Richest entrepreneurs of the Philippines | Business

Entrepreneurship is the new in vogue buzzword. Plenty of people talk about entrepreneurship, but few put their words into action. Despite this, there are still innovative Filipinos keeping the ethic of entrepreneurship alive.

The Philippines can definitely call itself a hub of entrepreneurs. Its business centres are full of ambitious people working hard to make their big ideas a reality. The provincial business environment has also begun to experience some rapid growth.

The countries agricultural sector has begun to open up to new technologies. To improve the nation’s food security, the agricultural sector needs to modernise. The sector has now adopted various measures to increase efficiency. Thus, greatly improving the nation’s crop yields.

It’s easy to see how big ideas can not only enrich the individual, but also benefit the country as a whole. Many successful entrepreneurs have helped improve the quality of life of many Filipinos. Having achieved this through the work of their companies.

Today we’re going to dig into the details of some successful Filipino entrepreneurs. Seeing the lives of these people in detail can help motivate you to follow in their footsteps.

Henry Sy is the ideal poster boy for entrepreneurship. He faced innumerable challenges in his early life. But he fought to build one of the most iconic brands in the Philippines.

Henry Sy of the SM Group of Companies

Henry Sy Sr. is the founder and chairman of the infamous SM Group of Companies. A conglomerate, with its bread-and-butter being its chain of supermarkets and department stores. The business then branched out into developing commercial property. SM began building their malls across the country, as well as condominium developments.

.Sy also branched off into banking quite early in his career when he acquired Acme Savings Bank. This is now known as Banco De Oro, or BDO, which in terms of its total assets is the biggest bank in the country.

SM now operates in more than 1,800 locations, as well as operations in China and Vietnam. It is hard to spend anytime in the Philippines and not be aware of SM, the brand has engulfed the nation.

Henry Sy was born in Jinjang, Xiamen, China. He had a somewhat modest upbringing after moving to the Philippines at the age of 12. He helped his father at their general store, selling food and household products. This early exposure to business helped set the foundation for his entrepreneurial journey.

During World War II, the store was destroyed during the fall of Manila. As a consequence, the family decided to move back to China, while Sy decided to stay.

This is when the SM empire was born. Sy started selling worn G.I. combat boots and other items to American soldiers. Sy created “Shoe mart”, the first shoe store in Manila.

Fast-forward to 2012, and his reported net worth is now $14 billion—making him one of the wealthiest individuals in Asia. All as a result of his initial move to start a shoe store.

Henry Sy has gained attention on the international stage. He was named by Forbes magazine as both “Asian Entrepreneur of the Year” (2009) and “Manila’s Businessman of the Year” (2013).

Sy opened his first shoe store in 1948 with just 24 pairs on display. Today, even after his death in 2019, his legacy is still seen across the country through the SM business empire.

John L. Gokongwei Jr of JG Summit Holding Inc

John L. Gokongwei Jr. is the man behind JG Summit Holdings Inc. This is the business conglomerate which holds some of the biggest names in the country. Some of those names include Cebu Pacific, Robinsons Retail Holdings, and Robinsons Land Corporation, one of the largest real estate companies in the Philippines.

Gokongwei had a somewhat comfortable life during childhood. His father had descended from a wealthy, well-connected Cebu based family. This soon came to an end, when Gokongwei’s father died, and the family lost their fortune.

Gokongwei had little choice but to become the bread winner for his family. He began making money reselling goods in Cebu, before scaling up to selling to a larger market in Manila.

His business career formally took off when he started Amasia Trading, he imported various good from the United States, then reselling it in the Philippines. Due to low margins and various risks in his business model, Gokongwei began looking to manufacturing.

What begun as manufacturing corn products grew into Universal Robina Corporation. The corporation quickly grew through a series of mergers and acquisitions to what it is today. In 1990, JG Summit Holdings was incorporated, this became the parent corporation of Gokongweis empire.

To this day, companies under the JG Summit Holdings banner are found throughout the Philippines. For example, most people will be familiar with Robinsons Land Corporation. They have a wide range of properties and developments across the country, their malls, condominiums, commercial buildings, and residential subdivisions are found within most major cities of the Philippines.

Tony Tan Caktiong of Jollibee Foods Corporation

One of the most famous entrepreneurs in the Philippines is Tony Tan Caktiong. He served as chairman and CEO of the monumental Jollibee Foods Corporation from 1975 to 2009 when he stepped down to focus on other areas of his business.

The man behind Jollibee Foods Corporation is one of the country’s most successful businessmen and has been dubbed “a legend in his own time” by Forbes Magazine.

He is responsible for some of the most iconic food institutions in the country – Mang Inasal, Chowking, Greenwich Pizza, Red Ribbon Bakeshop, Carlo’s Bakery, Highlands Coffee, and Manong Pepe’s, among others.

Caktiong eventually moved from the food business into property through his holding company, Honeystar Holdings Corporation. He made an initial investment in Injap Land Corporation, which was eventually renamed to DoubleDragon Properties Corporation.

What initially started out as an aspiration to start an ice cream parlour has grown into a brand that is one of the most popular in the country. It has also grown to over 2,500 stores in the Philippines as well as chains in the United States, China, Saudi Arabia, Vietnam, Singapore, Brunei, and the UK.

Socorro Ramos of National Book Store

Socorro Ramos had grown up with a background in both entrepreneurship, and working in a retail bookstore. Socorro had been working at the Ramos Goodwill Book Store with the Ramos family, who went on to open another store on Escolta Street.

The store was run by Jose Ramos, who also asked Socorro to help him. Eventually the pair ended up married, and continued to run the store together.

Running the store was not easy. During World War II during the Japanese occupation, there was strict censorship across Manila. The pair had no choice but to move to selling generic goods such as soap and sandals.

They also were left to rebuild the business from the ground up on several occasions. The store was burnt to the ground during the battle of Manila, when the Japanese were removed from the country. This was followed by an intense typhoon, which destroyed the store and all of its stock.

Despite this, the pair’s willingness to endure the hardship, and continue to stay the course, ensured their success. The business continued to grow as the pair begun to open up new stores, and make smart, strategic decisions with their operations.

Today, National Book Store has over 160 stores across the Philippines and continues to expand its reach worldwide through online shopping and publishing services that help authors publish their books.

Mariano Que of Mercury Drug

Mariano Que, was forced to be self-sufficient early in life. During the Japanese occupation of the Philippines, Mariano was left as an orphan. Mariano had worked in the Pharmaceutical industry, and was aware of the need for Sulfiathiazole, which was seen as a “miracle” drug at the time.

Mariano went on to invest a small amount of money to buy the drug, and then sold it in single doses from a cart on the street. Mariano continued this until he had enough money to invest in his own store.

From that point on, Mercury Drug was created. The first store was formerly opened in 1945. At that time, there were very few pharmacies in the Philippines, and most people relied on traditional medicine for treatment.

Mariano’s first pharmacy was located at an old general store in Manila; he sold over-the-counter and prescription drugs. He continued offering quality products at a fair price up until the early 60s.

From the 60s, through to the 70s, Mercury Drug begun its rapid expansion. New chains begun to open, and the company begun acquiring other companies in the pharmaceutical, food, and medical equipment companies.

The Mercury Drug brand still has a strong presence across the country to this day. Although, it is in fierce competition with brands descending from two other entrepreneurs we have already mentioned. Watsons, created by the Sy family, and South Star Drug and The Generics Pharmacy created by the Gonkongwei empire are both fighting for market supremacy to this day.

Edgar “Injap” Jaruda Sia II of Mang Inasal

As mentioned, early Mang Inasal is currently operated under the Jollibee Foods Corporation banner, created by Tony Tan Caktiong. Though Mang Inasal was not started by Tony.

Injap Sia was the founder of the fast food chain Mang Inasal. Injap co-founded the chain in Iloilo city, and eventually grew the chain to 338 chains across the Philippines. This is when the business was bought out by Jollibee Foods Corporation in 2010.

He has ventured outside the food industry with another venture he entered into with Tony Tan Caktiong. Caktiong initially invested into Sia’s Injap Land Corporation, which then was renamed DoubleDragon Properties Corporation, in which Sia is working as the chairman.

Sia was initially studying to become an architect at University of San Agustin, he dropped this to pursue the food industry, a move which became life changing.

Dr. Alfredo Yao of Zest-O Corporation

Dr. Alfredo Yao is the founder of Zest-O Corporation, the country’s leading manufacturer of powdered drink mixes. Like many of the other entrepreneurs, Dr. Yao was put into a position early in life where he was left to have to fend for his family.

Yao started the Solemar Commercial Press after becoming aware of the Doy Packaging Technique. From then, he began marketing his services to various companies, including several juice companies.

Due to a lack of interest, Yao felt a wave of motivation to create a juice company using his knowledge of packaging to increase its appeal. The bright, saturated colours of Zest-O made it an instant success. Children loved finding the colourful fruit juices, and the convient compact packaging made it easy for parents to pack.

He remains active in business affairs as he serves as chairman emeritus at Zest-O Corporation, which has grown into one of the Philippines’ most prominent companies with over 20 subsidiaries across Asia and Europe.

Cecilio Kwok Pedro of Lamoiyan Corporation

Cecilio Kwok Pedro is the founder and chairman of Lamoiyan Corporation. Pedro, a Chinese Filipino, spent his early years setting himself up for entrepreneurial success. He graduated from Ateneo de Manila University and earned a degree in Business Management. He then received an Honorary Doctor of Philosophy in Technological Management from Technological University of the Philippines.

Pedro’s initial venture was into supplying aluminium toothpaste containers to Colgate-Palmolive and Philippine Refining Company. His company Aluminum Container’s Inc was in business from 1978 to 1985, demand dropped off when toothpaste business decided to pivot from aluminium containers to plastic.

Pedro continued to do what he knew, and produced toothpaste containers, while partnering with a Japanese company to produce their own toothpaste. This was the beginning of Lamoiyan Corporation. Pedro then began marketing a brand of toothpaste to children, including Sesame Street characters on the packaging, while offering the toothpaste in various fruity flavours.

Lamoiyan Corporation begun a steady period of growth creating products like Dazz dishwashing paste and liquids, Tenderly fabric enhancer, Fash detergent, Fresher feminine wash and Gumtech, a special gum-formula toothpaste.

Robert Coyiuto Jr. of Coyiuto Group of Companies

Robert Coyiuto Jr. is a FIlipino billionaire who has influence over many areas of Philippine society. Though, a large portion of his wealth would have come from his stake in the countries’ electricity grid.

Coyiuto holds a 30% stake in the National Grid Corporation of the Philippines. The Corporation engages in the expansion, operation, and maintenance of the country’s electricity transmission network. Coyiuto also holds a stake in the publicly listed Oriental Petroleum and Minerals Corporation in partnership with John Gokongwei Jr. This is a local exploration and production company engaged in upstream petroleum activities.

Coyiuto was also responsible for bringing supercars to the Philippines. He created PGA cars who are now a supplier of luxury cars, they have partnered with various brands including Porsche, Lamborghini, and Bentley.

So what can we take from this?

I hope you learned something new about these entrepreneurs and their businesses. I also hope that this list will inspire more people to start their businesses and become successful like them.

We’ve looked at some of the countries traditional entrepreneurs, if you know of some up-and-coming business personalities, feel free to let us know in the comments!