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Bacolod City, Philippines Monday, November 11, 2019
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Gokongwei passes away

 

Malacañang expressed its deep condolences to the family of tycoon John Gokongwei Jr. who passed away on Saturday night, remembering him for his "substantial contributions to the country’s growth and development."

Presidential Spokesperson Salvador Panelo yesterday described Gokongwei, best known for his aviation, power generation, and telecom businesses, as “a visionary and pillar of the Philippine economy.”

“Our people recognize Mr. Gokongwei's amazing journey as a self-made industrialist, respected business leader, and generous philanthropist. A grateful nation respects the man for the indelible legacy he made in the fields of business, entrepreneurship and philanthropy,” Panelo said.

He pointed out that although he was born with a silver spoon in his mouth, the demise of his father and namesake when he was 15-years-old removed the family from luxury and wealth.

“He had to work to provide for his family. He sold soaps, candles, and threads to earn money. From thence begun his journey of hard work, discipline, creativity, perseverance, accumulating vast business knowledge and acquiring entrepreneurial acumen in the process, until he built a giant of a business empire,” Panelo said.

Apart from his business enterprises, Panelo emphasized how Gokongwei and his siblings established the Gokongwei Brothers Foundation where he donated PHP20 billion, considered the biggest philanthropic endowment in Philippine history, to fund student scholarships and faculty research and build definitive learning facilities.

Gokongwei Jr. is founder of the Gokongwei Group of Companies which covers a wide range of sectors from food manufacturing (Universal Robina Corporation) to real estate (Robinsons Land), air transportation (Cebu Pacific), retail (Robinsons Retail Holdings Incorporated), banking (Robinsons Bank), and petrochemicals (JG Petrochemicals), among others.

He was the third wealthiest man in the country with a net worth at USD5.3 billion as of 2019, as estimated by Forbes magazine.

The tycoon is survived by his wife, Elizabeth, and his children Robina, Lance, Lisa, Faith and Hope, and Marcia; his in-laws and grandchildren; brothers Eddie and James Go, sister Lily; and his nieces and nephews.*PNA

 

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