Lucio Tan Success Story
Lucio Tan, probably the most controversial of all the Filipino Tycoons, is the featured success story today. He was once the longest running richest man in the Philippines not until last year when his great rival retail tycoon Henry Sy overtook him in the throne.
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 Dr. Lucio Tan.
Lucio Tan was born on July 17, 1934 in China’s Fujian province. His family moved to Philippines, in Naga, where he was a child. He worked his way through college studying Chemistry in Far Eastern University but quit before graduating, set up a business that deals with scrap in the late 1950s and and later on found a job in a tobacco factory where he was tasked to buy leaf tobacco in the Ilocos provinces.
Because of this experience, Lucio Tan started his own cigarette company named Fortune Tobacco in 1966. 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’ in 1975. By year 1980, Fortune Tobacco was the Philippines’ largest cigarette manufacturer.
In 1977, 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.
In 1982, 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.
In 1993, Lucio Tan secured control of the country’s airline carrier Philippine Air Lines (PAL).
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, on December 7, 2007, 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.”
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. His Lucio Tan Group of Companies now owns several industries that includes liquor (Tanduay Holdings, Inc. and Asia Brewery), tobacco (Fortune Tobacco), aviation (Philippine Airlines), banking (Allied Bank and Philippine National Bank), real estate (Eton Properties Philippines), and education (Univerity of the East).
Source: huayinet.org
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March 9th, 2009 at 10:37 am
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March 9th, 2009 at 4:30 pm
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March 9th, 2009 at 11:59 pm
Lucio Tan once lived in Cebu for, albeit for a short time.
It’s Wordpress.COM, not Wordpress.ORG, that you register so you can activate Akismet.
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March 10th, 2009 at 3:09 am
By the way thanks for your comments on my blog
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March 11th, 2009 at 3:28 am
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October 18th, 2009 at 6:12 am
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Tyrone Reply:
October 18th, 2009 at 7:00 am
For fundamentals, I just rely on the common tips of some stock traders and from the learnings that I had when I do stock trading myself.
Here are some of the stock trading tips that I learned:
http://www.millionaireacts.com/793/stock-trading-tips.html
Also, I had a post on house being an asset or a liability. In fact, I got a lot of comments from my readers before sharing their ideas about the subject:
http://www.millionaireacts.com/517/house-asset-or-liability.html
Personally, there is an “asset” in a house as it may increase its value over time, provided you also own the land. It’s more of a liability if you are still paying mortgage on it.
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October 18th, 2009 at 8:55 am
[...] since our pockets aren’t as deep as those of Lucio Tan or Andrew Tan, we weren’t able to donate to other families. San Pedro Municipal Hall (right [...]
November 2nd, 2009 at 7:17 pm
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Tyrone Reply:
November 3rd, 2009 at 7:51 am
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November 9th, 2009 at 8:39 pm
Do you have any materials on real estate? The correct processes. The proper way to transact in the real estate business. If you can point me to the right direction.
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Tyrone Reply:
November 9th, 2009 at 8:46 pm
http://www.millionaireacts.com/tag/real-estate
Alternatively, I can suggest to read more on the blog of my fellow blogger friend, Jay Castillo. He is the expert on foreclosures and real estate in general. You can visit his blog at:
http://www.foreclosurephilippines.com
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February 5th, 2010 at 10:23 am
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March 1st, 2010 at 2:29 pm
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March 11th, 2010 at 5:24 pm
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