One can never put a good man down, and Lucio Tan is living proof of that. From humble beginnings, he triumphed over adversities thrown his way. He established a household name for himself and became the country’s flag carrier through Philippine Airlines.
How It All Started
He started out as a janitor. He then put himself through college and worked all the way up to become one of the country’s richest entrepreneurs. His slew of business span several industries. He truly portrays a victorious but dramatic journey from Amoy, Fujian, China, all the way up to the sky.
The eldest child among his siblings, he bore the responsibility of providing for his family. He worked to support himself through college and took several jobs to earn a living.
Starting out as a janitor for a cigarette factory, he was promoted to tobacco cook due to hard work. Later, he became a tobacco leaf dealer.
Using the knowledge and experiences he learned from his job in the factory, he established his own cigarette company, Fortune Tobacco, which is now one of the biggest cigarette manufacturers in the country.
The Rise to Success of Lucio Tan
From cigarettes, he ventured into other industries.
In 1977, he successfully acquired General Bank and Trust Co. from the Philippine government. It was later renamed Allied Bank. After about five years, he established Asia Brewery, Inc., the only direct competitor of San Miguel Corp. Filipinos were quick to patronize the innovative beverages his company provided.
But perhaps, one of his greatest achievements in business ventures would be acquiring control of the country’s flag carrier, Philippine Airlines. He became the airline’s chair and chief executive officer in 1995. And he continued to soar high by acquiring Tanduay Holding, Philippine National Bank, Eton Properties, and the University of the East.
Back in 2012, he consolidated his major businesses under LT Group, Inc. In 2018, LT Group grew its net profit by 50 percent to Php16 billion on higher earnings from the various industries under it. Its revenues also increased by 19 percent to Php75.56 billion.
Apart from serving as chairman and chief executive officer of the LT Group, he serves as the chairman of several businesses, such as Absolut Distiller, Inc., The Charter House, Inc., and Progressive Farms, Inc., to name a few. He also serves as director of the Philippine National Bank.
Lucio Tan Pays It Forward
Like other successful entrepreneurs, Lucio Tan pays it forward for all the blessings he has received.
Back in 1986, he and his siblings established the Tan Yan Kee Foundation, Inc. (TYFI), named in honor of their father, Tan Yan Kee. The firms and companies majority-owned by the Tan family do their corporate social responsibility (CSR) activities under the foundation’s name.
While the pandemic hit PAL hard last 2020, he and his family assured the Filipinos of PAL’s commitment to continue serving the Filipinos. It listed its contingency plans to revive the industry, proving to the world, once again, how hard work and perseverance can help overcome adversaries.
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