Thus, in his teens, he began trading on the streets of Cebu. He graduated valedictorian. He is also second cousins with the Gaisano family, with Doa Modesta Singson-Gaisano being his grandaunt (his grandfather's sister) which he used to call in Hokkien Chinese: ; Peh-e-j: Lu -ko; lit. John Robinson Lim Gokongwei was born on August 11, 1926 in China to a Filipino-Chinese father who was a scion of a wealthy Cebu-based family with ancestral ties to China's Fujian province. In 1961, John Gokongwei launched another company, Consolidated Food Corporation (later renamed CFC Corporation). I couldnt have said it any better. Pedro Gotiaoco was a peddler who settled in Cebu after migrating from Fujian, China. That was one week before he passed. Her twin sisters, Faith and Hope, each have management roles there. She was 85. John Gokongwei Thanks for your feedback to [emailprotected]. John was only 20 back then. damages with prayer for a preliminary injunction, against the majority of the members of the Board of. 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 cookie is set by GDPR Cookie Consent plugin. Copyright 2023. It was a sad moment and there was a flood of messages coming in, condoling with us. 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. The movie theaters, cars and the big house were all seized by the banks. Life was great for the Gotiaoco family until the Great Depression came, and their family fell into debt. We also use third-party cookies that help us analyze and understand how you use this website. [22] They have a daughter and a son. In July 2014, Universal Robina acquired Griffin's Foods from Pacific Equity Partners, a New Zealand food company for $609 million. By continuing to browse the site, you are agreeing to our use of cookies. 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. During these difficult years, he initially supported his family by peddling items along the streets of Cebu from his bicycle. July 20, 2020. A total of 384,874 shares in JG Summit were distributed to Gokongwei's brother, children and nephews "as a result of estate settlement.". That was part of the culture, so what can you complain about, he says. He had retired in 2016, leaving behind the day-to-day running of the family's businesses to his only son Lance Gokongwei. By 1957, John realized that trading would not earn him much profits. At the age of 93, Big John died surrounded by his family at the Manila Doctors Hospital on November 9, 2019. "I salute him. 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. His father died when Gokongwei was only age 13. The cookie is used to store the user consent for the cookies in the category "Performance". His great-grandfather, Pedro Gotiaoco, was one of the richest men in Cebu in the 19th century. The partnership with Calbee, however, ended five years later as Calbee suffered losses in the Philippine market. Tweet John Gokongwei Jr. Robina recalls her fathers booming voice waking her up early during school summers she worked at Robinsons warehouse tagging clothes. Be No. She used to be in the corporate world for a decade but followed her heart and became a writer. The Gokongwei family controls over $20 billion of combined market capitalization for all the companies they own. Careers Still, its hard to shed old habits. He queried in Hokkien: Do you think I can still work up to 90? Many people dream of retiring early, while this hardworking entrepreneur was asking if he could still work up to 90! He is survived by his wife of 61 years, Elizabeth Yu, and his children Robina, Lance, Lisa, Faith and Hope, and Marcia, his in-laws and grandchildren, brothers Eddie and James, the current chairman of the company, his sister Lily, and his nieces and nephews. 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. Thus, at 13, John began peddling items from his bicycle, on the streets of Cebu. 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. His father was a scion of a wealthy Cebu-based family with ancestral ties to China's Southern Fujian province. [4], Gokongwei was born in Manila, as the second of six children. The family fortune was lost after the death of his father in 1939 when Gokongwei was 13 years old and World War II (19391945) was just starting. In 2013, his company bought the stake of San Miguel Corporation in Meralco, the largest power distributor in the country, for close to $1.8 billion. 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. [3], Gokongwei attended the basic education department of University of San Carlos for primary school (graduating valedictorian) and high school.[4]. To this day, my cousins and I still play mahjong every Sunday lunch, but I guarantee that none of us could match the sharpness that both my Amah and Angkong had when it comes to mahjong. Portrait of John Gokongwei Jr. Photo: Handout from JG Summit Holdings Inc. Website. [15], In 2018, Gokongwei was named CEO of JG Summit. John was 13 years old, the eldest of six siblings, so he felt the big responsibility. The company is the second-largest multi-format retailer in the Philippines. 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 . John Gokongwei Jr., owner of Cebu Pacific, died on Nov. 9 at the age of 93, according to a statement from the airline. Back then, when I was a little boy, Angkong always beat me in swimming. By clicking Accept, you consent to the use of ALL the cookies. In the 1970s he lost a lawsuit to try to get on the board of competing food company San Miguel Corp., despite having bought enough shares to join the board. A business partner of ours from Indonesia asked about the wake details and interment and told me he wanted to fly in to visit. He quickly disagreed, saying: No, were different. [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. Life was great for the Gotiaoco family until the Great Depression came, and their family fell into debt. President and CEO of JG Summit Holdings Inc. Chairman of the Gokongwei Brothers Foundation, Inc. The Gokongwei family at one of their family gatherings in the 1980s. He was a pioneer and staunch advocate of Philippine industrialization. Powered by. Home Stories John Gokongweis Life & Success Story: From Selling Peanuts To Building A Business Empire. Lance followed his fathers pattern: He recruited operating talent. 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. 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). 1! Angkong also always gave me stock advice. 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). Another lesson in business: Always be humble, Mr. John admonished. This cookie is set by GDPR Cookie Consent plugin. The PLDT group later bought the company for $1.7 billion. Success Story of John Gokongwei. Her name was taken from her father's second name, Robinson. Since Day 1 of his wake, Ive always been asked two questions: the first one is where the Chippy pillow came from by the way it is a pillow and not a blanket or a family size Chippy pack and the second is about my Angkongs advice to me, which was to play around.. [6] He liked to take care of the family, the company and people.. John Gokongwei Jr. died on November 9, 2019. Following World War II, in 1946, John Gokongwei launched his first company, Amasia Trading. We have to look for opportunities if were going to survive the next 50 years. UIC controls Singapore Land, one of the biggest property landlords in Singapore. In 1977, Gokongwei earned his Master of Business Administration from De La Salle University. My fathers words suddenly made things clear, this was not about money anymore. We were left with practically nothing, except a good name, says Gokongwei. Advertise With Us. Founded in 1957 by patriarch John Gokongwei Jr., the 65 year-old Gokongwei . [17] As a result, its income and revenues fell. We need to slug it out." The Filipino billionaire is known as the founder of JG Summit Holdings, one of the Philippines' largest conglomerates. He then finished his last two years in Singapore. John Gokongwei was married to Elizabeth Yu from 1958 until his death in 2019. I was really shocked that someone who was 78 could beat me in swimming. [14], In December 2022, Gokongwei announced his resignation as President and CEO of Cebu Pacific. And James, at 77, is also stepping away, triggering a three-year process in which Lance will rise to chairman and CEO. This year, two of the Philippines' greatest taipans passed away, both peacefully. But in the end, it was his family that made John Gokongwei live a happy and content life. 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. In my case, I have trained and carefully prepared my son Lance to be a good successor. Then came the Japanese occupation in 1942. 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. I admired them as inspiring business heroes who are positive role models for their Confucian values, entrepreneurship and philanthropy. Gokongwei was the founder and chairman of JG Summit Holdings, which owns . He then showed me how to put some milk and sugar. The Palace expresses its deep condolences to the family, the surviving wife Elizabeth, children Lance, Robina, Lisa, Faith, Hope and Marcia, friends and colleagues of Mr. John Gokongwei, Jr.. He is also survived by wife Elizabeth and daughters Lisa, Robina, Faith, Hope and Marcia. He was 93. Fellow billionaire and former Trade Minister Roberto Bobby Ongpin told me: Gokongwei was probably the most educated tycoon in the Philippines, the only one whod talk to me about derivatives., The youngest brother of Gokongwei, in his own right a topnotch business leader, JG Summit Holdings chairman James L. Go, said: My eldest brother was very complex. Gokongwei often has his pants pockets stuffed with peanuts, his favorite snack, and is known to leave a trail of shells. The Lasallian MASTER recognition was awarded to Mr. John Gokongwei Jr. at the launching of the DLSU College of Business and School of Economics last June 11, 2010 at Dusit Hotel in Makati City. Directors and San Miguel Corporation. Lance was 28 years old, a University of Pennsylvania graduate whod worked at an American bank and done a few job rotations at JG Summit, when he says his father approached him with news hed bought four aircraft and asked him to run their new airline business. I love seeing them, entertaining them (and myself), taking them to places they enjoy visiting. Johns great-grandfather, who was a trader from China, was one of the Philippines's most influential Chinese Filipinos. Also Known As: John Robinson Lim Gokongwei Jr. father: John Gokongwei, Sr. (Go Kong Wei), siblings: Henry Go, James L. Go, Johnson Go, Lily Ngochua, children: Faith Gokongwei, Hope Gokongwei, Lance Gokongwei, Lisa Gokongwei, Marcia Gokongwei, Robina Gokongwei, Founder/Co-Founder: JG Summit Holdings, Cebu Pacific, Universal Robina, Robinsons Malls, education: De La Salle University, Ateneo De Manila University. That there was more than enough money and that they should rest already that was his argument. 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. 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.". Khanser's book also enumerated the Nine Rules of business success[8] that Gokongwei followed since he was still a young businessman. His father, John Jr., established JG Summit Holdings Inc., while his mother, Elizabeth, was a founding member of Robinsons Department Store. We cant depend on what we have now., Philippines 50 RichestCoverage Continues Here. 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. 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