John Gokongwei facts for kids
Quick facts for kids
John Gokongwei, Jr.
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| 吳奕輝 | |||||||||||
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| Born |
John Lim Gokongwei, Jr.
11 August 1926 Xiamen, Republic of China
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| Died | 9 November 2019 (aged 93) Manila, Philippines
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| Nationality | Filipino | ||||||||||
| Education | De La Salle University (MBA) | ||||||||||
| Occupation | Businessman, investor, philanthropist | ||||||||||
| Known for | Founder and chairman emeritus of JG Summit Holdings | ||||||||||
| Spouse(s) |
Elizabeth Yu
(m. 1958) |
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| Children | 6, including Lance Gokongwei | ||||||||||
| Chinese name | |||||||||||
| Traditional Chinese | 吳奕輝 | ||||||||||
| Simplified Chinese | 吴奕辉 | ||||||||||
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John Robinson Lim Gokongwei Jr. (traditional Chinese: 吳奕輝; simplified Chinese: 吴奕輝; pinyin: Wú Yìhuī; Pe̍h-ōe-jī: Gô͘ E̍k-hui; born August 11, 1926 – died November 9, 2019) was a famous Filipino businessman. He was also an investor and a kind person who gave money to good causes. He started a huge company called JG Summit Holdings, Inc.. This company owned many different businesses in the Philippines. These included shipping, phones, stores, money services, food, drinks, and even farming.
Contents
Early Life and Big Challenges
John Gokongwei Jr. was born in China. His father came from a rich family in Cebu, Philippines. His great-grandfather, Pedro Singson Gotiaoco, was a young seller from China. He became one of the most important Chinese-Filipino people in the Philippines.
John went to school in Cebu and was a very good student. He finished primary school as the best in his class.
When John was 13, his father passed away in 1939. This was also when World War II began. His family lost all their money. To help his family, John started selling things on the streets of Cebu from his bicycle. He sold soap, thread, and other small items.
From 1943 to 1945, when he was 17 to 19 years old, he traded goods using a wooden boat. He would take his products by sea to Dalahican, Lucena. Then, he would use a truck to bring them to Manila. This showed how determined he was even at a young age.
Starting His Business Journey
After World War II ended, John Gokongwei started his first company. He called it Amasia Trading. This company brought in different goods from the United States. They imported things like flour, onions, fruits, and even old newspapers.
In the early 1950s, his brothers and sisters came back from China. Together, they started importing cigarettes and whiskey. But John soon realized that just trading goods didn't make much money. It also depended a lot on what the government decided.
So, in 1957, his family decided to try making their own products instead. John got a loan of 500,000 pesos from two important bankers. With this money, he opened a factory that made glucose and corn starch from corn. He named this company Universal Corn Products. Later, it became Universal Robina Corporation. A big customer for their corn products was San Miguel Corporation.
In 1961, John started another company called Consolidated Food Corporation. This company made its own instant coffee, called Blend 45. This company later joined with Universal Robina Corporation.
Learning and Growing His Empire
John Gokongwei believed in learning. In 1977, he earned a Master's degree in Business from De La Salle University. Ten years later, he also attended a special business program at Harvard University.
In 1990, John created JG Summit Holdings. This company became a public company, meaning people could buy shares in it. It was a big step for his business group.
In 1996, his airline company, Cebu Pacific Air, started flying. This airline grew very fast. In 2010, they ordered many new planes, which was a huge investment.
His company also had a phone business called Digital Telecommunications Philippines. They spent a lot of money on their mobile phone service, Sun Cellular. Sun Cellular became the third-largest mobile company in the Philippines. Later, they sold it to another big phone group.
In 2013, John's company bought a large part of Meralco. Meralco is the biggest company that provides electricity in the Philippines. This was another very big deal.
In 2014, Universal Robina bought a food company from New Zealand called Griffin's Foods. This helped them grow their food business even more.
John Gokongwei also owned other big companies. These included Robinsons Retail Holdings, Inc., which runs many stores. He also owned Robinsons Land Corporation, which builds malls and other properties.
The Gokongwei family's companies together were worth over $20 billion.
In 2008, Forbes Asia magazine recognized John Gokongwei. They put him on their first list of "Heroes of Philanthropy." This list honored people in Asia who gave a lot of money to help others.
Family Life
John Gokongwei married Elizabeth Yu in 1958. They had six children: one son and five daughters. Their names are Lisa, Robina, Lance, Faith, Hope, and Marcia. All of his children work in the Gokongwei group of companies.
His oldest daughter, Robina, is in charge of Robinsons Retail Holdings, Inc. She has been the Chief Operating Officer since 2002. His only son, Lance, is now the president and CEO of JG Summit. He leads the entire group of companies.
John Gokongwei was also related to other important families in the Philippines. For example, he was a second cousin once removed of Andrew Gotianun Sr., who started Filinvest Development Corporation. He was also related to the Gaisano family.
Passing Away
John Gokongwei Jr. passed away in Manila on November 9, 2019. He was 93 years old. Sadly, his wife, Elizabeth Yu Gokongwei, passed away exactly one week later at the age of 85.
See also
- Universal Robina
- JG Summit Holdings
- Robinsons Retail
- Emilio Yap
