MANILA – A new generation of tycoons has begun to take control of the Philippines’ biggest businesses, as billionaires look to their children to lead their empires.
Here are some of the country’s richest who have their sons and daughters in the succession line.
ANDREW TAN
The most recent changing of the guard was at Alliance Global, where Andrew Tan relinquished the CEO post to his eldest son, Kevin Tan.
As CEO of Alliance Global, the younger Tan will oversee property developer Megaworld, the world’s largest brandy-maker Emperador, and the master franchise holder of McDonald’s Philippines, Golden Arches Development Corp.
JOHN GOKONGWEI, JR.
The country’s second richest man, John Gokongwei, has long relied on his only son, Lance Gokongwei, to oversee most of the businesses that he started decades ago from a cornstarch factory.
Lance Gokongwei is president and COO of the family’s holding firm, JG Summit, where the patriarch’s brother, James Go, also sits as chairman and COO.
The tycoon’s son is also CEO of the country’s largest airline, Cebu Pacific. Daughters Robina Gokongwei-Pe is CEO of Robinsons Retail, while Lisa Gokongwei Cheng is president of Summit Media.
RAMON ANG
While Ramon Ang remains at the helm of San Miguel Corp as president and COO, a position he has held for 16 years, his children have held positions in his other ventures.
Ang’s daughter, Cecile, is president of Diamond Hotel. Over at Eagle Cement Corp, which recently debuted on the stock exchange, son John Paul is CEO while daughter Monica is treasurer and CFO.
LUCIO TAN
Michael Tan helps his father, Lucio Tan, lead LT Group, where he sits as president. He is also treasurer at Philippine Airlines. Lucio Tan Jr. heads the tycoon’s rhum business, Tanduay.
Michael Tan, a University of British Columbia alumnus also sits on the boards of Eton properties, Philippine National Bank, Victorias Milling and AlliedBankers Insurance Corp.
He is currently steering his father’s tobacco and liquor businesses through the effects of higher excise taxes.
JAIME ZOBEL DE AYALA
Jaime Zobel de Ayala stepped down as Ayala Corp chairman in 2006, relinquishing his post to eldest son, Jaime Augusto, who is now leading the conglomerate’s expansion to Southeast Asia and to digital commerce.
His younger son, Fernando, is president and COO of Ayala Corp, which includes, Ayala Land, Bank of the Philippine Islands, Globe Telecom and Manila Water.
HENRY SY
The country’s richest man tapped a long-time associate, Jose Sio, to succeed him as chairman of SM Investments, but his children still hold key positions in his vast retail and banking empire.
Eldest daughter Teresita Sy-Coson and son Henry Sy Jr are co-vice chairpersons at SM Investments, where Harley Sy is also executive director.
Hans Sy stepped down as president of SM Investments in late 2016.
The patriarch’s grandson, Howard, recently started Storage Mart, a self-service storage facility in Makati, clearly taking inspiration from Shoe Mart, the seed of his grandfather’s shopping mall business. (ABS-CBN News)
