He would also say: Keep working hard and just stay humble. He advised me to study hard. The book also included the Nine Rules of achieving success in business that John had followed. 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. James got accepted to Massachusetts Institute of Technology and earned a degree in chemical engineering. As for himself, he says its time for him to enjoy life and focus on philanthropy. [15], In 2018, Gokongwei was named CEO of JG Summit. 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. He took a loan of 500 thousand pesos from Albino Sycip, who was the chairman of China Bank back then, and Dee K. Chiong. When your age hits 70 sometimes you feel totally ignorant, no matter how intelligent you used to be. 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. He also brought down mobile phone costs by pioneering unli-texts and unli-calls with Sun Cellular. Since then, Big John was unstoppable as he built one of the Philippines biggest business empires, the JG Summit. [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. [5] He went to Xavier School for his first two years of high school. John Gokongwei Jr., fondly called Big John, passed away in 2019, but his legacy and business lessons continue to inspire other entrepreneurs. He then finished his last two years in Singapore. President and CEO of JG Summit Holdings Inc. Chairman of the Gokongwei Brothers Foundation, Inc. On his mothers side, his grandfather was the immigrant tycoon and Iloilo Chinese community leader Pedro Marquez Lim. At some point after the meal he slips away, and his only son, Lance, is summoned for quiet talk about the family business, JG Summit, which the host founded in 1957 and which today is the second-largest family-run business in the Philippines, with a market capitalization of $13.2 billion. [7], Lance Gokongwei started his career in the family business as a management trainee at Universal Robina Corp.[8] He sold Jack n Jill snacks to supermarkets, groceries, and sari-sari stores. The company imported flour, fruits, onions, used clothes, old newspapers, and magazines from the U.S. 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. UIC controls Singapore Land, one of the biggest property landlords in Singapore. We must compete not just with rhetoric and words. If a job is given to me, Ill do it, says Lance, now 49. Ten years later, he completed Harvard Business Schools 14-week advanced management program. Through his efforts, countless Lasallian students and scholars were . His patrilineal great-grandfather was Don Pedro Lee Gotiaoco, a wealthy Chinese immigrant tycoon who was once the largest taxpayer in Cebu. [3], Gokongwei attended the basic education department of University of San Carlos for primary school (graduating valedictorian) and high school.[4]. 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. He had been Executive Vice President of JGSHI and was elected President and Chief Operating Officer effective January 1, 2002. The movie theaters, cars and the big house were all seized by the banks. 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. None of the events that happened in our familys lives would have happened without you. He was a second cousin once removed of Andrew Gotianun Sr., the founder of Filinvest Development Corporation. 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. John Gokongwei Jr. We have to look for opportunities if we're going to survive the next 50 years. 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. [6] 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 The company is the second-largest multi-format retailer in the Philippines. We cant depend on what we have now., Philippines 50 RichestCoverage Continues Here. Some people have said: Part of the journey is the end.. I admired them as inspiring business heroes who are positive role models for their Confucian values, entrepreneurship and philanthropy. Fortunately, he found the light at the end of the tunnel when China Banks Dr. Albino Sycip gave him a P500,000 loan. Johns group also included Robinsons Land Corporation and Robinsons Retail Holdings, Inc. On August 11, 2016, which was also Johns 90th birthday, he declared his retirement from all the functions of JG Summit. 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. John initially studied at the University of San Carlos in Cebu for primary school and high school. Why do I almost always write about my life? [He's] somebody who created somethingit was the center of his life. Thanks for your feedback to [emailprotected]. In this collection of the most popular pieces from . Anyway, like my mom, I decided that sticking to something despite so many defeats is no longer being smart. So at age 15, having dropped out of school to work, he started selling goods like soaps and tires at the local market. He and his family thus focused on manufacturing. Gokongwei stated that entrepreneurship is a way out of poverty. John Gokongwei I'm from Cebu. 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. 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. This included humility, never acting like hes entitled, andbecause hes singleto play around. 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.. Mrs. Gokongwei was characterized by her children as a selfless mother who always put her family first and described her as the reason behind John Gokongwei's success. These cookies track visitors across websites and collect information to provide customized ads. They were the victors at the time.. [16] In 2020, the company was hit by quarantine measures during the COVID-19 pandemic. He tried to ask for a loan from several banks but to no avail. But one in particular made me pause and reflect. He knows hell be here, says Robina. Gokongwei's youngest brother, JG chairman, James Go received 174,942 shares. Already, controlling shares in Summit are being transferred to the second generation. All Rights Reserved. She now writes for a number of websites and other online media publications. You give birth to it, you nurture it, you raise it through problems, crisis, good times, bad times. 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. That there was more than enough money and that they should rest already that was his argument. Gokongwei was born in China to John Gokongwei Sr. and Juanita Mrquez Lim. 8List Editor. Using a small boat, he would trade goods from Cebu to Manila and vice versa. 2023 ABS-CBN Corporation. His siblings then joined his business. We have to look for opportunities if were going to survive the next 50 years. 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.. Though he belonged to an affluent trading family, he lost all his wealth after his fathers death. Philstar Global Corp. All Rights Reserved. A decade later Lisa would launch Summit Media, this time acquiring no newspapers, just nonpolitical magazines and websites. His businesses are now managed by his six children and his brother, James. In 1958, John and Elizabeth got married and had six beautiful children: Robina, Lance, Lisa, twins Faith, Hope, and Marcia. When he saw his grandfather, the boy asked why were his parents were making him work that summer job? Never stop learning And always look back and be grateful to where you came from. I dont know another Philippine company that has lasted three generations, except for Ayala, he says. Buy PhilSTARs Tagalog tabloid Pilipino STAR Ngayon every Friday and read my column Kuwentong Panadero. Read also https://investment.fwd.com.ph/experts/asia-s-business-leaders-and-what-we-can-learn-from-them. John died in 2019. Pedro Gotiaoco was a peddler who settled in Cebu after migrating from Fujian, China. Love your country. He has holdings in telecommunications, financial services, petrochemicals, power generation, aviation and live stock . John was 13 years old, the eldest of six siblings, so he felt the big responsibility. What did they talk about in that last conversation? Today the airline dominates the Philippines domestic market. Our new product developments have contributed a lot, and so have Great Taste Premium and Great Taste Choco. I swear to God that he had the biggest smile I ever saw in his face. Mr. John Gokongwei, Jr. November 14, 2019. 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. His eldest daughter, Robina, is the president of the family's Robinson Retail Holdings, Philippines' second largest multi-format retailer. His remains will be at Heritage Park, Taguig City, until Thursday. During those very tough days in the hospital when we never knew whether he would give up or still fight, I happened to catch him in his best moment. His other. 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 always made sure that he worked hard and smart, giving 100% of his effort in everything he did. Back then, when I was a little boy, Angkong always beat me in swimming. He is survived by his wife, six children and at least 12 grandchildren. So, he saved up and was able to reach nearby towns to sell it. I often visited my Angkong to play mahjong, along with my grandmother and cousin Therese. The couple had six children: their son, Lance, and their five daughters, Lisa, Robina, Faith, Hope, and Marcia. These cookies ensure basic functionalities and security features of the website, anonymously. 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. This website uses cookies to improve your experience while you navigate through the website. 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. In a statement on Sunday, Presidential Spokesperson Salvador Panelo described Gokongwei, best known . Then came the Japanese occupation in 1942. Tweet John Gokongwei Jr. Love your family. The cookie is used to store the user consent for the cookies in the category "Analytics". 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 cookie is used to store the user consent for the cookies in the category "Other. 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. Tweet John Gokongwei Jr. Thus, in his teens, he began trading on the streets of Cebu. 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. With your meaningful insights, help shape the stories that can shape the country. About
Indeed, for the don of JG Summit, retirement remains an unnatural act. By 1957, John realized that trading would not earn him much profits. 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. Opinions expressed by Forbes Contributors are their own. Still, in 1999 president Joseph Erap Estrada filed a 101 million pesos ($2.6 million then) libel lawsuit against the familys Manila Times, then run by Robina, after the newspaper called Estrada an unwitting godfather for approving a disputed power contract. Careers
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 . It does not store any personal data. 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. As recently as this June he was still on the dais at the annual shareholder meeting, next to his son and brother as they ran the show. John Gokongwei with eldest grandchild Justin back in the day. 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. Play mahjong, along with my grandmother and cousin Therese look for opportunities if we & # x27 re! 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