At the age of 17, Big John rediscovered his familys love for trading and expanded his business. Never stop learning And always look back and be grateful to where you came from. 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. Justin, who said he just joined the family business four months ago, also thanked Mr. John for teaching him humility, how to ride a bike, and to play around. For what he exactly meant, below is Justins full eulogy courtesy of the Gokongwei family. November 11, 2019. Back then, when I used to work for Shell, he told me that he really wanted to see me join the business before he passed away. Lance followed his fathers pattern: He recruited operating talent. 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. He was 93. Around then Gokongwei advised brother James, 13 years younger and a gifted student, to go study in America, and hed foot the bill. He tried to ask for a loan from several banks but to no avail. He and his family thus focused on manufacturing. He never gave up in what he believed in, always took risks, and continuously learned new things. Gokongwei's only son, Lance, is president. Justin replied: He said, Id rather you be a nerd. 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. Mr. John Gokongwei, Jr. November 14, 2019. whatever it takes. 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. With his money, Big John founded his cornstarch manufacturing company, Universal Corn Products, in 1954. Gokongwei denies that he expected succession from his kids, but the eldest children remember differently. I admired and liked him very much. When I asked him what are the good stocks to invest my earnings in, he answered: RLC for the Philippines and P&G for overseas. (RLC is Robinsons Land Corp.). He is also survived by wife Elizabeth and daughters Lisa, Robina, Faith, Hope and Marcia. Using a small boat, he would trade goods from Cebu to Manila and vice versa. That was part of the culture, so what can you complain about, he says. With your meaningful insights, help shape the stories that can shape the country. 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. In 2010, the airline underwent major refleeting with a $3 billion order with Airbus. He came from China with nothing. He was 93. 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. 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. But hed always remind me that one should not worry about defeat. Success Story of John Gokongwei. 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. 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. Gokongwei married Mary Joyce "Jay" Leong in a wedding ceremony in Hawaii in 2000. During these difficult years, he initially supported his family by peddling items along the streets of Cebu from his bicycle. John Gokongwei I'm from Cebu. Taipan John Gokongwei continues to shower his family with his generosity three years after passing away at the age of 93. His inspiring story from riches to rags to riches is something that we can learn from. She now writes for a number of websites and other online media publications. Khanser's book also enumerated the Nine Rules of business success[8] that Gokongwei followed since he was still a young businessman. This week brought the passing of John Gokongwei Jr. He pointed at me and called me, and in his grungy voice, asked me directly without blinking: How are our coffee sales? I responded: Were doing much better this month Angkong! One day he noticed that my grades were slipping. Mariing kinondena ng pamahalaan ng Pilipinas ang panibagong ballistic missile test na ginawa ng North Korea. We cant depend on what we have now., Philippines 50 RichestCoverage Continues Here. You may have passed away, but your legacy will live on. On this Wikipedia the language links are at the top of the page across from the article title. Among Gokongweis proudest achievements is JG Summits entry into the airline business, whose success he credits to his son. Well look at the financial statements for you, Lance on dad John Gokongwei: Why he always had food in his pocket and loved to fly cheap, /ancx/food-drink/recommended-bars/03/02/23/a-jazz-bar-just-opened-inside-makati-cinema-square, /ancx/culture/art/03/01/23/kids-of-top-artists-showcase-works-alongside-their-dads, /ancx/culture/spotlight/02/28/23/a-first-look-at-lazadas-new-cafeteria-style-office-in-bgc, /ancx/culture/spotlight/02/28/23/cebu-pacs-smile-mag-is-back-with-new-younger-design, /ancx/style/necessary-style/02/27/23/the-union-x-jordan-1-low-ajko-collab-is-a-crowd-pleaser. 'Old Auntie', under his great-grandfather, Don Pedro Singson Gotiaoco, whose illegitimate son was also President Sergio Osmea. In 1957 Gokongweis business was getting bogged down by import controls that made it difficult to obtain licenses. [He's] somebody who created somethingit was the center of his life. [6], In 1988, he graduated from the University of Pennsylvania with a double degree in Finance and Applied Science (summa cum laude). On his mothers side, his grandfather was the immigrant tycoon and Iloilo Chinese community leader Pedro Marquez Lim. He also owned Robinsons Retail Holdings, Inc. and Robinsons Land Corporation. He also donated to various educational institutes and was the third-richest man in his country at the time of his death. Subscribe to Forbes Asia. The book also included the Nine Rules of achieving success in business that John had followed. The familys freshest wound stems from its foray into the countrys thorny telecommunications sector. Gokongwei was born in China to John Gokongwei Sr. and Juanita Mrquez Lim. In July 2014, Universal Robina acquired Griffin's Foods from Pacific Equity Partners, a New Zealand food company for $609 million. 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. [7], On 29 August 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. He quickly disagreed, saying: No, were different. We were in Rome, Italy then, it was just house coffee and tasted so bitter. The Gokongwei family even has also donated buildings and money to big universities here in the country and part of the proceeds of this book will go to a charitable institution. From 2003, his telecom company Digital Telecommunications Philippines spent nearly $800 million for its mobile carrier, Sun Cellular, which was the third-largest mobile operator in the Philippines at that time before selling to the PLDT group for $1.7 billion. At the age of 14, he started selling peanuts in the streets to send money to his family in China. However, his companies later dominated other sectors, such as travel, petrochemicals, energy, and banking, too. "Our beloved husband, father and grandfather . John Gokongwei was the son of a businessman who owned several movie theaters in the island province of Cebu. Now, as he turns 90, he is retiring again, and this time may really mean it. Malacaang on Sunday expressed its deep condolences to the Gokongwei family. Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features. John made JG Summit Holdings a publicly-listed holding company in November 1990. James, Johns brother, is the COO and chairman of the company. 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. He also made generous donations to institutes such as the University of San Carlos, the De La Salle University, the Sacred Heart School, the Xavier School, and the Immaculate Conception Academy. The Gokongwei family controls over $20 billion of combined market capitalization for all the companies they own. [11], In 1996, Lance Gokongwei was tasked by his father, John, Jr., to take on the challenge of building a new affordable airline, Cebu Pacific Air. I told him he didnt need to and that his expression of sympathy was already much appreciated by the family. He received his Masters degree in Business Administration from De La Salle University in 1977 and has, since then, been an ardent supporter of education. The cookie is used to store the user consent for the cookies in the category "Other. This story appears in the Septemper 12, 2016 issue of Forbes Asia. 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 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. But as for the second question, Ill get to that much later. Everybody called him Big John, but we his family, siblings and wife Elizabeth called him Iya, which means Lovable Baby. My father John Gokongwei, Sr. died when he was only 34, my mother was a very pretty, 30-year-old widow. We were left with practically nothing, except a good name, says Gokongwei. Top row: John, Elizabeth, and daughter Robina. He then showed me how to put some milk and sugar. His father left while his mother and five siblings returned to China. The Filipino billionaire is known as the founder of JG Summit Holdings, one of the Philippines' largest conglomerates. Robina Y. Gokongwei-Pe is the eldest child John Gokongwei Jr., founder and Chairman Emeritus of the publicly-listed company JG Summit Holdings Inc. (JGSHI). This included humility, never acting like hes entitled, andbecause hes singleto play around. Below is a letter Lance wrote for his two children, Hannah and Jacob, sharing the greatest lessons he learned from his father. Middle row: John's mother Ana Juanita, son Lance, and daughters Lisa and Hope. ADVERTISEMENT - CONTINUE READING BELOW Exactly a week later, November 16, 2019, Elizabeth also died. (Originally entitled "Mr. John Gokongwei on Charter Change") by Ducky Paredes (article from August of 2006) Mr. John, as his corporate family fondly refers to John Gokongwei, has always been known for being a practical businessman. His remains will be at Heritage Park, Taguig City, until Thursday. 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. He built his first company, Amasia Trading, which sold and bought goods in the United States, Manila, and the Visayan region. Following World War II, in 1946, John Gokongwei launched his first company, Amasia Trading. Elizabeth's father owned a hardware store back then. [10][11] All his children play an active role in the Gokongwei group. The company was later renamed Universal Robina Corporation. The family would shuttle back and forth between China and the Philippines, but the fortune was lost when Gotiaoco's grandson, John Gokongwei Sr. passed away prematurely. damages with prayer for a preliminary injunction, against the majority of the members of the Board of. That there was more than enough money and that they should rest already that was his argument. Megan Young and Mikael Daez Share Mistakes And Learnings From Their Failed Businesses, How This Viral Ube Champorado Stall In Caloocan Started And Attracted Crowds, Neri Naig Opens Baguio Family Rest House For Rent, How Beauty Queen Samantha Bernardo Started Her Sleepwear Business With P5K Capital, Gretchen Barrettos Daughter, Dominique, Co-Owns E-Commerce Beauty & Self-Care Shop, Comedian Brenda Mage Achieves Childhood Dream Of Owning A Farm. But in the end, it was his family that made John Gokongwei live a happy and content life. To our beloved Angkong, the one true genius, extraordinary family man, and philanthropist, thank you for everything. Banks seized their properties, and they fell into poverty. Johns father belonged to an affluent family from Cebu (in the Philippines), and his ancestors lived in China's Southern Fujian province. [19] On its 30th year, the foundation's goal is to participate in the learning journey of 10,000 teachers and one million learners by 2025. We must compete not just with rhetoric and words. Lucio Tan had to sell his mill to us, says Gokongwei of his established rival. When he saw his grandfather, the boy asked why were his parents were making him work that summer job? He then finished his last two years in Singapore. 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. John was about 23 or 24 and Elizabeth was 17 when they fell in love. [22] They have a daughter and a son. He is survived by his wife, six children and at least 12 grandchildren. [4], Gokongwei was born in Manila, as the second of six children. That was one week before he passed. 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. In 2016, Gokongwei wrote a book "Lessons from Dad, John Gokongwei Jr."[23] He also contributed to an anthology titled "Letters to My Children".[24]. I eventually entered the family business in July. Terms John Gokongwei was married to Elizabeth Yu from 1958 until his death in 2019. A business partner of ours from Indonesia asked about the wake details and interment and told me he wanted to fly in to visit. Maybe Aboitiz is going to the third. (Arguably, its already in the fifth.). 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. This page was last edited on 28 January 2023, at 21:04. If a job is given to me, Ill do it, says Lance, now 49. 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. [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. The airline is a subsidiary of JG Summit Holdings, controlled by the Gokongwei family - one of the richest Filipino- Chinesefamilies based in the Philippines. 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. 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. Hisgreat-grandfather(18591921; simplified Chinese: ; traditional Chinese: ; pinyin: WWnzho; Peh-e-j: GBnthiu),a young peddler from China, was HispanizedasPedroSingsonGotiaoco(simplified Chinese: ; traditional Chinese: ; Peh-e-j: G-thiu-ko) and became one of the Philippines' most prominent Chinese Filipinos. Gokongwei was born in Manila, as the second of six children. 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! We have to look for opportunities if were going to survive the next 50 years. Justin smiled, saying: We talked about coffee and dating. In March 1996, Cebu Pacific Air began operations. It's hard to imagine many consumer products and services today without thinking of John Gokongwei Jr. These cookies ensure basic functionalities and security features of the website, anonymously. 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? He launched his first company, Amasia Trading, in 1946. 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. It was sufficiently successful that another production line was required to meet demand. Careers Copyright 2023. But opting out of some of these cookies may affect your browsing experience. He told me it was the least he could do for someone who had done so much for the Philippines. Go told Usapang Bilyonaryo how his beloved Uncle John made sure he had options in a media career after seeing how he loved writing in college. His father died when Gokongwei was only age 13. [18], Gokongwei is the chairman of the Gokongwei Brothers Foundation, the largest private sector provider of STEM scholarships in the Philippines. I initially thought that Id have a hard time in the family business due to the alleged long hours and a salary lower than I got in Shell but oh how I was truly mistaken. Bygones might be bygonesSan Miguels chief, Ramon Ang, calls the Gokongweis one of the smartest families in the Philippines todaybut when I try to win over Gokongwei with his favored snack, handing him a pouch of peanuts, he bristles, noting the brandSan Miguel. Petitioner Gokongwei, a stockholder of the San Miguel Corporation, filed a declaration of. None of the events that happened in our familys lives would have happened without you. 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. I used to visit Angkong a lot at the office when i was still in school. And James, at 77, is also stepping away, triggering a three-year process in which Lance will rise to chairman and CEO. Gokongweis drive has not always served him well. I couldnt have said it any better. By the time the U.S. retook control of the Philippines, he had saved enough to travel to America for secondhand goodsused shoes, used clothing, used newspapers, any used remnantsto sell at a small storefront he rented in Cebu. He had to close down. (Tan went on to start his own diverse conglomerate, LT Groupwith a market cap of $4 billion and no interests in cornstarch.). Robina recalls her fathers booming voice waking her up early during school summers she worked at Robinsons warehouse tagging clothes. Sign up now! Do you know that his nickname in Hokkien (south Fujian dialect) was Iya? John Gokongwei Jr. We have to look for opportunities if we're going to survive the next 50 years. By 1957, John realized that trading would not earn him much profits. This story appears in the Septemper 12, 2016 issue of Forbes Asia. 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. Cebu Pacific is currently headed by Presidentand CEO Lance Gokongwei, presumptive heir of John Gokongwei, the chairmanemeritus of JG Summit.With a company slogan, "It's time . 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.. Initially, he dealt in second-hand goods imported from the U.S., but after his family joined in, he started dealing in beverages and cigarettes, too. Lance demurred in favor of his family destiny, now firmly set in motion by his uncles timetable. It offered a detailed account of Johns life and struggles. Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors. John initially served the basic-needs market, with his branded snacks, sugar, noodles, beverages, poultry, hotels, condos, and clothing. John Robinson Lim Gokongwei Jr. (traditional Chinese: ; simplified Chinese: ; pinyin: W Yhu; Peh-e-j: G Ek-hui; 11 August 1926 - 9 November 2019) was a Filipino businessman, investor, and philanthropist. The Gokongwei Family in Cebu, 1938. 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. 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 Mass will be held on Friday. Follow @wilsonleeflores on Instagram, Twitter, Facebook. In my case, I have trained and carefully prepared my son Lance to be a good successor. Robinsons Land President and CEO Frederick Go shared a heartwarming gesture from his uncle, the late ultra bilyonaryo John Gokongwei, who wanted to get his fledgling journalism career flying high. ADVERTISEMENT - CONTINUE READING BELOW Celebrity Updates John donated 200 million pesos to an undergraduate management school in 2002. A total of 384,874 shares in JG Summit were distributed to Gokongwei's brother, children and nephews "as a result of estate settlement.". He wants to create more snack flavors., Gokongwei says he tells his children that he wants the company to exist for at least another 50 years. His response took me aback. She was 85. In this collection of the most popular pieces from . [5] He went to Xavier School for his first two years of high school. Together, they have two children, Hannah and Jacob. In 1977, Gokongwei earned his Master of Business Administration from De La Salle University. From journalists Emmie Abadilla In a statement on Sunday, Presidential Spokesperson Salvador Panelo described Gokongwei, best known . John Gokongwei JG Summits Digital Telecommunications Philippines (Digitel) had been the first there to launch unlimited mobile texting. 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. The white rabbit the luckiest animal in the Chinese zodiac hops into Ferragamos 2023 collection. These cookies track visitors across websites and collect information to provide customized ads. 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. John's great-grandfather, Pedro Gotiaoco, was among the original rags-to-riches stories in the Philippines. What did they talk about in that last conversation? 8List Editor. John Robinson Lim Gokongwei Jr. was born on August 11, 1926, in Xiamen, Gulangyu Subdistrict, Republic of China, to John Gokongwei, Sr. (Go Kong Wei) and Juanita Mrquez Lim. 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). By 1944 hed entered what he calls the batel age, when he broadened his inventory and used the wooden boats to trade goods in Manila, reclaiming more of his great-grandfathers legacy. Entrepreneur, philanthropist, and nation-builder John L. Gokongwei passed away on November 9, 2019, at the age of 93. 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. And now at your old age to tear away from it, its very hard.. 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. 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