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Transcript of LUCIO TAN'S
LUCIO TAN'S BACKGROUND
Lucio Tan set up a business that deals with scrap and later on found a job in a tobacco factory where he was tasked to buy leaf tobacco in the Ilocos provinces.
LUCIO TAN'S SUCCESS STORY
“.. .Although some of us knew Lucio Tan got involved in various controversies as in the case of tax evasion, having a lot of children in different wives, and having close friends in politics like former Philippine Presidents Marcos and Estrada, he is still another epitome of success.”
Let’s look another rags to riches entrepreneur story as we witness the success story of Lucio Tan.
Born on July 17, 1934 in Fujian, China.
His family moved to Philippines, in Naga, when he was a child.
On his teenage years, he was the school of hard knocks. He worked his way through college studying Chemical Engineering in Far Eastern University. Lucio Tan did not finish college so he went to night school every night but he compensated by working very hard and always reading a lot. He reads a lot of Chinese history and philosophy.
He started his own cigarette company named Fortune Tobacco. It was also during this time when his close friend Ferdinand Marcos was newly elected as President.
The tobacco business was a success and it expanded introducing a budget brand ‘Hope’.
Lucio Tan acquired from the Philippine Government the then bankrupt bank General Bank and Trust Co. (Genbank) for only P500,000 which was described by many as a sweetheart deal. It was later renamed to Allied Bank.
1980 - Fortune Tobacco was the Philippines’ largest cigarette manufacturer.
Lucio Tan established and put up Asia Brewery where he used to his benefit, the Marcos ruling that lifted the ban on the establishment of new beer companies. Back then, it was the only brewery allowed to compete with the market leader San Miguel Corp.
Lucio Tan secured control of the country’s airline carrier Philippine Air Lines (PAL).
He founded yet another company in the aviation industry. The Macro Asia Corporation was envisioned to be the leading provider of aviation and logistics services. This vision has become a reality as Macro Asia Corporation is now the provider of technical ground handling, engineering and maintenance services, and catering services to majority of the international airlines.
Tan has become the majority stockholder of Philippine National Bank. The merger of PNB and Allied Bank is expected to be completed before the end of this year.
“While a lot of articles say that Lucio Tan benefited a lot from tax concessions and privileges that the Marcos Regime gave to him in exchange for a rumored 60% on all his shareholdings”
The Philippine Supreme Court affirmed the decision dismissing the state’s sequestration of Lucio Tan’s companies. The court’s decision says that “there can be no question that indeed, petitioner’s orders of sequestration are void and have no legal effect.”
December 7, 2007
Today, Lucio Tan is still one of the richest person in the Philippines ranking him as second to Henry Sy last year 2008 with a total asset of %1.5 Billion until this year of 2013
"Rags to Riches"
Fortune Tobacco and Hope
Tanduay Holdings, Inc. and Asia Brewery
Allied Bank and Philippine National Bank (PNB)
Eton Properties Philippines
Univerity of the East
His Lucio Tan Group of Companies now owns several industries that include: