Business Tycoon John Gokongwei Jr. dies at 93

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The Philippines’ third-richest tycoon, John Gokongwei Jr. passed away on Saturday night at the age of 93. His son Lance confirmed that Gokongwei dies surrounded by loved ones at the Manila Doctor’s Hospital.

Esquire Philippines, a Gokongwei-owned publication, reported early Sunday, Nov. 10, quoting a text message from Gokongwei’s only son, Lance Gokongwei.

“Our beloved husband, father and grandfather John Gokongwei, Jr. passed away peacefully 11:41 pm, November 9th, at the Manila Doctor’s Hospital surrounded by his loved ones. Please pray for the repose of his soul. Details of his wake to follow. Rest In Peace, Mr. John,” Esquire Philippines quoted Lance Gokongwei’s message.

Gokonwei, the third richest man in the Philippines according to Forbes Magazine had holdings in financial services, power generation, petrochemicals, aviation, food, beverage, livestock farming, and telecommunications.

He is the known founder of JG Summit, the parent firm of airline Cebu Pacific, real estate company Robinsons Land, food manufacturer Universal Robina Corporation, JG Petrochemicals, Global Business Power, and Robinsons Bank.

According to Rappler, the Management Association of the Philippines named him Named Man of the Year in 2017 “due to his business acumen and management qualities which steered the Gokongwei Group into remarkable growth through his foresight and exceptional ability to launch new ventures and transform existing ones to better adapt to challenging times and an unpredictable future.”

And he was also recognized for his “leadership in making the Gokongwei’s Group a substantial contributor to national development.”

He was ranked third in Forbes’ list of richest Filipinos in 2019. As of November 9, his net worth was at $5.8 billion.

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