Lucio Tan (born July 17, 1934) is a prominent Filipino business magnate. He owns Asia Brewery, the 2nd largest brewer in the Philippines, Tanduay Holdings, one of the world's largest rum makers, Fortune Tobacco, the largest tobacco company in the country, Philippine Airlines, Philippine National Bank, the 5th largest bank in the country, Allied Bank the Philippines' 8th largest lender. These companies are just a few of some 300 companies that Mr. Tan controls. The total value of his business empire according to some estimates would not be less than US$20 billion, and he controls 40 to 60% of that.
He also owns Eton Properties Philippines which is groomed to rise as one of the top realty developers in the Philippines.
He is credited for returning Philippine Airlines to profitability, after years of losses.
As of 2006, he is the 2nd richest person in the Philippines and the 451st richest person in the world according to Forbes.
Tan was born on July 17, 1934, in Amoy, Fujian, Republic of China. His parents moved to the Philippines when he was a child. He studied chemical engineering at Far Eastern University in Manila, but quit before graduating to take a job in a tobacco factory. Though a non-smoker, he started a cigarette company called Fortune Tobacco in 1966.
He was a known ally of former President Ferdinand Marcos.
He is considered the richest industrialist in the Philippines, with a personal net worth of at least US$1.5 billion. Earlier controversies about his fortune as a result of tax evasion practices has been proven false by the Supreme Court.
In 2007, Lucio Tan dropped to the 2nd richest person in the Philippines with a net worth of US$2.3 Billion, according to Forbes magazine.
Biodata:
Born: July 17, 1934, in Amoy, Fujian province, China
Education: BS Chemical Engineering, Far Eastern University, Manila
Family: Married
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Lucio Tan is the richest industrialist in the Philippines, with a personal net worth of at least $1.5 billion. Known to be shrewd but secretive and reclusive, Tan has extensive investments in China and Hong Kong. Building an Empire Around Beer and Cigarettes Over the past three decades, Lucio Tan single-handedly built an empire spanning the Philippines to Canada, all this while wheeling and dealing firmly behind closed doors.
Tan was born in China's Fujian province. His family moved to the Philippines when he was a child. He studied chemistry in Manila, but quit before graduating to take on a job in a tobacco factory. This prompted the nonsmoker to start his own cigarette company, Fortune Tobacco in 1966.
The company expanded rapidly, and the introduction of a budget brand, Hope, in 1975, raked in even greater wealth for Tan. In the 1970s, Tan secured permission from resident Marcos to establish a brewing business, Asian Breweries. It was the only brewery allowed to challenge the supremacy of San Miguel Corp, whose trademark beer dominates the local market.
In 1977, Tan acquired a defunct bank from the government, and revived it quickly. Now known as Allied Banking Corp, it is one of the top banks in the Philippines, and providing sound backing for Tan's foray into brewing and real estate.
In 1993, he secured control of Philippine Airlines PAL after a bitter ownership feud. Connections and the One-Horse Man in the Philippines, businessmen often contribute significant amounts to support many different political campaigns, with the hope of gaining political favour in business no matter who wins the election. Ethnic Chinese businesspeople, denied the family links to power enjoyed by the spanish-descended aristocracy, are some of the biggest campaign contributors.
Connections are undoubtedly an important factor behind Tan’s success. Tan’s close friend Joseph Estrada rose to become president. But Tan breaks the mold: he eschews contributing to a bunch of candidates and instead is a one-horse man. First, it was Marcos; then it was Estrada. Now Tan is calling some of the big plays for the government as he tries to keep his airline, Philippine Airlines, afloat.
Tan is also beginning to shed his cloak of secrecy in other ways. For years, he has held most of his companies privately. Now he is mulling whether to list his two biggest moneymakers -- Fortune Tobacco and Asian Breweries -- on the stock market.
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