Entrepreneur
Lucio Chua Tan Sr.
He is a filipino business magnate, investor, and
Philanthropist. He presides over the Filipino
conglomerate company Lt group, INC.. a company with
extensive business interest in sports, banking, airline,
liqour, tobacco, real state, beverages, and education.
Born; July 17, 1934 at Fuijan Province
Nationality: Filipino
Net Worth; 2.1 Billion USD (2022)
Spouse; Carmen Khao- Tan
Known for; Chairman and CEO (LT Group, INC, (2)
Philippine Airlines (3) Macro asia Corporation
Alma mater; Chiang Kai Shek College (CSKSC) Main
Campus, Far Eastern University, University Of Santo
Tomas
Education; Chemical Engineering
Occupation; Businessman, Investor, Philanthropist
Parents; Tan Yan Kee, Chua King Ha
Lucio Tan is once a janitor, cleaning a factory of tobacco,
who would have known, that little boy cleaning to send
himself to school will one day include in the country’s
richest person alive.
Lucio Tan’s journey was not at all easy, he is born in
China on July 17, 1934 in the province of Fujian. Lucio’s
family migrated in the Philippines when he was still
very young. Lucio is the eldest of eight children of their
parents, he belonged to a very poor family of Chinese
immigrant.His father manage to try his luck here in the
Philippines in hope of better fortune. He took up
Chemistry Engineering in Far Eastern University but
didn’t able to finished to focus on his small scrap buy
and sell business. Not long after, the scrap business
didn’t work out, he then move in to a tobacco factory
and work as a janitor in the factory, because of young
Lucio’s hard work, he was promoted as a tobacco cook
and eventually assigned to be a tobacco leaf dealer in
Ilocos Region.
The birth of Fortune Tobacco
Tan’s exposure to tobacco processing became his key in
opening his very own tobacco company he named Fortune
Tobacco in 1966. The production process came very swift
for him as his experience in the tobacco industry greatly
contributed in the success of his own company. His
introduction to an affordable cigarette brand called “Hope”
indeed made it very successful in no time. In just nearly 15
years, Fortune Tobacco leads the Tobacco Industry being
the largest local manufacturer of cigarettes in the
Philippines in 1980.
Sweet Deal of Allied Bank
Lucio Tan’s closeness to then President Ferdinand
Marcos gained so much controversy. Critics says
that Lucio were able to get what he wanted
because of the power radius he shared with
President Marcos. Then government owned
bankrupt General Bank and Trust Co. (Genbank)
was acquired by Tan for only Php.500,000.00.
Many says it was such a sweetheart deal for
Lucio. The amount he paid for, for the acquisition
of Genbank is relatively low compared to a
regular company merging cost. The bank was
later renamed as Allied Bank.
The Rise of Asia Brewery
In 1982, Lucio turn to opening Asia Brewery as his very
close friend President Marcos lifted the ban on
establishing liquor company in the country. Asia Brewery
was able to stand along the competition between the
then industry leader San Miguel Corporation. By width
standing the competition, Asia Brewery were able to
develop innovative products that are openly patronized
by the consumer not long after.
Continued Success of Lucio TanAfter the Marcos regime, Tan faces controversies about
corruption and tax evasion but instead of stumbling down,
Tan continued to grow as he acquire the government
owned airline Philippine Airline. He also acquire Tanduay
Holdings, Philippines National Bank, Macro Asia
Corporation, Eton Properties and University of the East.
Cases were filed against him on tax evasion and corruption
allegation which later dismissed by the courts. In year 2017,
President Duterte accused Tan of tax evasion case
amounting $600 million, which until now has underwent
investigation for future decision of the court. Tan appeal to
have the tax evasion fine payment be done in terms but the
government refuse the proposal.
A Humble Man
For those who have known Tan as their boss,
they can only describe him as being a simple
guy with an empire built in his hard work. His
humiliation is very profound, he treats his
employee with utmost respect and fairness. His
kindness glows in his philanthropic works as he
shares his gratitude with humility in helping
others.
Lucio Tan’s Personal and Family Life
Lucio looks up to his father Tan Yan Kee with utmost
respect and source of his business wisdom. His father
greatly value education, perseverance and hard work.
His father once says, “Great achievements are
attained only through discipline, hard work and
dedication.” When his father died, as his body done
with the cremation process, Lucio take his Urn, and
ride on a helicopter with his brother Harry. His father
always wanted to ride in a helicopter but never had a
chance to do so as his health slowly begin to
diminish. “Now I give him his helicopter ride.” says
Lucio.
Lucio was married to Carmen Tan however there are
some claims that Lucio has other wives and
mistresses. It was Carmen who is frequently sought
with Lucio attending business and non business
affairs. With that being said, it is really very hard to
distinguish the actual count of his children.
Lucio Tan is became a chairman of the airline in 1995.
As the owner of PAL and head of Fortune Tobacco
Corp. (which by 1996 commanded nearly 75 percent
of the Philippine market), and with an estimated net
worth between $1 billion and $8 billion, Tan was
considered the richest man in the Philippines.