John Gokongwei Jr. is a prominent Filipino business tycoon, known for his remarkable journey from poverty to one of the country’s richest men.
His fame is due to his entrepreneurial spirit and strategic investments in various industries.
Gokongwei founded JG Summit Holdings, a conglomerate operating in food and beverage, real estate, telecommunications, aviation and other industries.
His influence in business extends through his ownership of Cebu Pacific, Universal Robina Corporation and Robinsons Malls.
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- – Full name: John Robinson Lim Gokongwei Jr.
- – Nickname: Big John
- – Date of birth: August 11, 1926
- – Age: 98 years old
- – Gender: Male
- – Place of birth: Xiamen, China
- – Nationality: Philippines
- – Occupation: Businessman, investor, philanthropist
- – Height: None
- – Parents: John Gokongwei Sr., Juanita Márquez Lim
- – Siblings: James Gokongwei, Henry Gokongwei, Johnson Gokongwei, Lily Ngochua
- – Spouse: Elizabeth Yu Gokongwei
- – Children: Robina Gokongwei-Pe, Lance Gokongwei, Lisa Gokongwei-Cheng, Faith Gokongwei-Lim, Hope Gokongwei-Tang, Marcia Gokongwei-Zecha
- – Relationship status: Deceased
- – Net worth: $5.8 billion (as of 2019)
Early life and education
John Gokongwei Jr., now 98 years old in 2024, was born on August 11, 1926, in Xiamen, China. His father, John Gokongwei Sr., was a member of a wealthy family in Cebu, Philippines, originally from the Fujian province of China.
However, the family’s fortunes were depleted during the Great Depression, leading to significant financial hardship. After his father’s death, Gokongwei, at the age of 13, began selling peanuts and other goods on the streets of Cebu to support his family.
Gokongwei attended the University of San Carlos in Cebu for his elementary and high school education, where he graduated as valedictorian. He then pursued higher education at De La Salle University in Manila, earning an MBA in 1977.
In 1987, he completed an advanced management program at Harvard Business School. His childhood experiences have significantly influenced his approach to business and his relentless drive to succeed.
Personal life
John Gokongwei Jr. married Elizabeth Yu in 1958. The couple has six children: Robina, Lance, Lisa, Faith, Hope, and Marcia. The Gokongwei family is known for its close-knit relationship and active involvement in its business ventures. Robina Gokongwei-Pe oversees Robinsons Retail Holdings, while Lance Gokongwei heads JG Summit Holdings.
Despite his busy career, Gokongwei remained devoted to his family, ensuring they were well educated and prepared to take on leadership roles in the business empire. John and Elizabeth remained married until his death in 2019, with Elizabeth passing away a week later.
Career
John Gokongwei Jr.’s career began out of necessity when he started selling peanuts to support his family. He founded Amasia Trading in 1946, importing a variety of goods. His first major business venture, Universal Corn Products, was established in 1957, which later evolved into Universal Robina Corporation (URC), a leading food and beverage company in the Philippines.
In 1990, he took JG Summit Holdings public, further expanding his business empire. Gokongwei’s investments spanned multiple industries, including the launch of Cebu Pacific Air in 1996, which became one of the largest airlines in the Philippines.
He also ventured into telecommunications with Digital Telecommunications Philippines and Sun Cellular, eventually selling the latter to PLDT for $1.7 billion. His business savvy and ability to diversify his investments were key to his success.
Prize
- – Forbes Asia Philanthropy Heroes (2008)
- – Manager of the Year awarded by the Philippine Management Association (1997)
- – ASEAN Business Leadership Award (1994)
Net worth
At the time of his death, John Gokongwei Jr.’s net worth was estimated to be $5.8 billion. His wealth came primarily from his diversified businesses in food and beverage, real estate, telecommunications, and aviation, which he managed under JG Summit Holdings.
Death
John Gokongwei Jr. passed away on November 9, 2019, at the age of 93. He died at Manila Doctors Hospital, surrounded by his family.
His death marked the end of an era for one of the Philippines’ most influential business figures. Just a week later, his wife, Elizabeth Yu Gokongwei, also passed away, highlighting the close bond they shared throughout their lives.
Argumentative
John Gokongwei Jr., despite his success in business, has not been without controversy. One of the most notable controversies involved his attempted takeover of Singaporean real estate company United Industrial Corporation Ltd. (UIC) in 2014.
Gokongwei had a significant stake in UIC and sought to gain control of the company, leading to a highly publicized corporate battle. Critics said his aggressive acquisition strategies were likely to harm minority shareholders, leading to tensions within the business community.
In addition to his business activities, Gokongwei has also faced scrutiny over the labor practices of his companies. Universal Robina Corporation (URC), one of his major business ventures, has occasionally come under fire for working conditions at its factories.
Allegations of inadequate worker compensation and labor rights violations have emerged, prompting investigations and calls for reform. Gokongwei’s management team has made efforts to address these issues, but they continue to affect his public image.
Gokongwei’s telecommunications joint venture, Sun Cellular, has also faced legal challenges. The company’s rapid expansion and competitive pricing strategies have attracted the attention of regulators, who have investigated potential violations of market competition laws. These legal battles have highlighted the complexity of navigating the competitive landscape in the telecommunications industry.
Despite these controversies, Gokongwei’s philanthropic efforts and contributions to education have been widely recognized. He has donated significant amounts of money to various educational organizations, including the establishment of scholarships and funding of research programs. These efforts have been seen as an attempt to give back to the community and alleviate some of the negative perceptions surrounding his business activities.
Towards the end of his career, Gokongwei also faced personal controversies. Rumors of extramarital affairs and family disputes occasionally surfaced, although they were generally kept private and did not significantly affect his public image. His family’s close involvement in the business helped maintain a united front despite internal challenges.
While John Gokongwei Jr.’s legacy is largely defined by his business accomplishments and contributions to the Philippine economy, his career has not been without its controversies. These incidents provide a more nuanced look at a man who, despite his success, faced significant challenges and criticism along the way.
Social media
- – Instagram: None
- – Twitter: None
Book
- John L. Gokongwei Jr.: The Entrepreneurial Path
