John L. Gokongwei, Jr., founder and chairman emeritus of JG Summit, whose business interests include air transportation, retail, real estate, tourism, food and beverage, banking, publishing and petrochemicals, died last November 9 at the age of 93. Said to be the third richest man in the Philippines, Gokongwei had a net worth of $5.8 billion at the time of his death, according to Forbes Magazine. Apart from his vast fortune, what is perhaps most amazing about Gokongwei is he, like a number of Chinese-Filipino taipans, started out from humble beginnings.
Born in China and raised in Cebu, he did a number of odd jobs like selling peanuts, soap, candles and what have you at the tender age of 13 to help augment his family’s income after the death of his father John Gokongwei Sr. He moved to Manila when he was 22 and later on sold rubber tires, textiles and used clothing. His decision to go into corn starch production marked the start of his family’s vast business empire.
Gokongwei also embraced philanthropy later in life, donating a substantial portion of his shares in JG Summit in 2006 to charity through the Gokongwei Brothers Foundation. He had retired in 2016, leaving behind the day-to-day running of the family’s businesses to his only son Lance Gokongwei. He is also survived by wife Elizabeth and daughters Lisa, Robina, Faith, Hope and Marcia. Gokongwei was honored by PeopleAsia magazine as one of its People of the Year awardees in 2006. Below, we reprint an article written Wilson Lee Flores, which came out on the same year.
The management and staff of Stargate Media Corp. wish to extend their heartfelt condolences to his family.
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With his contributions to the development of the country, industrialist and philanthropist John Gokongwei Jr. has made sure that his life’s work and passion would benefit all.
It was the first time in Philippine history that a self-made man built a multi-billion-peso fortune from a scratch and then decides to donate half of it all to philanthropy.
As a “rags-to-riches” billionaire, Gokongwei celebrated his 80th birthday and his JG Summit Holdings’ 50th anniversary last August 11 at a dinner reception for 1,500 guests at his Crowne Plaza Hotel in Ortigas Center, Pasig City. He publicly announced the donation of all of his shareholdings in the JG Summit Holdings conglomerate to charities through the Gokongwei Brothers Foundation. He mentioned that he was doing that after discussing it with his wife and children.
The first recipient of the new Gokongwei largesse, a P50 million-peso donation—the new “Gokongwei School of Engineering” in his alma mater San Carlos University in Cebu. The billionaire said: “Gokongwei Brothers Foundation has donated around P400 million in the last five years and we shall be doing more philanthropy in the coming years.”
Gokongwei’s donation is the biggest ever philanthropic endowment in Philippine history, similar to American tycoon Warren Buffet’s earlier announcement that he would be donating 10 million shares of his Berkshire Hathaway firm to the Bill and Melinda Gates Foundation. Hong Kong superstar Jackie Chan also recently announced donating half his fortune to charities through his own foundation. John Gokongwei Jr. said he admires Hong Kong taipan Li Ka Shing, whose vast charities include major educational causes all over China, Hong Kong and Singapore.
“This is the first time in Philippine history that such a big donation to charity has been made. Gokongwei is following in the footsteps of the world’s great philanthropic tycoons Andrew Carneige, John Rockefeller, Bill Gates and Warren Buffet,” Philippine processed food exporters’ leader Henson Tiu Laurel comments. “It seems Gokongwei is now focused on leaving his name in history and posterity. He will be like Buffet, Gates and the Bank of America founder who chose not to leave all their wealth only to their children.”
Though born on August 11, 1926 to a privileged family in their colonial-style mansion in Gulangyu isle across Xiamen City in Fujian province, southeast China, John Gokongwei Jr. grew up in Cebu City. His father died when the boy was only 13, turning his once idyllic life upside down. The family residence in Cebu and his late dad’s moviehouse were foreclosed by creditors.
The young Gokongwei had to struggle as a boy trader in a bicycle and later in a sea-going “batel” during the tumultuous Japanese military occupation, while his widowed mother and other siblings moved to South China for survival. It was the start of an epic entrepreneurial saga, which resulted in the diversified JG Summit Holdings engaged in branded consumer foods, textiles and garments, airlines, petrochemicals, real estate, telecommunications, banking, hotels, electric power plants, publishing and others.
After officially retiring, Gokongwei assumed the title as chairman emeritus of JG Summit Holdings and appointed his capable successors—youngest brother James L. Go as chairman and chief executive officer, with son Lance Y. Gokongwei as president and chief operating officer. James Go graduated with a Bachelor of Science and Master of Science, Chemical Engineering from the Massachusetts Institute of Technology. Lance graduated with Bachelor of Science (Applied Science) degree from Pennsylvania.
Gokongwei’s daughters—New York University-educated Robina Gokongwei-Pe and Columbia University-educated Lisa Gokongwei-Cheng—respectively oversee their family’s retail and publishing businesses. Robina is a columnist for the lifestyle section of The Philippine STAR.
Among Gokongwei’s major businesses are the Jack n Jill snack foods, C-2 tea drinks, Great Taste and Blend 45 coffee, Nissin’s and Payless noodles, Robinsons malls, Robinsons Land, Cebu Pacific Air, Sun Cellular, Summit Media and others. Today, JG Summit Holdings has in recent years decisively expanded to China and other parts of Asia as a multinational conglomerate, with the theme during its 50th anniversary being “Going Global at 50.” Boldly competing with the world’s top multinational for the fast-growing China market, it has ventures in Xiamen City of Fujian province, Shanghai City, Chengdu City in Sichuan province and also Guangdong province. One of his philanthropic projects is his plan to send 40 to 50 top Filipino college students to study the Chinese language, culture, economics and history in top universities in China, so that these future leaders can help the Philippines benefit from this Asian giant’s rise as the new economic superpower of the 21st century.
Gokongwei admires the visionary leadership of Singapore’s Lee Kuan Yew and his successor son Lee Hsien Loong. JG Summit is one of the major shareholders in the Singapore-listed United Industrial Corp., which control Singapore Land Limited with 2.2 million square feet of prime office spaces and one million square feet of posh retail spaces. The UIC realty investments include Stamford Court, the sprawling Marina Square Shopping and hotel complex, West Mall.
Gokongwei descended from the eldest clan of central and southern Philippines, while Gotiaco’s brother was the grandfather of Filinvest Group/East-West Bank boss Andrew Gotianum.
In his speech, Gokongwei said: “Successes and failures are all part of life. Forget failures. Take them in stride and let them make you stronger. However, if something seems like it’s bound for success, then pour all your energy and resources and focus to make success a reality. I will devote the rest of my life to philanthropy. Life has been good to me, and I want to give back the blessings I have received. Others say life begins at 40. I say life is again beginning at 80 for me. And it can only get better.”
