to trade goods through checkpoints across towns. [10], In 2013, Gokongwei became chief executive of Universal Robina. Another lesson in business: Always be humble, Mr. John admonished. In November 1990, Gokongwei incorporated JG Summit Holdings as a publicly listed holding company. Years of hard work, discipline and brilliant strategic thinking made the entrepreneur into the countrys undisputed Snack Foods King with his Jack n Jill brands, a visionary industrialist and founder of many other progressive enterprises under JG Summit Holdings, Inc. Gokongwei pioneered the budget airline concept, which made Philippine airline travel affordable, with Cebu Pacific Air. The Chippy pillow was a product that we sold at Toys R Us last year, along with the Chiz Curls pillow. His father left while his mother and five siblings returned to China. Subscribe to Forbes Asia. To our beloved Angkong, the one true genius, extraordinary family man, and philanthropist, thank you for everything. [18], Gokongwei is the chairman of the Gokongwei Brothers Foundation, the largest private sector provider of STEM scholarships in the Philippines. From left to right: Henry, Johnson, Juanita, Edward, John Sr., John Jr., and Lily Christina. His father, John Jr., established JG Summit Holdings Inc., while his mother, Elizabeth, was a founding member of Robinsons Department Store. He said, Choose to be an entrepreneur because then you desire a life of adventure, endless challenge, and the opportunity to be your best self.. Within six months, he says, he managed to drive the price of cornstarch down by 50%. With his money, Big John founded his cornstarch manufacturing company, Universal Corn Products, in 1954. At the time, it was the nation's worst air disaster. His remains will be at Heritage Park, Taguig City, until Thursday. Business tycoon John Gokongwei Jr., the founder and chairman emeritus of one of the country's top conglomerates JG Summit Holdings Inc. has passed away. Never stop learning And always look back and be grateful to where you came from. He also brought down mobile phone costs by pioneering unli-texts and unli-calls with Sun Cellular. He then finished his last two years in Singapore. Life was great for the Gotiaoco family until the Great Depression came, and their family fell into debt. His strong resolve towards life made him successful and become one of the richest men in the. Business News Philippines 2023. Aside from their conglomerate, JG Summit also has interests in PLDT, Manila Electric Company, and other global companies like United Industrial and more. Powered by. Philstar.com is one of the most vibrant, opinionated, discerning communities of readers on cyberspace. Gokongwei is married to Jay Leong. He is also Chairman of Robinsons Retail Holdings, the Philippines second largest retailer; Vice Chairman of Manila Electric Company; and Chairman of the Gokongwei Brothers Foundation (GBF), Inc. [3], Gokongwei is the only son of the late John Gokongwei Jr.[1] He,along with his siblings, are listed among the richest in the country. This website uses cookies to improve your experience while you navigate through the website. However, his companies later dominated other sectors, such as travel, petrochemicals, energy, and banking, too. He decided to shut down in favor of cornstarch production, at which another precocious operator in Cebu was doing well. Mass will be held on Friday. Robina Gokongwei-Pe, the eldest daughter, runs Robinsons Retail Holdings, the second-largest retailer in the Philippines. Yet despite his success as one of the Philippines' most successful businessmen, he stayed humble throughout. It does not store any personal data. At least I had some suits and education," says Gokongwei. In 2013, Johns company purchased San Miguel Corporations stakes in MERALCO, the Philippiness biggest power distributor, for almost $1.8 billion. A decade later, he attended a 14-week advanced management program at Harvard University.[5]. [19] On its 30th year, the foundation's goal is to participate in the learning journey of 10,000 teachers and one million learners by 2025. It is now the biggest player in the ready-to-drink tea and cup noodles business and the second-largest in the coffee sector in the Philippines. I used to visit Angkong a lot at the office when i was still in school. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc. 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. Today the airline dominates the Philippines domestic market. On this Wikipedia the language links are at the top of the page across from the article title. While part of Gokongweis office at the Robinsons Equitable Tower in the Ortigas district of Pasig showcases photographs of him with the likes of former president Benigno Aquino III and Imelda Marcos, Gokongwei says hes stayed away from political entanglements. He is survived by his wife of 61years Elizabeth, and children Robina, Lance, Lisa, Faith, Hope and Marcia; his in-laws and grandchildren; brothers Eddie and James Go, sister . Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features. She now writes for a number of websites and other online media publications. All the Gokongwei children work actively for their family business group. These cookies track visitors across websites and collect information to provide customized ads. He has holdings in telecommunications, financial services, petrochemicals, power generation, aviation and live stock . On his mothers side, his grandfather was the immigrant tycoon and Iloilo Chinese community leader Pedro Marquez Lim. So at age 15, having dropped out of school to work, he started selling goods like soaps and tires at the local market. 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. "John Gokongwei Jr., Industry Game Changer; 93", "Watch: John Gokongwei, Jr. Talks About School, Business, and the New Digital Age", "Gokongwei's Nine Rules of Business Success", "A Way out of Poverty, According to 'Mr. He also acquired New Zealand-based cookie maker Griffin's Foods for 700 million New Zealand dollars ($609 million at the time), giving Universal Robina a presence in the South Pacific. He had retired in 2016, leaving behind the day-to-day running of the family's businesses to his only son Lance Gokongwei. What did they talk about in that last conversation? He enjoys reading and exercising [37], and was a finisher in the 2009 New York Marathon [38]. 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. He built a massive empire consisting of businesses in sectors such as food, beverage, clothing, aviation, telecommunications, banking, energy, petrochemicals, and livestock farming. A report by Esquire magazine, one of the publications of Gokongwei-owned Summit Publishing Company Inc., said it received the following text message from the tycoon's only son Lance. The list was composed of four philanthropists each from 13 selected countries and territories in Asia. Until October John Gokongwei would participate in these executive committee meetings, but after a brief illness he stopped coming to the office. Tycoon John Gokongwei Jr., who is turning 90 by August next year, has made his mark in corporate Philippines as the founder of JG Summit Holdings, a conglomerate seen to have benefited and yet to . He was 93. So, he saved up and was able to reach nearby towns to sell it. His father, John Jr., established JG Summit Holdings Inc., while his mother, Elizabeth, was a founding member of Robinsons Department Store. Tycoon John Gokongwei Jr. (Photo courtesy of JG Summit Holding Inc.) MANILA-- Malacaang expressed its deep condolences to the family of tycoon John Gokongwei Jr. who passed away on Saturday night, remembering him for his "substantial contributions to the country's growth and development.". He wants to create more snack flavors., Gokongwei says he tells his children that he wants the company to exist for at least another 50 years. At the time of his death, John was the third-richest man in the Philippines, according to Forbes. I have been part of this company for almost a decade now (2yrs to go), and I am proud to still be here to celebrate one of its biggest milestones, its 20th Every Sunday afternoon John Gokongwei Jr.s six adult children and sometimes all 12 grandchildren gather at the patriarchs home in Pasig, a city in Metro Manila, for lunch and a session of tsismis (gossip). After World War II, he started his own company called Amasia Trading, which imported flour, onions, fruits, used clothing, old newspapers, and magazines from the United States. Lisa is in charge of Summit Media. I'm Cebuano. The following year, JG Summit launched the green tea brand C2, thus revolutionizing the beverages market of the country, which was controlled by cola companies back then. Wake details are private, to be shared with family and friends, the children said. If not, just play around, play around! while all the nurses AND physicians were there surrounding him. John initially studied at the University of San Carlos in Cebu for primary school and high school. In February 2008, Forbes Asia magazine's first Heroes of Philanthropy list included four Filipinos Gokongwei, Jaime Zobel de Ayala, Ramn del Rosario Jr. and Oscar Lpez. Portrait of John Gokongwei Jr. Photo: Handout from JG Summit Holdings Inc. Website. I told him he didnt need to and that his expression of sympathy was already much appreciated by the family. John Robinson Lim Gokongwei, Jr. (traditional Chinese: ; simplified Chinese: ; pinyin: W Yhu; Peh-e-j: G Ek-hui; born Go Ek-hui) is a Filipino business magnate, investor, and philanthropist. With a loan of 500 thousand pesos from Albino Sycip, then chairman of China Bank, and Dee K. Chiong, he started a corn milling plant producing glucose and corn starch. Yet after seven years of operating at a loss, Digitel was sold in a share swap in 2011 to Philippine Long Distance Telephone (PLDT), one of the countrys two telecom giants (JG Summit now owns an 8% stake). The program started in the mid 1990's and has graduated roughly 1,400 students, a majority of whom are now in the marketing, communications, media . He graduated valedictorian. The Gokongwei family, listed by Forbes Magazine as one of the country's wealthiest, officially launched the Gokongwei Group master brand that will embrace all the diverse businesses in their portfolio which includes some of the Philippines' top corporations. 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. His conglomerate company JG Summit Holdings, Inc., had an extensive panoply of business and investment holdings across the Filipino economy, including shipping, telecommunications, retail, financial services, petrochemicals, utilities, aviation, food, beverages, and livestock farming. On dating, Angkong actually asked me: Do you have a girlfriend? I replied: No. He then advised me: Alright, play around, play around., What were Gokongweis pieces of advice to his grandson? When Angkong needed a pillow to lay his arm on at the hospital, my Auntie Marcia thought of bringing that pillow. Do you know that his nickname in Hokkien (south Fujian dialect) was Iya? 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. 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. In 1939 and at the age of 34, John died after contracting typhoid, leaving behind a 31-year-old widow and six childrenand unfortunately, alarmed creditors worried that his theater chain would fail without him. ADVERTISEMENT - CONTINUE READING BELOW Celebrity Updates But one in particular made me pause and reflect. He pointed at me and called me, and in his grungy voice, asked me directly without blinking: How are our coffee sales? I responded: Were doing much better this month Angkong! I dont know another Philippine company that has lasted three generations, except for Ayala, he says. Ive come to love and enjoy drinking coffee ever since.. Petitioner Gokongwei, a stockholder of the San Miguel Corporation, filed a declaration of. Pedro Gotiaoco was a peddler who settled in Cebu after migrating from Fujian, China. We can't depend on what we have now. But hed always remind me that one should not worry about defeat. The eldest grandson of John L. Gokongwei, Jr. and son of Robinsons Retail Holdings president Robina Gokongwei-Pe, the New York University-educated, 24-year-old Justin G. Pe shared his unforgettable conversation with his angkong (Hokkien for grandpa) one week before he passed away. My thay-kong (Hokkien for great-grandpa) wasnt able to prepare well for his succession in the case of my grandfather, who was his eldest son. John made JG Summit Holdings a publicly-listed holding company in November 1990. We also use third-party cookies that help us analyze and understand how you use this website. The Philippines late Snack Food King, petrochemicals and budget airline pioneer John L. Gokongwei, Jr. was one of Southeast Asias most respected self-made business leaders and philanthropists when he died at age 93 on Nov. 9. URC became one of the leading food and beverage companies in the country. He grew up with his four siblings, James, Henry, Johnson, and Lily Ngochua. [17] As a result, its income and revenues fell. He told me it was the least he could do for someone who had done so much for the Philippines. But as for the second question, Ill get to that much later. These days she fusses after him. The book also included the Nine Rules of achieving success in business that John had followed. Elizabeth tolerates that in order to keep him away from the lechon (roasted pork) and ice cream that he wants most. Thus, at 13, John began peddling items from his bicycle, on the streets of Cebu. That there was more than enough money and that they should rest already that was his argument. Read Online John L Gokongwei Jr The Path Of Entrepreneurship . Already, controlling shares in Summit are being transferred to the second generation. Not only did he create wealth for himself and his family, but he has also provided jobs for Filipinos as well. [He's] somebody who created somethingit was the center of his life. He is the only son of John Gokongwei, Jr., one of the pillars of Philippine business, who passed away on November 9, 2019. In the early 1950s, John started importing cigarettes and whiskey, too. As is the usual story, he became a prominent businessman. Currently, I work with the best and funniest team Ive ever met, and thanks to them, we made Angkong let out the biggest smile in the world before he finally passed on. 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). 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. In 1961, John Gokongwei launched another company, Consolidated Food Corporation (later renamed CFC Corporation). 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