Philippine business community reeling after deaths of titan John Gokongwei Jnr and magnate’s son Lucio ‘Bong’ Tan Jnr
- Fujian-born Gokongwei, best known as the founder of Cebu Pacific, dies two days before 53-year-old PAL Holdings president Tan
- Gokongwei is credited with breaking monopolies and building home-grown brands, while Tan had just taken the reins at parent firm of Philippine Airlines
The deaths since Saturday of two of the Philippines’ most prominent entrepreneurs has left the country’s business community reeling and prompted speculation about the leadership at one of the major Filipino-Chinese family conglomerates.
Tycoon John Gokongwei Jnr, 93, a Fujian-born businessman best known in recent years as the founder of budget airline Cebu Pacific, died on Saturday on the very same day that 53-year-old Lucio “Bong” Tan Jnr collapsed while playing basketball.
Tan died on Monday after succumbing to a brain aneurysm. He had been named the successor to his billionaire father Lucio Tan’s PAL Holdings, the listed parent of Philippine Airlines.
Gokongwei’s death leaves the elder Lucio Tan, 85, as the country’s lone surviving ethnic Chinese billionaire who migrated to the Philippines before World War Two.
Two weeks ago Tan made his son Bong president of the listed PAL Holdings, but until then the Philippine business community had presumed the heir apparent to the entire conglomerate to be eldest son Michael, 53, who was in 2012 named president and chief operating officer of LT Group, the family holding company.
