Frederick Go steps down from RLC; Lance Gokongwei takes over

MANILA  -Property tycoon Frederick Go, who is part of the billionaire Gokongwei clan, is stepping down on Jan. 8, 2024 from various key corporate posts as he assumes the powerful role of economic czar of the Marcos administration.

These include his longtime position as CEO of Robinsons Land Corp., one of the country’s biggest developers o,f shopping malls and homes.

This was after he was picked by President Marcos to lead the newly created Office of the Special Assistant to the President for Investment and Economic Affairs, which also confers him full cabinet secretary rank.

READ: President creates office to implement gov’t economic programs

Furthermore, the new role gives him supervision powers over other powerful agencies such as the Department of Finance, the National Economic and Development Authority, and the Department of Trade and Industry.

READ: Marcos Jr. taps Robinsons’ Frederick Go as investment adviser

Market observers said Go’s departure would allow him to focus on the new job while easing conflict-of-interest concerns arising from the appointment.

He will be replaced by his billionaire cousin Lance Gokongwei, who is the president and CEO of the family conglomerate JG Summit Holdings, whose interests span property, food and drinks, airlines and telecommunications.