John Gokongwei
Encyclopedia
John L. Gokongwei, Jr. is a Chinese Filipino
businessman with holdings in telecommunications, financial services, petrochemicals, power generation, aviation and live stock farming. As of 2011, Gokongwei is the third richest entrepreneur in the Philippines with a networth of $2.4 billion, ranking behind only to Lucio Tan
and Henry Sy
.
, one of largest conglomerates in the Philippines. In 2005, his company spent $700 million of internally generated funds which was used to buy new aircraft for his airline, Cebu Pacific Air. From 2003 up to the present his telecom company Digital Telecommunications Philippines
spent nearly $800 million for its mobile carrier, Sun Cellular
which is the 3rd largest mobile operator in the Philippines as of 2008. He is currently negotiating a $1 billion takeover of UIC
, a property giant from Singapore of which he owns in excess of 30%. UIC
controls Singapore Land, one of the biggest property landlord in Singapore. Gokongwei also owns Universal Robina Corporation, one of the largest manufacturer of snacks in the Philippines. He also controls Robinsons Land one of the biggest property developers in the Philippines which also operates a chain of 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, clothing 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 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
. Gokongwei stated that entrepreneurship
is a way out of poverty
. Khanser's book also enumerated the Nine Rules of business success that Gokongwei followed since he was still a young businessman. In 2002 Gokongwei donated P200-million to the undergraduate school of management. He also gave donations to University of San Carlos
, Xavier School
, De La Salle University
, Sacred Heart School and Immaculate Conception Academy.
On February, 2008, Forbes
Asia magazine’s first Heroes of Philanthropy
list included 4 Filipinos - Jaime Zobel de Ayala
, John Gokongwei, Ramón del Rosario Jr., and Óscar López.The list is composed of 4 philanthropists each from 13 selected countries and territories in Asia.
John Gokongwei and fellow businessman Andrew Gotianun
are cousins.
Chinese Filipino
A Chinese Filipino derived from two words: "Tsino" and "Pinoy" ) is a Philippine national of Chinese ethnicity but born/raised in the Philippines....
businessman with holdings in telecommunications, financial services, petrochemicals, power generation, aviation and live stock farming. As of 2011, Gokongwei is the third richest entrepreneur in the Philippines with a networth of $2.4 billion, ranking behind only to Lucio Tan
Lucio Tan
Lucio Tan is a prominent Chinese Filipino business magnate and is one of the most prominent business magnates in the Philippines...
and Henry Sy
Henry Sy
Henry Sy is a Chinese Filipino businessman and the founder of SM Group and chairman of SM Prime Holdings, the largest retailer and shopping mall operator in the Philippines. He earned his Associate of Arts degree in Commercial Studies at Far Eastern University in 1950...
.
Profile
He is the chairman of JG Summit HoldingsJG Summit Holdings
JG Summit Holdings, Inc is one of the largest conglomerates in the Philippines with business interests in air transportation, banking, food manufacturing, hotels, petrochemicals, power generation, publishing, real estate and property development, and telecommunications...
, one of largest conglomerates in the Philippines. In 2005, his company spent $700 million of internally generated funds which was used to buy new aircraft for his airline, Cebu Pacific Air. From 2003 up to the present his telecom company Digital Telecommunications Philippines
Digital Telecommunications Philippines
Digital Telecommunications Phils., Inc. , commonly known as Digitel, is the second-largest fixed-line and the third-largest mobile telecommunications company in the Philippines...
spent nearly $800 million for its mobile carrier, Sun Cellular
Sun Cellular
Digitel Mobile Philippines, Inc., is a mobile telecommunication service provider in the Philippines doing business as Sun Cellular. The company is a wholly owned subsidiary of Digital Telecommunications Philippines, or Digitel. Digitel is in turn owned by the JG Summit Group with a minority stake...
which is the 3rd largest mobile operator in the Philippines as of 2008. He is currently negotiating a $1 billion takeover of UIC
UIC
UIC may refer to:* UEFA Intertoto Cup, an association football tournament for member clubs of UEFA* Uganda Insurance Commission* UIC, a punk rock band from Canada whose moniker signifies "Unemployment Insurance Compensation" or "Underground in Canada"...
, a property giant from Singapore of which he owns in excess of 30%. UIC
UIC
UIC may refer to:* UEFA Intertoto Cup, an association football tournament for member clubs of UEFA* Uganda Insurance Commission* UIC, a punk rock band from Canada whose moniker signifies "Unemployment Insurance Compensation" or "Underground in Canada"...
controls Singapore Land, one of the biggest property landlord in Singapore. Gokongwei also owns Universal Robina Corporation, one of the largest manufacturer of snacks in the Philippines. He also controls Robinsons Land one of the biggest property developers in the Philippines which also operates a chain of malls
Robinsons Malls
Robinsons Malls is the second largest shopping mall and retail operator in the Philippines. It was incorporated on September 9, 1997 by Chinese Filipino entrepreneur John Gokongwei, Jr. to develop, conduct, operate and maintain the Robinsons commercial shopping centers and all businesses related...
.
He was born into a wealthy Cebu-based family, originally from China
China
Chinese civilization may refer to:* China for more general discussion of the country.* Chinese culture* Greater China, the transnational community of ethnic Chinese.* History of China* Sinosphere, the area historically affected by Chinese culture...
's Fujian
Fujian
' , formerly romanised as Fukien or Huguing or Foukien, is a province on the southeast coast of mainland China. Fujian is bordered by Zhejiang to the north, Jiangxi to the west, and Guangdong to the south. Taiwan lies to the east, across the Taiwan Strait...
province. The family fortune was lost when his affluent father died. He started his business career during World War II
World War II
World War II, or the Second World War , was a global conflict lasting from 1939 to 1945, involving most of the world's nations—including all of the great powers—eventually forming two opposing military alliances: the Allies and the Axis...
, buying and selling rice, clothing 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
Ateneo de Manila University
The Ateneo de Manila University is a private teaching and research university run by the Society of Jesus in the Philippines. It began in 1859 when the City of Manila handed control of the Escuela Municipal de Manila in Intramuros, Manila, to the Jesuits...
, 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
Tai-Pan
The term tai-pan was originally used to describe a foreign businessman in China or Hong Kong in the nineteenth and early twentieth centuries. The Cantonese colloquialism is now used in a more general sense for business executives of any origin...
. Gokongwei stated that entrepreneurship
Entrepreneurship
Entrepreneurship is the act of being an entrepreneur, which can be defined as "one who undertakes innovations, finance and business acumen in an effort to transform innovations into economic goods". This may result in new organizations or may be part of revitalizing mature organizations in response...
is a way out of poverty
Poverty
Poverty is the lack of a certain amount of material possessions or money. Absolute poverty or destitution is inability to afford basic human needs, which commonly includes clean and fresh water, nutrition, health care, education, clothing and shelter. About 1.7 billion people are estimated to live...
. Khanser's book also enumerated the Nine Rules of business success that Gokongwei followed since he was still a young businessman. In 2002 Gokongwei donated P200-million to the undergraduate school of management. He also gave donations to University of San Carlos
University of San Carlos
The University of San Carlos is a Roman Catholic university governed by the Society of the Divine Word since 1935 in Cebu City. It offers pre-elementary and basic education as well as undergraduate and graduate courses, and a broad spectrum of academic programs through its eight colleges.It...
, Xavier School
Xavier School
Not to be confused with Xavier University – Ateneo de Cagayan.Xavier School , located in San Juan, Metro Manila, Philippines, is a private Catholic college preparatory school for boys run by the Society of Jesus' Philippine Province...
, De La Salle University
De La Salle University
De La Salle University is a private Lasallian university in Malate, Manila, Philippines. It was founded in 1911 by De La Salle Brothers as the De La Salle College in Paco, Manila with Blimond Pierre serving as its first director...
, Sacred Heart School and Immaculate Conception Academy.
On February, 2008, Forbes
Forbes
Forbes is an American publishing and media company. Its flagship publication, the Forbes magazine, is published biweekly. Its primary competitors in the national business magazine category are Fortune, which is also published biweekly, and Business Week...
Asia magazine’s first Heroes of Philanthropy
Philanthropy
Philanthropy etymologically means "the love of humanity"—love in the sense of caring for, nourishing, developing, or enhancing; humanity in the sense of "what it is to be human," or "human potential." In modern practical terms, it is "private initiatives for public good, focusing on quality of...
list included 4 Filipinos - Jaime Zobel de Ayala
Jaime Zobel de Ayala
Jaime Zobel y Fitz , also known as Jaime Zobel de Ayala, is a prominent Filipino businessman and philanthropist. He was the last managing partner of Ayala y Compañía in 1967 when the company changed to a corporation. He served as both president and chairman of Ayala Corporation from 1983 to 2005...
, John Gokongwei, Ramón del Rosario Jr., and Óscar López.The list is composed of 4 philanthropists each from 13 selected countries and territories in Asia.
John Gokongwei and fellow businessman Andrew Gotianun
Andrew Gotianun
Andrew Gotianun is a Chinese Filipino entrepreneur from the Philippines who at one time held a net worth of US$860 million . He runs the Filinvest Development Corporation which owns most of the Filinvest Land and the East West Bank. Gotianun also focuses on biofuels and has acquired two sugar...
are cousins.