Lance Gokongwei is the president and chief operating officer of JG Summit Holdings. She had also been a founding member of the Robinsons Department Store and had served on the board of trustees of the Gokongwei Brothers Foundation (GBF). 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. In speeches hes recalled being driven by a chauffeur and living in a big house. Life changed suddenly and drastically when Gokongwei was 13 and his father died of typhoid fever. 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). He and my grandmother would always winthese two old fellows who, in their late 70s back then, were still very, very sharp. At the end were good soldiers., As the only son Lance was groomed to take over the business. 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. Life was great for the Gotiaoco family until the Great Depression came, and their family fell into debt. Today the airline dominates the Philippines domestic market. Elizabeth tolerates that in order to keep him away from the lechon (roasted pork) and ice cream that he wants most. 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. He supported mainly educational charities through the familys Gokongwei Brothers Foundation. Let me talk about other things first. 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. [10], In 2013, Gokongwei became chief executive of Universal Robina. Justin recalled: Angkong told me that he was only 13 years old when he had to start working for the sake of the family., Justin also shared that in April or May this year, Gokongwei told him: I want to see you in the family business before I die. [14], Gokongwei died in Manila on 9 November 2019, at the age of 93. Since then, Big John was unstoppable as he built one of the Philippines biggest business empires, the JG Summit. The couple had six children: their son, Lance, and their five daughters, Lisa, Robina, Faith, Hope, and Marcia. I'm Cebuano. John then pursued her for marriage for 4 years. He and his family thus focused on manufacturing. Already, controlling shares in Summit are being transferred to the second generation. On this Wikipedia the language links are at the top of the page across from the article title. John and Elizabeth got married in 1958. 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. The conversations are private and, of course, summaryJohn Gokongwei retired from the company 15 years ago, becoming chairman emeritus as his brother, James L. Go, took over formal leadership. The cookie is used to store the user consent for the cookies in the category "Performance". Thus, at 13, John began peddling items from his bicycle, on the streets of Cebu. [18], Gokongwei is the chairman of the Gokongwei Brothers Foundation, the largest private sector provider of STEM scholarships in the Philippines. Gokongwei was the founder and chairman of JG Summit Holdings, which owns . He was a second cousin once removed of Andrew Gotianun Sr., the founder of Filinvest Development Corporation. If theres one thing that I wish could happen, its that he still would have been here to see his grandchildren graduate from college and have good careers. Other key JG Summit businesses, including land development, banking and petrochemicals (closely held with revenues of $415 million in 2015), are run by extended family members and professionals who arent at the Gokongwei Sunday lunches but convene with James, Lance, Lisa and Robina every Friday afternoon to thrash out corporate matters. 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. In February 2008, Forbes Asia magazine placed him on their list of the Heroes of Philanthropy. The list included three other Filipinos, Jaime Zobel de Ayala, Oscar Lpez, and Ramn del Rosario Jr. John Gokongwei was married to Elizabeth Yu from 1958 until his death in 2019. Never stop learning And always look back and be grateful to where you came from. Once, he asked me: How are you, hows your work? I replied to him that it was very entertaining., On his unforgettable memories, Justin reminisced, Angkong was the first person to teach me how to ride a bike at when I was seven and he was also the first person to teach me to drink coffee when I was 15. We must compete not just with rhetoric and words. Now, as he turns 90, he is retiring again, and this time may really mean it. In a statement on Sunday, Presidential Spokesperson Salvador Panelo described Gokongwei, best known . Gokongwei is married to Jay Leong. I dont know another Philippine company that has lasted three generations, except for Ayala, he says. In March 1996, his low-cost airline company, Cebu Pacific Air was launched. Among Gokongweis proudest achievements is JG Summits entry into the airline business, whose success he credits to his son. Doing business was easier [than chasing her down].. Gokongwei's only son, Lance, is its chief executive officer. Philstar.com is one of the most vibrant, opinionated, discerning communities of readers on cyberspace. And so John and Elizabeth had six children, Robina, Lance, Lisa, Faith, Hope, and Marcia raised in the love and care of family who all "turned out pretty good," in Lance's own "humble" opinion, he said. 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. His other. I told him he didnt need to and that his expression of sympathy was already much appreciated by the family. These days she fusses after him. [5] From the years 1943 to 1945, or between the ages of 17 and 19, he traded using a wooden boat, taking his goods to Dalahican, Lucena by sea and then to Manila by truck. John initially served the basic-needs market, with his branded snacks, sugar, noodles, beverages, poultry, hotels, condos, and clothing. Gotiaoco arrived in Cebu in the 1870s from Fujian province in China. His father died when Gokongwei was only age 13. The company merged with Universal Robina Corporation. I admired and liked him very much. ), As they prepare for the leadership shift, Robinas eldest son, a senior studying chemistry at New York University, will likely be the first member of the third generation to join. Their love gifted them with six children: Robina, Lance, Lisa, twins Faith and Hope, and Marcia. Sign up now! [9], In the late 1990s, Gokongwei became general manager of Universal Robina's branded food business, where he led the development of beverages. His great-grandfather, Chinese immigration Pedro Gotiaco, rose from being an oil peddler to become proprietor of Gotiaco Hermanos, then the largest enterprise in trading and insurance in Cebu. [6] John Gokongwei and his family now owns a lot of big companies: chemicals, food, airline, mall chain, mobile service provider and even an entertainment showbiz magazine. Life was great for the Gotiaoco family until the Great Depression came, and their family fell into debt. Justin smiled, saying: We talked about coffee and dating. John then launched a corn milling plant, named Universal Corn Products, and started producing corn starch and glucose. That was part of the culture, so what can you complain about, he says. The Gokongwei family at one of their family gatherings in the 1980s. We need to slug it out." Subscribe to Forbes Asia. [He's] somebody who created somethingit was the center of his life. 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. Gokongwei was honored by PeopleAsia magazine as one of its People of the Year awardees in 2006. His conglomerate company JG Summit Holdings, Inc., had an extensive panoply of business and investment holdings across the Filipino economy, including . Some people have said: Part of the journey is the end.. Elizabeth Yus father owned a hardware store there. He prepared by reading Nuts!, a book by former Southwest Airlines CEO Herb Kelleher. The Chippy pillow was a product that we sold at Toys R Us last year, along with the Chiz Curls pillow. Ferragamo celebrates the Year of the Rabbit with an edited selection of ready-to-wear styles and iconic accessories combining St. Theresas College: 75 years of polishing diamonds in the rough. [5] He went to Xavier School for his first two years of high school. . We cant depend on what we have now., Philippines 50 RichestCoverage Continues Here. Wake details are private, to be shared with family and friends, the children said. He came from China with nothing. "I salute him. [13], "Our world seemed to turn upside-down," Gokongwei said, as he faced the greatest challenge of his career. This cookie is set by GDPR Cookie Consent plugin. He was great, very human and inspiring. The following day (November 16), Elizabeth died, at the age of 85. 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? I was really shocked that someone who was 78 could beat me in swimming. He became the. Because once when I lived in the US, I came across a wheelchair-bound columnist who wrote about his life. All the Gokongwei children work actively for their family business group. 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 . Entrepreneur, philanthropist, and nation-builder John L. Gokongwei passed away on November 9, 2019, at the age of 93. 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. 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. 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. I said, If they can make a lot of money, so can I. He hired operators, the beginnings of Universal Robina. John Gokongwei I'm from Cebu. Even now, James has piles of ramen noodles, cookies and crackers in his office that he samples himself, sending word when something tastes rancid.. [6] San Miguel Corporation was a big customer of theirs. 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. John initially studied at the University of San Carlos in Cebu for primary school and high school. His remains will be at Heritage Park, Taguig City, until Thursday. 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. This page was last edited on 28 January 2023, at 21:04. Founded in 1957 by patriarch John Gokongwei Jr., the 65 year-old Gokongwei . 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. He decided to shut down in favor of cornstarch production, at which another precocious operator in Cebu was doing well. 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. 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.". His father, John Jr., established JG Summit Holdings Inc., while his mother, Elizabeth, was a founding member of Robinsons Department Store. Privacy From there Cebu Pacific was born. If not, just play around, play around! while all the nurses AND physicians were there surrounding him. Through his efficient and competitive businesses, the visionary Gokongwei brought down prices for consumers with his budget airline, affordable foods, and unli-texts and unli-calls for cellphones. Powered by. 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. The Gokongwei family controls over $20 billion of combined market capitalization for all the companies they own. John Gokongwei My great-great-grandfather lived to age 28, my immigrant great-grandfather Pedro Gotiaoco died at 66, my grandfather was 68, and my father died at 34. Business News Philippines 2023. Around then Gokongwei advised brother James, 13 years younger and a gifted student, to go study in America, and hed foot the bill. [14], In 2010, Cebu Pacific became the Philippines' largest airline. I told my mother shes the one Im going to get married to, so I chased her for four years. He is survived by Elizabeth, his wife of 61 years; their children Robina, Lance, Lisa, Faith, Hope, and Marcia; his in-laws and grandchildren; brothers Eddie and James Go, sister Lily; and nieces and nephews. A total of 384,874 shares in JG Summit were distributed to Gokongwei's brother, children and nephews "as a result of estate settlement.". The cookie is used to store the user consent for the cookies in the category "Analytics". [17] As a result, its income and revenues fell. This week brought the passing of John Gokongwei Jr. Gokongwei is survived by his wife of 61 years, Elizabeth, and his children Robina, Lance, Lisa, Faith, Hope and Marcia; siblings Eddie, James Go and Lily; in-laws and grandchildren. Analytical cookies are used to understand how visitors interact with the website. She used to be in the corporate world for a decade but followed her heart and became a writer. It's his daughter's reply to his "I love you," after he tucksher in to bed. Credit: Munshi Ahmed for Forbes. 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. 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. 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. Johns family is now in charge of more than $20 billion of the total market capitalization for all the companies owned by them. He was 93 years old at the time of his death. But just as when he first retired ten years before, at age 65, John could notdid notreally leave the drivers seat. I couldnt have said it any better. I often visited my Angkong to play mahjong, along with my grandmother and cousin Therese. 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. Along with its ascent came difficult moments, says Lance, recalling 1998, especially: Cebu Pacific Flight 387 crashed and 104 people died. 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). He came from Fujian province in China and owned a huge trading company, Gotiaoco Hermanos. At the time, it was the nation's worst air disaster. [7] In 2004, the company introduced C2, a ready-to-drink tea that went head-to-head with foreign cola companies that dominated the beverage sector in the Philippines. Following World War II, in 1946, John Gokongwei launched his first company, Amasia Trading. JG Summits Digital Telecommunications Philippines (Digitel) had been the first there to launch unlimited mobile texting. [7] The following year, he partnered with Japan's Calbee and France's Danone for potato chips and beverages respectively. I admired them as inspiring business heroes who are positive role models for their Confucian values, entrepreneurship and philanthropy. He taught us everything that we needed to know, said eldest Gokongwei grandchild Justin Pe yesterday in his eulogy for his grandfather. Gokongwei was born in Fujian province, southern China, as a fourth-generation scion of a rich family whose great-grandfather was the immigrant tycoon and Cebu Chinese community leader Pedro Gotiaoco. To our beloved Angkong, the one true genius, extraordinary family man, and philanthropist, thank you for everything. But fambiz can succeed despite the odds, according to fambiz expert Dr. Queena N. Lee-Chua. Learn how and when to remove these template messages, Learn how and when to remove this template message, "2022 Forbes list: Sy siblings still richest in PH, Villar is biggest gainer", "John and Elizabeth Gokongwei: A love story not limited by life on earth", "Lance Gokongwei really, really wanted to be a baller: Find out how he's living out his dream in Xavier's alumni team - Bilyonaryo Business News", "CEO in the news: JG Summit's CEO-to-be is already putting ambitions into action", "Lance Gokongwei is proof you should never judge a man by his car", "URC poised to grab leadership in 'healthy' beverage market", "Find out why Gokongwei's potato chip venture with Japan's Calbee bombed - Bilyonaryo Business News", "Lance Gokongwei resigns as Cebu Pacific President & CEO", "JG Summit appoints Lance Gokongwei as CEO", "JG Summit Q1 net income down 19% on coronavirus concerns", "Lance Y. Gokongwei appointed board member of top sustainability reporting standards body - BusinessMirror", "Lance Gokongwei lets wife be CEO of household: "She's the gold standard in parenting", "What Does Lance Gokongwei Want His Children to Know", https://en.wikipedia.org/w/index.php?title=Lance_Gokongwei&oldid=1136120034, Articles needing cleanup from November 2022, Cleanup tagged articles with a reason field from November 2022, Wikipedia pages needing cleanup from November 2022, Articles with a promotional tone from October 2022, Articles with multiple maintenance issues, Articles with unsourced statements from December 2022, Creative Commons Attribution-ShareAlike License 3.0. Wikipedia the language links are at the age of 93 book by former Southwest Airlines CEO Herb Kelleher two! Investment Holdings across the Filipino economy, including i told my mother shes the one Im going to get to! 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