The only son of business magnate John Gokongwei
Born on Nov. 23, 1966, Lance Yu Gokongwei, now with a family net worth of around $1.8 billion, is the second child and only son of the late tycoon John Gokongwei Jr., founder of JG Summit Holdings, Inc.
Lance Gokongwei, president and CEO of JG Summit Holdings. Photo courtesy of Lance Gokongwei |
John’s business empire spans many different areas of the Filipino economy, including shipping, telecommunications, retail, financial services, petrochemicals, real estate, utilities, food, beverages, and livestock farming.
John was also the founder Cebu Pacific Air, the first low-cost carrier in Asia, established in 1988.
Lance’s mother, Elizabeth, was also an entrepreneur. Raised in Manila, Lance was expected to eventually take on a leadership role in the family business.
He studied at Xavier School in Manila before moving to Singapore to complete his diploma, and later graduated summa cum laude from the University of Pennsylvania, U.S., with a double degree in Finance and Applied Science, according to Esquire Magazine.
A snacks vendor
In the late 1980s, Lance began working more closely with the family business as a management trainee at Universal Robina Corp., where he sold Jack ’n Jill snacks to stores and supermarkets.
He traveled in an old car with a broken air-conditioner, determined to prove his worth beyond being the boss’ son.
“Rarely do tales that begin with hardship and tragedy come with happy endings, but my father refused to let adversity determine the outcome of his life and the lives of his family,” the younger Gokongwei told students in a speech in 2019.
“I may have been the son of the boss, but I worked harder than anybody else to prove that I wasn’t just the son of the boss.”
Within a decade, Lance rose to become general manager of Universal Robina’s branded food division, marking the start of his ascent within the group.
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Lance Gokongwei (R) and his father, John. Photo courtesy of Lance Gokongwei |
The creator of tea beverage C2
In the 1990s, Lance spearheaded beverage development at Universal Robina, leading to the launch of C2 Green Tea, a drink that went on to become one of the company’s most successful products.
The drink, advertised as being brewed from natural green tea leaves, eventually became popular in Vietnam, contributing to Universal Robina’s annual revenue of around $2.5 billion.
Lance became CEO of Universal Robina in 2013, bringing in partners such as Japan’s Calbee and France’s Danone for product expansion.
He also led the $609 million acquisition of New Zealand-based Griffin’s Foods and oversaw the purchase of Malaysia’s Munchy Food Industries, strengthening the company’s position as a leading biscuit manufacturer in the Philippines.
A champion of education philanthropy
The Gokongwei Group’s philanthropic efforts have long focused on education. As chairman of the Gokongwei Brothers Foundation, Lance has supported scholarships in science, technology, engineering, and mathematics.
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Lance Gokongwei speaks to students at an event in 2019. Photo courtesy of JG Summit Holdings |
Over 30 years, the foundation has supported more than 3,200 scholars and trained over 20,700 teachers, with institutions such as Ateneo de Manila University and De La Salle University among the beneficiaries, according to its website.
During the pandemic, the foundation distributed grocery vouchers to millions and donated about P23 million worth of medical and school supplies to local government units and hospitals nationwide.
A book author with his family in mind
Lance is married to Jay Leong, and they have two children, Hannah and Jacob. Gokongwei has authored books including “Lessons from Dad: John Gokongwei Jr.” and “Letters to My Children,” in which he reflects on family values. In the latter, he writes:
“Our family has always been a simple one. We’ve always worked very hard and we continue to do so. Your grandfather experienced many years of hardship and learned how to be frugal. He was known to be a bad dresser.”
Lance also described his father John as some who never spent a lot of money on clothes, shoes, watches, cars, or “other flashy things.” He never flew business class while he could still fit in economy class seats, Lance said.
“Books opened our minds and made us curious about the world we lived in. They made us open to new ideas, excited to try new things. That is why your mom and I let you buy all the books you want, too. We want you to expand your minds the way your grandfather and grandmother had us expand ours.”
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