The Management Association of the Philippines (MAP) remembered the memory of John Gokongwei Jr., calling him “an exemplar of Filipino talent in management excellence for nation-building.”
MAP said in a statement on Monday that they would always remember Gokongwei for his business acumen and management qualities.
The statement said he steered the Gokongwei Group into remarkable growth through his foresight and exceptional ability to launch new ventures and make existing ones better.
“We will never forget his contributions to national development, job creation and income generation through the Gokongwei Group’s huge investments in food manufacturing, real estate, air transportation, banking, petrochemicals, shopping malls, livestock farming, publications, power generation, power distribution and telecommunications,” the statement said.
“He certainly serves as an inspiration to others for his outstanding achievements attained from humble beginnings through hard work, perseverance, frugality and discipline,” it added.
Gokongwei, founder and chair emeritus of JG Summit Holdings, died last Saturday night at Manila Doctor’s Hospital at the age of 93.
He built a multinational consumer conglomerate across the region, a game changer in local telecommunication and airline sectors and a philanthropist who gave away half of his fortune to charity. Of the 30 blue-chip companies comprising the local stock barometer PSE index, four are controlled by the Gokongweis—JG Summit, Robinsons Land, Universal Robina Corp. and Robinsons Retail Holdings Inc.—with a combined market capitalization of more than P1 trillion.
Forbes magazine estimated Gokongwei’s net worth at $5.3 billion this year, listing him as the third wealthiest man in the Philippines.