Lucio Tan En Gokongwei

Topics: Lucio Tan, Philippines, Philippine Airlines Pages: 7 (2342 words) Published: January 12, 2011
Here are the Top 10 richest men and woman in the Philippines this 2010 according to the annual listing conducted by Forbes Magazine: 1) Henry Sy; US$5 billion
2) Lucio Tan; $2.1 billion
3) John Gokongwei Jr.; $1.5 billion
4) Jaime Zobel de Ayala; $1.4 billion
5) Andrew Tan; $1.2 billion
6) Tony Tan Caktiong; $980 million
7) Enrique Razon Jr.; $975 million
8) Beatrice Campos; $840 million
9) George Ty; $805 million
10) Eduardo Cojuangco Jr.; $760 million
Lucio Tan (born July 17, 1934) is a prominent Chinese Filipino business magnate and is one of the most prominent business magnates in the Philippines. He, as of 2010, is currently the second richest businessman in the country, holding a net worth of $2.1 billion. He owns Asia Brewery, the second largest brewery in the Philippines, Tanduay Holdings, one of the world's largest rum makers, Fortune Tobacco, the largest tobacco company in the country, Philippine Airlines the Philippines' flag carrier, (these companies are just some of the 300 companies that Tan controls). According to some estimates, the total value of his business empire would not be less than $30 billion including the huge businesses that he owns outside the Philippines and he controls at least 60% of that. Tan was born on July 17, 1934, in Amoy, Fujian, Republic of China. His family migrated to the Philippines when he was barely four years old and first settled in Naga in the province of Bicol. He studied chemical engineering at Far Eastern University in Manila and later obtained his Bachelor of Science degree in the said program from the University of Santo Tomas. He actually quit before graduating to take a job in a tobacco factory. Though a non-smoker, he started a cigarette company called Fortune Tobacco in 1966. This humble venture, which was housed in a small hut in Marikina, proved to be the enterprise that would catapult Mr. Tan to success. From this flagship company emerged numerous successful ventures in agribusiness; airlines and related services; banking, finance and securities; brewery; chemicals; distillery and alcohol; education; food; hotel; manufacturing; property development; steel fabrication and construction; and tourism and travel services. For his outstanding achievements and leadership, Tan received numerous recognitions and awards both in the Philippines and abroad. He holds a Doctorate Degree in Commerce from the University of Santo Tomas along with a string of honorary doctorate degrees from various institutions of higher learning. Ever mindful of his humble origins, Mr. Tan shares the fruits of his enterprise with those in need. He established the Tan Yan Kee Foundation in 1986 in honor of his father. Committed to the corporate social responsibility of the Lucio Tan Group of Companies, the Foundation’s principal projects are in support of education, culture and sports; health and social welfare; research; and manpower development. He was a known ally of former President Ferdinand Marcos.

In 1970, Tan brought to the country an advanced hog-raising facility from Taiwan and set up Foremost Farms in Tanay, Rizal. The farm now operates on a 146-hectare facility and has an average daily production of 50 metric tons of hogs for the domestic market making it one of the largest hog farms in Southeast Asia. In 1977, Tan acquired from the Philippine government the defunct General Bank and Trust Company which he renamed Allied Bank. In 1978, Tan ventured into building and construction when he bought Riverside Steel Inc. which was renamed Grandspan Development Corporation. To date, Grandspan has been involved in the construction of power plants, high rise buildings, bridges, airport terminal and hangars, and other structures. In 1982, after then President Ferdinand Marcos lifted the ban on the establishment of new beer companies, Tan established Asia Brewery, a beverage company....
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