What’s up with 85-year-old Mr. John
MR. JOHN sits beside wife Elizabeth, 77 years old and surrounded by his six kids and their spouses.
The rags-to-riches story of John Gokongwei is not uncommon among local taipans, but his decades-long journey to become one of the country’s wealthiest men is by no means ordinary.
He had to crawl his way up, like most successful men. But now well into his 80s, and one of the Philippines’ wealthiest people, the founder of conglomerate JG Summit Holdings Inc. wants to make sure that no Filipino ever has to scratch his way up from the bottom of the social pyramid just to fulfil his dream.
Good crops
“My father is of the firm belief that good crops sprout only from good seed,” his son Lance Gokongwei says in a speech during Mr. John’s recent birthday party.
Throughout his life, Gokongwei has been focused on two passions: His close ties with friends and family, and of course, his business.
John Gokongwei
Unlike other prominent Philippine family-rub businesses that have had public spats with relatives or have had problems with their succession plans, JG Summit has been run like a tight ship with Gokongwei at the helm, maintaining a healthy balance between his work and personal life.
But now 85 years old, Gokongwei, known as Mr. John to those close to him, hopes to bring with him the same success he’s enjoyed in business as he ramps up investments in the quality of Philippine education.
Nearly two decades ago, the elder Gokongwei, current JG Summit chairman James Go and their two late brothers founded the Gokongwei Brothers Foundation, which focuses on improving the country’s education system.
LANCE Gokongwei
The foundation has also been handing out scholarships to deserving students around the Philippines.
The four brothers initially donated significant portions of their stakes in JG Summit to the GBF. Gokongwei has been giving more of his own shares to the foundation.
Largest shareholder
Today, the GBF is the single largest shareholder in JG Summit. The holding firm’s interests now stretch across several industries, namely food and beverages, real estate, banking, telecommunications and energy.
And it is the GBF’s scholars and other supported institutions that benefit the most from the success of these various ventures.
“Despite admitting my fear that you will donate everything you own to the foundation such that my own children Hannah and Jacob will themselves have to be GBF scholars, I would like to assure you that your entire family is very proud and supportive of your generosity,” the younger Gokongwei says.
He adds his father believes that by “investing in various Philippine education causes,” the group is helping ensure the sustainable growth of his own company and the country’s economy.
THREE of 12 grandchildren do a number for their lolo.
Two of the GBF’s most recent endeavors show how serious the group is in reaching out to young Filipino minds.
The first is a partnership with the Aklat, Gabay, Aruga Tungo sa Pag-Angat at Pag-Asa (AGAPP) Foundation Inc. (AGAPP). The AGAPP foundation is focused on building pre-school buildings in the most underprivileged public school compounds, and the GBF has committed to work with the AGAPP foundation to build 18 schoolhouses within the year.
“This project is particularly noteworthy because it has been my father’s dream to uplift the educational foundation in the depressed and disadvantaged communities,” the younger Gokongwei states.
And as AGAAP is roughly translated, the foundation aims to provide books, guidance, care towards upliftment and hope, he adds.
The second project, which is equally, if not even more impressive, is the GBF’s donation of P250 million to the De La Salle University-Manila College of Engineering.
La Salle alumnus
“My father is not a college graduate, but when he started working, he decided to take his MBA at De La Salle University. So my father is a La Salle alumnus, just like my sisters Faith, Hope and Marcia,” he says.
The engineering courses offered at DLSU include Chemical Engineering, Civil Engineering, Electronics and Communications Engineering, Industrial Engineering, Manufacturing Engineering and Management, and Mechanical Engineering.
Lance notes that his father has announced his retirement several times in the past, but “everyone else in this party knows that you cannot and will not ever retire.”
And with so much still on his plate, and with so much energy still in him, how can Mr. John retire? Even if he wanted to, can JG Summit afford losing its founding father?
“It would be a danger to your personal health and the company’s health should you ever retire completely from the company you founded,” the younger Gokongwei says of his dad.
“We would not want you to retire as we continue to value your wise counsel, your fighting spirit and sense of entrepreneurship that permeates our group’s company culture. Plus, you have the energy of a 40-year-old – and I can say that since I am now 44, and I know you can still outwork me at your age,” he says.
