Undeniably, the Philippines is a treasure trove of entrepreneurial success stories, many of which begin in the most modest circumstances. Many of the country’s most successful entrepreneurs began with little more than a vision and the unwavering determination to rise above adversity.
Whether selling goods in bustling markets or launching innovative startups, these inspiring figures have shown that humble beginnings can lead to extraordinary accomplishments, thus reflecting the tenacity and ingenuity inherent in the Filipino character.
In this featured article, we’ll spotlight 12 inspiring individuals whose paths to entrepreneurship are marked by resilience, creativity, and unshakeable belief in their potential — making them the most successful entrepreneurs in the Philippines. Read on and join us as we explore their remarkable business achievements and discover how they transformed challenges into opportunities.
1. Henry Sy
Henry Sy held the top spot on Forbes Philippines’ Richest List for eleven (11) years in a row before his passing in 2019. He was a prominent Filipino-Chinese businessman who transformed his shoe business into SM Investments Corporation, one of the largest and most diversified conglomerates in the Philippines, with ventures spanning shopping mall development, retail, real estate, banking, and tourism.
After emigrating from Fujian, China at age 12, Sy honed his retail skills in the family’s convenience store before launching his own venture — a footwear shop. His six (6) children inherited his fortune, and individually still top most lists of the richest in the Philippines.
2. Manny Villar
Manuel Villar, a former politician, currently tops the Forbes Philippines’ Richest List. He chairs property developer Vista Land & Lifescapes, one of the largest real estate companies in the Philippines, specializing in affordable housing. In addition to real estate, he has diverse business interests that include shopping mall operations, supermarket chains, and free-to-air television.
Born to a poor family in Tondo, Manila, Villar’s entrepreneurial journey began with a small seafood delivery business while he was still a student. After earning business degrees, he worked as a financial analyst for prominent corporations before ultimately launching his own homebuilding business, paving the way for his remarkable success.
3. Enrique Razon Jr.
Enrique Razon, our third most successful entrepreneur, chairs International Container Terminal Services Inc. (ICTSI), the Philippine’s largest ports operator by revenue. With his vision and leadership, ICTSI has expanded its reach worldwide with subsidiaries across the Asia-Pacific, Eastern Europe, Africa, and the Americas.
Razon hails from a third generation Spanish-Filipino family, with his grandfather and father both involved in the marine cargo handling industry. In addition to his success in ports, he has ventured into property development and hospitality with Bloomberry Resorts, the company behind the renowned Solaire Resort and Casino.
4. Ramon Ang
Ramon Ang is the chairman of San Miguel Corporation (SM), one of the largest and most diversified conglomerates in the Philippines with investments spanning food and beverage, finance, infrastructure, oil and energy, transportation, and real estate. He is also the founding chair of Eagle Cement Corporation, further solidifying his status among the most successful entrepreneurs in the country.
Born to a modest ethnic Chinese family, Ang began his business career in the late 1970s by importing vintage cars and engines. This venture led him to meet the late Eduardo Cojuangco, a pivotal relationship that set the stage for his remarkable success in the business world.
5. Tony Tan Caktiong
Tony Tan Caktiong is the founder and chairman of Jollibee Foods Corporation (JFC), one of the world’s fastest-growing Asian restaurant chains. With thousands of outlets serving a diverse menu of Filipino, Chinese, American, and European quick-serve dishes, Jollibee has made a significant mark in the Philippines and overseas. In addition to his success in the food industry, Tan Caktiong also holds a stake in the rapidly growing real estate company, DoubleDragon Corporation.
Born into a modest family that migrated from southeastern China to the Philippines, Caktiong became involved in his father’s restaurant business at a young age. At the age of 22, he took a bold step by opening two ice cream parlors franchised from Magnolia Dairy Ice Cream. After three years, he discontinued the franchise and transformed his parlors into fast food outlets, a move that would pave the way for his status as one of the most successful entrepreneurs.
6. Lucio Tan
Lucio Tan is the Filipino-Chinese founder and chairman of LT Group, one of the Philippines’ largest conglomerates with interests in tobacco, spirits, banking, and property development. He also established Asia Brewery, now a subsidiary of LT Group, which successfully challenged the market leader, San Miguel.
Tan did not complete his Chemical Engineering degree, choosing instead to focus on a small scrap buy-and-sell business. Although it did not succeed, he seized an opportunity to work in a tobacco factory. Starting as a janitor and later moving up to cook and tobacco leaf dealer, his diverse experiences proved invaluable when he launched his own tobacco company.
7. Jaime Zobel de Ayala
Jaime Zobel de Ayala served as the chairman of Ayala Corporation, the Philippine’s oldest and largest conglomerate, boasting a diverse portfolio that spans real estate, social infrastructure, financial services, telecommunications, utilities, power and transport, renewable energy, electronics, information technology, automotive, and healthcare, among other sectors.
The roots of Ayala Corporation trace back to 1834 when the founders, Domingo Roxas and Antonio de Ayala, established Casa Roxas, a trading house that initially investmed most of its assets in a distillery. Under Ayala’s leadership, the conglomerate has continued to expand and stand the test of time.
8. Lucio Co
Lucio Co, alongside his wife Susan Co, controls Cosco Capital, Inc. and founded Puregold Price Club, a successful chain of hypermarkets and supermarkets with over 500 branches nationwide. The couple also has interests in gaming and hospitality.
Born in the 1950s, Co first gained insight into the retail industry through his family-owned Atlantic Glassware store in Manila. After initially venturing into the oil sector, he pivoted during the 1997 Asian Financial Crisis to establish Puregold, which provided affordable shopping options to the public in the wake of a struggling economy. This strategic move has solidified his status as one of the most successful entrepreneurs in the Philippines.
9. John Gokongwei
John Gokongwei Jr. was the third richest person in the Philippines when he passed away in 2019 at the age of 93. He founded JG Summit Holdings, Inc., a diversified conglomerate with interests in aviation, retail, telecommunications, banking, food, power, and real estate.
Gokongwei’s entrepreneurial journey began in Cebu at the age of 15, following the death of his father, when he started trading goods. In 1957, he established a cornstarch plant, which eventually evolved into Universal Robina Corporation (URC), one of the largest food and beverage companies in the Philippines. His remarkable journey underscores his legacy as one of the most successful entrepreneurs in the country.
10. Andrew Tan
Andrew Tan chairs Alliance Global, a holding company with diverse interests in food and beverage, gaming, hospitality, real estate, and quick-serve restaurants. Notably, the company operates Emperador, the world’s largest brandy producer by sales volume.
Tan was born to Chinese immigrants from Hong Kong. His father worked as a radio factory worker, while his mother was a street vendor. After college and gaining experience in condominium development, he went on to pioneer township development in the late ‘90s.
11. Mariano Que
Mariano Que was the founder of Mercury Drug Corporation, one of the largest pharmacy chains in the Philippines with over a thousand branches and capturing more than fifty percent (50%) of the country’s pharmaceutical retail market.
Born in the 1920s, Que worked as an employee at Farmacia Central, a then major pharmacy in Manila prior to the onset of World War II. Orphaned during the Japanese occupation, he discovered a commercial opportunity by opening his own drugstore and recognizing the growing demand for sulfa, a type of antibiotic used to treat bacterial illnesses. His foresight and determination paved the way for his remarkable success in the pharmaceutical industry.
12. Edgar Sia II
Edgar Sia is the chairman of DoubleDragon Corporation, a real estate developer established with his partner, Tony Tan Caktiong of the Jollibee Foods Corporation. The company boasts a growing portfolio of commercial and residential properties and is expanding into the hospitality sector with its Hotel101 chain.
Sia is also the visionary behind Mang Inasal, a quick-serve restaurant that pioneered the concept of unlimited rice meals. After dropping out of college, he initially ventured into a laundry and photo-developing business before launching Mang Inasal. His entrepreneurial success has solidified his reputation as one of the most successful entrepreneurs in the Philippines, propelling him to become the country’s youngest billionaire at the age of 42.
In reflection on the stories of these most successful entrepreneurs in the Philippines, we see a vibrant landscape of ambition, resilience, and creativity that defines the country’s business scene. Their journeys — from modest beginnings to remarkable achievements — illustrate the potential that lies within every aspiring entrepreneur.
As they continue to shape industries and inspire others, we are reminded that success is often built on hard work, dedication, and an unwavering belief in one’s vision. Indeed, the future is bright for entrepreneurship in the Philippines — and we can’t wait to see what’s or who’s next.
… and so you might want to follow their footsteps
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