John Gokongwei. INQUIRER file photo
John Gokongwei Jr., a tycoon who built a thriving consumer business across Asia-Pacific and helped make telecom and airline services more affordable in the Philippines, passed away peacefully on Saturday evening “surrounded by his loved ones.”
“Our beloved husband, father and grandfather John Gokongwei, Jr. passed away peacefully 1141 pm, November 9th at the Manila Doctor’s Hospital surrounded by his loved ones,” his son Lance said in a mobile phone message.
Gokongwei was the third wealthiest man in the country with a net worth estimated by Forbes magazine at $5.3 billion as of 2019.
He is survived by his wife Elizabeth, children Lance, Robina, Lisa, Faith, Hope and Marcia, and grandchildren.
Wake details are still being finalized.
Long before his demise, Gokongwei had passed on the reins of JG Summit Holdings to son Lance and devoted his remaining years to philanthropical activities under the Gokongwei Brothers Foundation.
Through Universal Robina Corp., the group is now a regional player in food and beverage production and one of the country’s leading players in property development through Robinsons Land.
Through Cebu Air, it’s a leader in local aviation. It’s also a pioneer in petrochemical business and a strategic investor in two of the country’s utility crown jewels — Manila Electric Co. and Philippine Long Distance Telephone Co.
The group also has interests in banking through Robinsons Bank. Retail arm Robinsons Retail Holdings Inc., which is outside of the JG Summit group and run by daughter Robina, is a leading retail player.
The Gokongwei group sold its stake in Digital Telecommunications in exchange for a stake in PLDT in Oct. 2011.
/atm