Gabrielle Antonette Lapinig January 4, 2020

12 – Humanities
Entrepreneurship

Riches to Rags to Riches

 A classic rags to riches story commonly depicts someone who through one’s dedication
transitions from an impoverished life to one of wealth. In the story of the late John Gokongwei
Jr. who was a prominent businessman favored for his founding of the JG Summit which has
interests in airlines, telecom, banking, food, power, and property – he was born to a silver spoon
that was later retrieved that left him scourging for his success. 

As an entrepreneur who skillfully built one of the Philippine's biggest conglomerates, he

was born to an opulent Filipino-Chinese Clan with his great-grandfather being the wealthiest
man of Cebu on the 19th century as he managed Gotiaoco Hermanos, which had interests in
commodity trading and owned ships. John was a living scion of the Gokongwei clan with the
opulence of a monarch until such wealth was stricken by the impact of the Great Depression in
the 1920s which increased their debt immensely. The Gokongwei clan had to start from scratch
as this was coupled by the sudden death of John’s father, John Gokongwei Sr., due to a
mishandled blood transfusion which left them to witness the collapse of their affluent empire. An
impoverished John was left to fend for himself as he was separated from his mother and five
siblings as they fled to China – the young prodigy was all alone.

The luminous chandeliers that littered John’s youthful eyes were then replaced by rowdy
plastic lamps as he began living life in the streets. He tried to support his family by selling
peanuts as he rode his bicycle around Cebu which led him to gain even bigger capital and
escalate to a higher business venture of trading goods with different cities through wooden
canoes. It was only after the Second World War that he took advantage of the post-war trade and
decided to establish his company “Amasia Trading” which imported flour, onions, fruits, used
clothing, old newspapers, and magazines from the United States.

With the outstanding profit accumulated, he was able to bring back his family to the
Philippines from China. He later went on to find different companies such as the Universal
Robina Corporation which is considered to be their biggest asset as their flagship company.
Gokongwei's empire is now managed by JG Summit Holdings where URC is the largest
subsidiary. It also handles Cebu Pacific, Robinsons Land, JG Summit Petrochemicals, and
Robinsons Bank. Gokongwei’s success is truly evident as Forbes ranked him as the Philippines'
3rd richest, with a net worth of almost P296 billion. At the dear age of 93, John Gokongwei Jr.
passes away but his legacy lives on as he was able to rebuild his family’s empire from humble
beginnings.

I believe that Gokongwei’s origin story truly shows his perseverance in attaining a wholesome
life – one that is not defined by wealth but plowed through his tenacity to provide his family of
all their needs. He did not encounter the simple “rags to riches” story as he was given the taste of
a prosperous lifestyle but despite everything being handed to him, he managed to establish
humility in thriving to obtain a better life. It was through his diligence that pummeled him back
to a moneyed life but this time through his blood, sweat, and tears. “When I wanted something,
the best person to depend on was myself,’’ Gokongwei said in a speech in his alma mater, the
University of San Carlos in Cebu in October last year, among his last public speaking
engagements. Perseverance and Humility are the two notable characteristics that Gokongwei
bears as he takes initiative as an entrepreneur whilst being humble in his craft.

           As an entrepreneur, Gokongwei didn’t settle for his own companies only but also took a
bet on telecommunications challenging PLDT Inc with Digitel and Sun Cellular. This proving to
be a risky step for him but with his wit PLDT eventually took majority control of Digitel in
2011. Gokongwei is known for being someone without fear as he gambled with precision as he
mindfully assessed his market from its growth to his capital. “Everything involves risk. No risk,
no reward," he states as we discern the true innovative spirit that lies within him. We can truly
learn a lot from Gokongwei’s steps to success as he was fearless, persevering, and wise but
above all, he was a caring man who loved his nation as he primarily changed the marketplace to
give his consumers bountiful choices. It was in my exploration of Gokongwei’s origins that I am
inspired to initiate different ventures for myself whether it may be business-related or not, as his
life story taught me of how we are all the captains of our ships and it is in the matter of how we
deem to plow on in pursuit of our dreams.