PRESENT

Yao has never been one to shy away from innovation. While his beverage company, Zest-O Corporation,
was slowly making waves in the juice market, he was already looking at other potential investments. At
2008, he launched Zest Airways and sought to compete with other low-cost carriers of the country.

He was met with stiff competition (Air Philippines and Cebu Pacific Air to name a few), so he looked at a
different way of flying people into the country. Thus, making Zest Airways the first local carrier to fly
tourists from China and Korea straight to Philippine destinations, i.e. without dropping by NAIA.

Last 2016, Zest Airways was fully integrated with AirAsia as AirAsia Zest.

Alfredo Yao has gone a long way from his humble beginnings. He’s still at the helm of Zest-O Group and
Zest-O Corporation as its chairman but that didn’t stop him from innovating and diversifying into other
businesses.

Yao was also the Chairman of Macay Holdings, Inc., the parent company of ARC Refreshments
Corporation, which handles a couple of popular beverage brands including RC Cola, and the founder and
Chairman Emeritus of Philippine Business Bank, a bank which focuses on small and medium enterprises
(SMEs) and has over 139 branches as of 2016.

Some of the companies under the umbrella of the Yao Group of Companies were Solmac Marketing, Inc.,
Harman Foods (Phils.), Inc., Amchem Marketing, Inc., Uni-Ipel Industries, Inc., SMI Development, Inc.,
Summit Hotel and Resort Specialist, Inc. (Former: Sol Marina Resort Boracay – Current: Movenpick
Resort & Spa Boracay).

With his determination to make something out of nothing, he was able to achieve beyond what he could
ever imagine. One important life lesson for Alfredo Yao is to just work hard and never lose hope.

“Credibility is built, not given. Respect is earned, not bought” – Alfredo Yao