Analytical cookies are used to understand how visitors interact with the website. [5] From the years 1943 to 1945, or between the ages of 17 and 19, he traded using a wooden boat, taking his goods to Dalahican, Lucena by sea and then to Manila by truck. Within six months, he says, he managed to drive the price of cornstarch down by 50%. A decade later Lisa would launch Summit Media, this time acquiring no newspapers, just nonpolitical magazines and websites. If a job is given to me, Ill do it, says Lance, now 49. [5] He went to Xavier School for his first two years of high school. As the business morphed in size and scope, the brothers found their ways complementary and the payoff substantial. John initially served the basic-needs market, with his branded snacks, sugar, noodles, beverages, poultry, hotels, condos, and clothing. He built his first company, Amasia Trading, which sold and bought goods in the United States, Manila, and the Visayan region. Sign up now! The Philippines late Snack Food King, petrochemicals and budget airline pioneer John L. Gokongwei, Jr. was one of Southeast Asias most respected self-made business leaders and philanthropists when he died at age 93 on Nov. 9. I often visited my Angkong to play mahjong, along with my grandmother and cousin Therese. A business partner of ours from Indonesia asked about the wake details and interment and told me he wanted to fly in to visit. Powered by. My fathers words suddenly made things clear, this was not about money anymore. Khanser's book also enumerated the Nine Rules of business success[8] that Gokongwei followed since he was still a young businessman. In 2003, John launched his telecom company, Digital Telecommunications Philippines, which invested almost $800 million to establish its mobile carrier, Sun Cellular, the third-largest mobile operator in the country back then. Entrepreneur, philanthropist, and nation-builder John L. Gokongwei passed away on November 9, 2019, at the age of 93. We can't depend on what we have now. In 2010, the airline went through a huge re-fleeting operation. Lance is the president and CEO of JG Summit. 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. John made JG Summit Holdings a publicly-listed holding company in November 1990. So, he saved up and was able to reach nearby towns to sell it. He had retired in 2016, leaving behind the day-to-day running of the family's businesses to his only son Lance Gokongwei. [13], "Our world seemed to turn upside-down," Gokongwei said, as he faced the greatest challenge of his career. In this collection of the most popular pieces from . When John was 13 years old, his father died suddenly due to typhoid fever. The Chippy pillow was a product that we sold at Toys R Us last year, along with the Chiz Curls pillow. When I saw my wife for the first time, she was 17 and I was 23 or 24, says Gokongwei. He is also President and Chief Operating Officer of URC, and JGSPC. In 2010, the airline underwent major refleeting with a $3 billion order with Airbus. John always went for the best; he liked to take on challenges. You give birth to it, you nurture it, you raise it through problems, crisis, good times, bad times. Never stop learning And always look back and be grateful to where you came from. Gokongwei brothers John, Johnson, Henry, and James, established the Gokongwei Brothers Foundation in 1992 with the goal of having a lasting impact on education in the Philippines. Banks seized their properties, and they fell into poverty. He prepared by reading Nuts!, a book by former Southwest Airlines CEO Herb Kelleher. None of the events that happened in our familys lives would have happened without you. He and his family thus focused on manufacturing. By 1957, John realized that trading would not earn him much profits. Around then Gokongwei advised brother James, 13 years younger and a gifted student, to go study in America, and hed foot the bill. He and my grandmother would always winthese two old fellows who, in their late 70s back then, were still very, very sharp. John', "John and Elizabeth Gokongwei: A Love Story Not Limited by Life on Earth", "Publishing Mogul Lisa Gokongwei-Cheng's Dream: To Own a Tiny Bookstore", "Daughter Fulfills Father's Wish, Heads Giant Robinsons Retail", "The Secret Father of President Sergio Osmea & Forebear of John Gokongwei, Jr., Gaisanos, Gotianuns", "John Gokongwei Jr.'s Widow Elizabeth Passes Away", "Elizabeth, Wife of 61 Years of John Gokongwei Jr., Dies One Day after His Burial", Lessons on Entrepreneurship from John Gokongwei's Life, John Gokongwei Speech to the 20th AD Congress, https://en.wikipedia.org/w/index.php?title=John_Gokongwei&oldid=1139477252, Articles containing Chinese-language text, Articles containing traditional Chinese-language text, Articles containing simplified Chinese-language text, Creative Commons Attribution-ShareAlike License 3.0, This page was last edited on 15 February 2023, at 09:58. 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. In 1961, John Gokongwei launched another company, Consolidated Food Corporation (later renamed CFC Corporation). The airline is a subsidiary of JG Summit Holdings, controlled by the Gokongwei family - one of the richest Filipino- Chinesefamilies based in the Philippines. A A. 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.. John Gokongwei "He is survived by his wife of 61 years, Elizabeth, and his children Robina, Lance, Lisa, Faith, Hope, and Marcia; his in-laws and grandchildren; brothers Eddie and James Go, sister Lily; and his nieces and nephews," the statement added. 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. By continuing to browse the site, you are agreeing to our use of cookies. John donated 200 million pesos to an undergraduate management school in 2002. 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. I said, If they can make a lot of money, so can I. He hired operators, the beginnings of Universal Robina. His great-grandfather, Pedro Gotiaoco, was one of the richest men in Cebu in the 19th century. The movie theaters, cars and the big house were all seized by the banks. John then launched a corn milling plant, named Universal Corn Products, and started producing corn starch and glucose. Though he belonged to an affluent trading family, he lost all his wealth after his fathers death. I finally joined the business four months ago not knowing he'd pass away so soon. The company imported flour, fruits, onions, used clothes, old newspapers, and magazines from the U.S. [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. Justin replied: He said, Id rather you be a nerd. 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? John Gokongweis biography, John L. Gokongwei Jr.: The Path of Entrepreneurship, written by Dr. Marites A. Khanser, was released on August 29, 2007, at the Ateneo de Manila University. One day he noticed that my grades were slipping. Hes not there, but hes there, says Robina. Johns father belonged to an affluent family from Cebu (in the Philippines), and his ancestors lived in China's Southern Fujian province. He decided to shut down in favor of cornstarch production, at which another precocious operator in Cebu was doing well. Gokongwei was born in China to John Gokongwei Sr. and Juanita Mrquez Lim. He is also survived by wife Elizabeth and daughters Lisa, Robina, Faith, Hope and Marcia. Gokongwei stated that entrepreneurship is a way out of poverty. Once at a dinner in his home, I commented to Gokongwei that he had remarkably replicated the 19th-century rags-to-riches saga of his immigrant great-grandfather Pedro Gotiaoco. Her name was taken from her father's second name, Robinson. The PLDT group later bought the company for $1.7 billion. In February 2008, Forbes Asia magazine placed him on their list of the Heroes of Philanthropy. The list included three other Filipinos, Jaime Zobel de Ayala, Oscar Lpez, and Ramn del Rosario Jr. John Gokongwei was married to Elizabeth Yu from 1958 until his death in 2019. Life was great for the Gotiaoco family until the Great Depression came, and their family fell into debt. The cookie is used to store the user consent for the cookies in the category "Other. [15] Exactly one week after his death, his widow Elizabeth Yu Gokongwei died at the age of 85.[16][17]. John Gokongwei Jr., fondly called Big John, passed away in 2019, but his legacy and business lessons continue to inspire other entrepreneurs. He also owned Robinsons Retail Holdings, Inc. and Robinsons Land Corporation. But as for the second question, Ill get to that much later. His father, John Jr., established JG Summit Holdings Inc., while his mother, Elizabeth, was a founding member of Robinsons Department Store. All the Gokongwei children work actively for their family business group. This website uses cookies to improve your experience while you navigate through the website. He enjoys reading and exercising [37], and was a finisher in the 2009 New York Marathon [38]. Following World War II, in 1946, John Gokongwei launched his first company, Amasia Trading. 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. The line is repeated by Tonythis time as hologramto his daughter at his funeral. After the war, Big John took it as a good opportunity to expand his trading business abroad. The list was composed of four philanthropists each from 13 selected countries and territories in Asia. 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. 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. From there Cebu Pacific was born. - A A +. He never gave up in what he believed in, always took risks, and continuously learned new things. 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. My mom only spoke half of it in her eulogy three days ago. 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. He taught us everything that we needed to know, said eldest Gokongwei grandchild Justin Pe yesterday in his eulogy for his grandfather. He is survived by his wife, six children and at least 12 grandchildren. He is the Vice-Chairman and Deputy Chief Executive Officer of RLC and LMI. This cookie is set by GDPR Cookie Consent plugin. 'Old Auntie', under his great-grandfather, Don Pedro Singson Gotiaoco, whose illegitimate son was also President Sergio Osmea. He eventually unloaded his stake. [15], In 2018, Gokongwei was named CEO of JG Summit. 8List Editor. This story appears in the Septemper 12, 2016 issue of Forbes Asia. He was 93. Lance followed his fathers pattern: He recruited operating talent. 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. July 20, 2020. [4], Gokongwei was born in Manila, as the second of six children. In November 1990, Gokongwei incorporated JG Summit Holdings as a publicly listed holding company. This year, two of the Philippines' greatest taipans passed away, both peacefully. He built a massive empire consisting of businesses in sectors such as food, beverage, clothing, aviation, telecommunications, banking, energy, petrochemicals, and livestock farming. In 2013, Johns company purchased San Miguel Corporations stakes in MERALCO, the Philippiness biggest power distributor, for almost $1.8 billion. It is now the biggest player in the ready-to-drink tea and cup noodles business and the second-largest in the coffee sector in the Philippines. . Credit: Munshi Ahmed for Forbes. Ferragamo celebrates the Year of the Rabbit with an edited selection of ready-to-wear styles and iconic accessories combining St. Theresas College: 75 years of polishing diamonds in the rough. I try to put myself in his shoes, and I would do the same, says James. He was a second cousin once removed of Andrew Gotianun Sr., the founder of Filinvest Development Corporation. Copyright 2023. Even now, James has piles of ramen noodles, cookies and crackers in his office that he samples himself, sending word when something tastes rancid.. Gokongwei used his bicycle to trade goods through checkpoints across towns. You also have the option to opt-out of these cookies. Among Gokongweis proudest achievements is JG Summits entry into the airline business, whose success he credits to his son. His businesses are now managed by his six children and his brother, James. The Gokongwei Family in Cebu, 1938. John Gokongwei Jr., whose rags-to-riches story has inspired many Filipino entrepreneurs, died on November 9 at . A total of 384,874 shares in JG Summit were distributed to Gokongwei's brother, children and nephews "as a result of estate settlement.". After World War II, he started his own company called Amasia Trading, which imported flour, onions, fruits, used clothing, old newspapers, and magazines from the United States. On this Wikipedia the language links are at the top of the page across from the article title. Life was great for the Gotiaoco family until the Great Depression came, and their family fell into debt. 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. 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. 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. But fambiz can succeed despite the odds, according to fambiz expert Dr. Queena N. Lee-Chua. In my case, I have trained and carefully prepared my son Lance to be a good successor. nullity of amended by-laws, cancellation of certificate of filing of amended by- laws, injunction and. By clicking Accept, you consent to the use of ALL the cookies. Tweet John Gokongwei Jr. Love your family. The cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional". In a statement to the media, his son Lance Gokongwei said: "Our beloved husband, father and grandfather John Gokongwei passed away peacefully 11:41 p.m., November 9th, at the Manila Doctor's Hospital surrounded . He learned that war is a great equalizer, but he bounced despite the difficult road, with his business conglomerate as one of the fixtures of the Philippine business environment. She used to be in the corporate world for a decade but followed her heart and became a writer. Business News Philippines 2023. I love seeing them, entertaining them (and myself), taking them to places they enjoy visiting. 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