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Billionaire fathers relinquish empires to sons, daughters

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ABS-CBN News

<p>MANILA - A new generation of tycoons has begun to take control of the Philippines&#x27; biggest businesses, as billionaires look to their children to lead their empires.</p><p>Here are some of the country&#x27;s richest who have their sons and daughters in the succession line.</p><div><strong>ANDREW TAN</strong></div><div class="embed-wrap"><figure data-feedback="fb:likes,fb:comments"><img src="http://sa.kapamilya.com/absnews/abscbnnews/media/2018/business/06/17/061718_tan1.jpg"/><figcaption>Megaworld’s Andrew Tan graces the lighting ceremony of the Uptown Mall Christmas display at the Bonifacio Global City on November 9, 2017. <em>George Calvelo, ABS-CBN News</em></figcaption></figure></div><div class="embed-wrap"><figure data-feedback="fb:likes,fb:comments"><img src="http://sa.kapamilya.com/absnews/abscbnnews/media/2018/business/06/17/061718_tan2.jpg"/><figcaption>Megaworld’s Andrew Tan joins his son Kevin during the lighting ceremony of the Uptown Mall at the Bonifacio Global City on November 9, 2017.<em> George Calvelo, ABS-CBN News</em></figcaption></figure></div><p>The most recent changing of the guard was at Alliance Global, where Andrew Tan relinquished the CEO post to his eldest son, Kevin Tan.</p><p>As CEO of Alliance Global, the younger Tan will oversee property developer Megaworld, the world&#x27;s largest brandy-maker Emperador, and the master franchise holder of McDonald&#x27;s Philippines, Golden Arches Development Corp.</p><ul class="op-related-articles">	<li><a href="http://news.abs-cbn.com/business/06/04/18/andrew-tan-relinquishes-alliance-global-ceo-post-to-son-kevin">Andrew Tan relinquishes Alliance Global CEO post to son Kevin</a></li></ul><ul class="op-related-articles">	<li><a href="http://news.abs-cbn.com/business/02/16/17/kevin-tan-is-rare-boss-below-40">Kevin Tan is rare boss below 40</a></li></ul><div><strong>JOHN GOKONGWEI, JR.</strong></div><div class="embed-wrap"><figure data-feedback="fb:likes,fb:comments"><img src="http://sa.kapamilya.com/absnews/abscbnnews/media/2018/business/06/17/061718_gokongwei1.jpg"/><figcaption>John Gokongwei Jr gestures during a ceremony for Cebu Pacific&#x27;s brand-new Airbus A330-300 at Manila&#x27;s international airport on September 12, 2013. <em>Jay Directo, AFP/ File</em></figcaption></figure></div><div class="embed-wrap"><figure data-feedback="fb:likes,fb:comments"><img src="http://sa.kapamilya.com/absnews/abscbnnews/media/2018/business/06/17/061718_gokongwei2.jpg"/><figcaption>Cebu Pacific Inc. President and CEO, Lance Gokongwei during the launch of their Cadet Pilot training program at the Marriot Hotel in Pasay City on October 24, 2017. <em>George Calvelo, ABS CBN News</em></figcaption></figure></div><p>The country&#x27;s second richest man, John Gokongwei, has long relied on his only son, Lance Gokongwei, to oversee most of the businesses that he started decades ago from a cornstarch factory.</p><p>Lance Gokongwei is president and COO of the family&#x27;s holding firm, JG Summit, where the patriarch&#x27;s brother, James Go, also sits as chairman and COO.</p><p>The tycoon&#x27;s son is also CEO of the country&#x27;s largest airline, Cebu Pacific. Daughters Robina Gokongwei-Pe is CEO of Robinsons Retail, while Lisa Gokongwei Cheng is president of Summit Media.</p><ul class="op-related-articles">	<li><a href="http://news.abs-cbn.com/business/02/23/13/lance-gokongwei-big-john-you-can-never-beat-original">Lance Gokongwei on Big John: You can never beat the original</a></li></ul><div><strong>RAMON ANG</strong></div><div class="embed-wrap"><figure data-feedback="fb:likes,fb:comments"><img src="http://sa.kapamilya.com/absnews/abscbnnews/media/2018/business/06/17/061718_ang1.jpg"/><figcaption>San MIguel Corporation president Ramon Ang talks to members of the media after the NAIAX inauguration in Pasay City, 01 June 2017. <em>George Calvelo, ABS-CBN News</em></figcaption></figure></div><div class="embed-wrap"><figure data-feedback="fb:likes,fb:comments"><img src="http://sa.kapamilya.com/absnews/abscbnnews/media/2018/business/06/17/061718_ang2.jpg"/><figcaption>Eagle Cement CFO and treasurer Monica Ang and CEO John Paul Ang speak to reporters.<em> Vivienne Gulla, ABS-CBN News</em></figcaption></figure></div><p>While Ramon Ang remains at the helm of San Miguel Corp as president and COO, a position he has held for 16 years, his children have held positions in his other ventures.</p><p>Ang&#x27;s daughter, Cecile, is president of Diamond Hotel. Over at Eagle Cement Corp, which recently debuted on the stock exchange, son John Paul is CEO while daughter Monica is treasurer and CFO.</p><ul class="op-related-articles">	<li><a href="http://news.abs-cbn.com/business/06/30/17/eagle-cement-aims-to-double-capacity-by-2020">Eagle Cement aims to double capacity by 2020</a></li></ul><ul class="op-related-articles">	<li><a href="http://news.abs-cbn.com/business/12/21/16/duterte-thanks-san-miguels-ang-for-support">Duterte thanks San Miguel&#x27;s Ang for support</a></li></ul><div><strong>LUCIO TAN</strong></div><div class="embed-wrap"><figure data-feedback="fb:likes,fb:comments"><img src="http://sa.kapamilya.com/absnews/abscbnnews/media/2018/business/06/17/061718_lucio2.jpg"/><figcaption>Lucio Tan, chairman of Philippine Airlines attends a press conference in Manila on August 28, 2012. <em>Ted Aljibe, AFP</em></figcaption></figure></div><div class="embed-wrap"><figure data-feedback="fb:likes,fb:comments"><img src="http://sa.kapamilya.com/absnews/abscbnnews/media/2018/business/06/17/061718_lucio1.jpg"/><figcaption>Tanduay Distillers Inc. President and Chief Operating Officer Mr. Lucio K. Tan Jr. (middle) pose for pictures during a press conference held at the Century Park Hotel in Pasay on June 13, 2018. <em>George Calvelo, ABS CBN News</em></figcaption></figure></div><p>Michael Tan helps his father, Lucio Tan, lead LT Group, where he sits as president. He is also treasurer at Philippine Airlines. Lucio Tan Jr. heads the tycoon&#x27;s rhum business, Tanduay.</p><p>Michael Tan, a University of British Columbia alumnus also sits on the boards of Eton properties, Philippine National Bank, Victorias Milling and AlliedBankers Insurance Corp.</p><p>He is currently steering his father&#x27;s tobacco and liquor businesses through the effects of higher excise taxes.</p><ul class="op-related-articles">	<li><a href="http://news.abs-cbn.com/business/05/08/18/lt-group-turns-to-water-soy-milk-to-offset-sugary-drinks-tax">LT Group turns to water, soy milk to offset sugary drinks tax</a></li></ul><div><strong>JAIME ZOBEL DE AYALA</strong></div><div class="embed-wrap"><figure data-feedback="fb:likes,fb:comments"><img src="http://sa.kapamilya.com/absnews/abscbnnews/media/2018/business/06/17/061718_zobel1.jpg"/><figcaption>Don Jaime Zobel De Ayala graces the Ayala Corporation’s stockholders meeting on April 10, 2015. <em>Jonathan Cellona, ABS-CBN News</em></figcaption></figure></div><div class="embed-wrap"><figure data-feedback="fb:likes,fb:comments"><img src="http://sa.kapamilya.com/absnews/abscbnnews/media/2018/business/06/17/061718_zobel3.jpg"/><figcaption>Don Jaime Zobel and Jaime Augusto Zobel de Ayala. <em>Jonathan Cellona, ABS-CBN News</em></figcaption></figure></div><div class="embed-wrap"><figure data-feedback="fb:likes,fb:comments"><img src="http://sa.kapamilya.com/absnews/abscbnnews/media/2018/business/06/17/061718_zobel2.jpg"/><figcaption>Fernando Zobel de Ayala during the Ayala Corporation&#x27;s Stockholders meeting on April 10, 2015. <em>Jonathan Cellona, ABS-CBN News</em></figcaption></figure></div><p>Jaime Zobel de Ayala stepped down as Ayala Corp chairman in 2006, relinquishing his post to eldest son, Jaime Augusto, who is now leading the conglomerate&#x27;s expansion to Southeast Asia and to digital commerce.</p><p>His younger son, Fernando, is president and COO of Ayala Corp, which includes, Ayala Land, Bank of the Philippine Islands, Globe Telecom and Manila Water.</p><ul class="op-related-articles">	<li><a href="http://news.abs-cbn.com/-depth/11/13/12/language-wealth">The Ayalas and the language of wealth</a></li></ul><ul class="op-related-articles">	<li><a href="http://news.abs-cbn.com/business/05/02/18/japanese-govt-honors-jaime-zobel-de-ayala">Japanese gov&#x27;t honors Jaime Zobel De Ayala</a></li></ul><div><strong>HENRY SY</strong></div><div class="embed-wrap"><figure data-feedback="fb:likes,fb:comments"><img src="http://sa.kapamilya.com/absnews/abscbnnews/media/2018/business/06/17/061718_sy2.jpg"/><figcaption>SM Investments Chairman Emeritus Henry Sy. <em>Handout photo</em></figcaption></figure></div><div class="embed-wrap"><figure data-feedback="fb:likes,fb:comments"><img src="http://sa.kapamilya.com/absnews/abscbnnews/media/2018/business/06/17/061718_sy3.jpg"/><figcaption>Vice Chair of SM Investments Teresita Sy-Coson graces the ASEAN Business and Investments Summit in Parañaque City on Monday. <em>Mark Demayo, ABS-CBN News</em></figcaption></figure></div><div class="embed-wrap"><figure data-feedback="fb:likes,fb:comments"><img src="http://sa.kapamilya.com/absnews/abscbnnews/media/2018/business/06/17/061718_sy1.jpg"/><figcaption>Hans Sy, president of SM Prime Holdings Inc. during the memorandum signing for a common Light Rail Transit (LRT) and Metro Rail Transit (MRT) train station, in Makati city on January 18, 2017. <em>Ezra Acayan, Reuters</em></figcaption></figure></div><p>The country&#x27;s richest man tapped a long-time associate, Jose Sio, to succeed him as chairman of SM Investments, but his children still hold key positions in his vast retail and banking empire.</p><p>Eldest daughter Teresita Sy-Coson and son Henry Sy Jr are co-vice chairpersons at SM Investments, where Harley Sy is also executive director.</p><p>Hans Sy stepped down as president of SM Investments in late 2016.</p><p>The patriarch&#x27;s grandson, Howard, recently started Storage Mart, a self-service storage facility in Makati, clearly taking inspiration from Shoe Mart, the seed of his grandfather&#x27;s shopping mall business.</p><ul class="op-related-articles">	<li><a href="http://news.abs-cbn.com/business/10/12/17/henry-sy-goes-back-to-shoe-mart-roots-with-retail-experiment">Henry Sy goes back to &#x27;Shoe Mart&#x27; roots with retail experiment</a></li></ul><ul class="op-related-articles">	<li><a href="http://news.abs-cbn.com/business/05/17/17/henry-sys-successor-is-sms-uncle-jose-sio">Henry Sy&#x27;s successor is SM&#x27;s &#x27;Uncle&#x27; Jose Sio</a></li></ul>

<p>A new generation of tycoons have begun to take control of the Philippines' biggest businesses, as billionaires look to their children to lead their empires.</p>

A new generation of tycoons have begun to take control of the Philippines' biggest businesses, as billionaires look to their children to lead their empires.