Chinese-born Philippine billionaire John Gokongwei Jnr, founder of Cebu Air, dies aged 93
- Gokongwei was born in Fujian but grew up to become one of the Philippines’ wealthiest businessmen, building a fortune worth US$3.4 billion
- One of the tycoon’s most recent successes was the steady ascent of Cebu Air, a carrier he founded in 1996 with only four aircraft
John Gokongwei Jnr, a Philippine billionaire who built a business empire spanning from banking, retail to aviation, has died. He was 93.
Gokongwei died late on Saturday evening “surrounded by his loved ones” at the Manila Doctor’s Hospital, his son Lance Gokongwei said in a statement, referring to the tycoon by the nickname he’s affectionately known as, “Mr John”. He is survived by his wife, six children and at least 12 grandchildren.
Born in Fujian, China, and raised in Cebu province in the Philippines, Gokongwei started working in his early teenage years after his father died, riding his bike to sell peanuts and knick knacks in neighbouring towns across the island to provide for his five siblings. That laid the foundation for a business acumen that helped build a US$3.4 billion fortune, making him one of the country’s wealthiest people.
He eventually set his sights farther, travelling two weeks by sea and six hours by land each time to peddle rubber tires in Manila. With the money he saved, Gokongwei went into cornstarch production, predicting nascent industries like food, paper and textiles would need raw materials. The corn mill become the foundation of Universal Robina – today a 333.9 billion peso (US$6.6 billion) snacks, sweets and beverage business operating in six countries across Asia.
Aside from building a line-up of home-grown products like Jack N’ Jill chips and C2 tea drinks, Universal Robina has also gone offshore to acquire Consolidated Snacks, which owns Snack Brands Australia, and New Zealand-based biscuits maker Griffin’s Foods.
His holding firm JG Summit Holdings also has interests in petrochemicals, property and banking.