The Emergence of Master Strategists in Business and Government.pptx

The Emergence of Master Strategists in Business and Government.pptx

1. The Emergence of Master Strategists in Business

2. #1 Henry Sy

3. Henry Sy “Shopping Mall King” Henry Sy Sr. is a bold dreamer who has built a business empire which includes the world’s second and third largest malls, the SM North Edsa and SM Mall of Asia. A hardworking, visionary and simple-living immigrant “rags-to-riches” taipan , he started out as a humble shoe retailer in Manila’s old Carriedo area with Shoe Mart. Today, his SM Group is not only No. 1 leader in shopping malls and department stores, but also in movie cinemas and the only Philippine theatre chain with IMAX 3D technology, supermarkets, banking with BDO universal bank and China Banking Corp., condominiums with SM Development Corp.

4. Set a long-term vision “We don’t do things six months, one year ahead. We always look at what can be five years from now” The SM group knows that in the years ahead, e-commerce will pick up pace and gnaw on revenues from traditional retailing. This is why it has invested in 2GO Group Inc., the country’s largest integrated supply chain operator. It is also investing in digital platforms to prepare for a boom in online shopping. When the group started investing in mainland China at the turn of the millennium, the strategy was to be there for the long haul. If China is 10 times bigger than the Philippines in terms of consumer base, then there’s a big room to set up new malls, but the group’s strategy has been to target third-tier cities rather than slug it out in the biggest ones. SM’s first mall in China opened in Xiamen in 2001, then privately owned by the Sy family, with a gross floor area (GFA) of 128,000 square meters ( sq m), almost similar in size to SM City Sta. Mesa. By 2007, there were three malls in China—Xiamen, JinJiang and Chengdu—and these have become mature enough for the Sy family to fold the business into SM Prime.

5. Think big, start small, move fast “Don’t be afraid to think big, start small and move fast. If you don’t do that, others will just be ahead of you.” Being a family-led corporation has given the SM group the leeway to move fast. It is important to keep enough liquidity in the war chest. In a world where cash is king, having the cash to put on the table is seen crucial to closing deals swiftly.

6. Work hard “It took us a long time to understand my dad’s drives and his teachings. We learned a lot though, amid all the arguments, hard feelings and complaints. We could not understand then why our lives and our discussion are all about business. When we think we did something right and expected his congratulations, he would just say ‘not bad,’ but thought that we could do better. But we now see the wisdom of his demanding character. My siblings and I continue to grow and enhance the business based on his guidance and principles of business leadership”- Teresita Sy-Coson A study showed that the first generation Chinese family-owned corporation is usually the fastest growing while growth typically plateaus during the second generation and finally collapses during the third generation. The first generation, usually coming from poor families, knows the value of working hard while the succeeding generations are typically used to easier live. But in the case of the Sy family, the second generation that now runs the business isn’t just resting on their laurels. All children started working when they were teenagers. After graduating from college, all Sy siblings were expected to continue working full time in the family business.

7. Think outside the box “I’m just a college graduate but I always think out of the box, because Harvard theory may not always be the best theory. You’ve got to find better ways than Harvard (formula)” This brings to mind an old tale about Sy’s purchase of a big parcel of land for future shopping mall development. Several property developers had looked at the same lot, conducted market studies and concluded that it’s not feasible to build on as it was too faraway from the urban center . Then came Sy , who didn’t think twice in developing the same property, trusting only his guts. Multiply this “build it and they will come” formula and you now have the largest property developer in Southeast Asia.

8. Be ambitious: Go for the large scale, be willing to be bold “I started with shoes, and with hard work and discipline, the business prospered” Sy founded his first shoe store called Shoemart in 1958 on Carriedo . In the 1960s, he opened Shoemart Makati and Shoemart Cubao . In 1972, Shoemart Manila on Calle Echague was transformed into the first of Sy’s department stores. SM Makati was also transformed in 1975, accompanied by a dramatic corporate rebranding where Sy’s stores were rechristened SM. The Cubao store likewise underwent such transformation in 1978. But Sy officially joined the big leagues when he started building those massive one-stop shopping malls, notwithstanding the challenging political and economic environments. He opened his first mall on Edsa in November 1985. At 125,000 square meters, it was then the biggest of its kind, and it opened its doors during one of the most turbulent periods in Philippine political history. This has since then expanded into a 424,691-sq m mall, one of the largest in the Philippines and in the world, attracting half a million people on a typical weekend. The SM group scaled up further in the 1990s, opening one new mall after another. From the group’s perspective, this was the decade when the malling phenomenon started. SM opened SM City Sta. Mesa in 1990, SM Megamall in 1991 and SM City Cebu in 1993. In 1994, SM Prime Holdings Inc. was incorporated to become the vehicle for SM’s mall operations and went public on the same year.

9. Be customer-focused Focus on what customers need, focus on where customers need. It is not we, it’s not you who will determine what they want. You should not determine what price you want to sell. Look at the customer: What they need, how much they can afford, and it’s our responsibility to make those things for them” As consumers became more affluent, SM’s malls have evolved as well. From old big-box type malls, its design has evolved to incorporate more sustainability features, greenery, open space, entertainment areas and cater to more discerning consumers. Amid the dearth of open parks and plazas in the metropolis, people can now go to SM not just to shop and eat but to renew driver’s license, have a haircut, see the doctor, have a massage, learn ice skating or even hear mass on Sundays.

10. Seek market leadership “If you are the leader of that industry, the first three words that a newborn baby in the Philippines will say are: Papa, mama and SM” SM group focused on things that they know, where they have competitive advantage and target to be the market leader of that business. SM group focused only on their core businesses. Sy had targeted to be the biggest bank when BDO was just a savings bank and to be the biggest in property when SM Development Corp., the residential development arm of SM Prime, was still a fledgling company. In the case of BDO, the bank entered into a series of mergers and acquisitions (M&As) at the turn of the millennium. There was a time when it was buying a bank, big or small, almost every year. BDO became a major player starting 2006 when it realized a two-year aspiration to acquire Equitable PCI Bank, a bank bigger than itself at that time.

11. Go public “If you want to move ahead, let’s go public. Use other people’s money. By going public, you can get asv much as 30 times of your income. Use that money and go public, then you can move faster” A big part of SM’s success can be attributed to going public. SM Prime was the first to go public in 1994, followed by BDO in 2002 and SM Investments in 2005. Listing the group’s crown jewels is also a big part of why Sy is deemed as the wealthiest person in this part of the world: The stock market has unlocked the value of his assets and provided real-time price discovery. The capital market has given the group the option to raise capital for fund expansion opportunities, whenever needed

12. Set good governance “If you say you’re going to build 10 malls a year, make sure you open 10 malls a year, because investors, especially the foreign investors, they’re not here. They don’t know what’s going on. They only believe what you say. But if you fool around, that’s the end. Nobody will believe you, nobody will invest” Public listing also commits SM group to a higher standard of corporate governance, transparency and accountability. Sy believes that compliance to government requirements, paying the right taxes is good for business. Just like paying taxes, Sy said businesses must not be afraid to pay a high salary to competent people. At the same time, he said a corporation must make sure it would deliver on what it promises investors.

13. #2 Manuel Villar

14. Manuel Villar This driven self-made billionaire and dynamic leader from Tondo , Manila learned the basics of rugged entrepreneurship in Divisoria where his mother used to sell fish in the wet market. He has accounting and MBA degrees from University of the Philippines. A former employee of SGV, Villar has become one of the country’s biggest realty developers with successful listed firms Vista Land & Lifescapes and Polar Property Holdings.

15. A manager Villar sees leadership as management.  The skills that made him a billionaire are not political; rather, they are managerial skills honed in making business happen from his offices and boardrooms.  The managerial mindset , in a nutshell, is to get things done.  Not necessarily to get things done right, but to get them on the course, get them moving, and keep them moving.

16. Changing the game It’s now the fifth year of his second wind as a developer, and Villar has ventured into retail with the intention of changing the game, not just location-wise but also with a business model that requires a lot more investment in the aesthetics — in markets that are traditionally looked at as low to middle and never really high-end. He’s also doing it at a speed even he found surprising after 21 years in politics, which he retired from after his presidential run in 2010 and his last years as a senator ending in 2013. In the last three years, he’s been expanding fast in retail and malls. As chairman of Vista Land, Villar heads Brittany, Crown Asia, Vista Residences, CoHo Lifestyle, Camella Homes, Communities Philippines and Lumina. Under his leadership as well is the retail arm All Value, which includes All Home, All Day Supermarket and Convenience Store, Coffee Project, Bake My Day, All Shoppe and All Toys. “Before I joined politics, ito na yung nakita ko , pagbalik ko , pareho pa rin . To be fair, other developers and retailers’ business model is profitable, but I want to create a change in lifestyle. Don’t confuse it with luxury, we’re not selling Rolex watches, pero pwede naman maganda at efficient kahit hindi mahal . I think people deserve that.” “ Ayoko nang pangit . We have lived so long on the assumption that everything around us must be mass-produced. There’s nothing wrong with efficient but I want it to be pretty as well.”

17. #3 John Gokongwei , Jr.

18. John Gokongwei , Jr. One of the smartest entrepreneurs in Philippine business history, the well-read, simple-living, workaholic and strategic thinking self-made Gokongwei built a conglomerate which now includes the country’s biggest airline Cebu Pacific Air, developer Robinsons Land, food factories such as the No. 1 snack food brand Jack n’ Jill, power plants, malls, petrochemicals and others. The “rags-to-riches” taipan and his wife Elizabeth Yu- Gokongwei raised their children well as humble, obedient and hardworking — Lance is president of JG Summit Holdings, Robina helps run the retail businesses, Lisa has built up Summit Media with bestselling and trendsetting magazines, twins Faith and Hope as well as Marcia work in other family businesses. Gokongwei’s youngest brother Massachusetts Institute of Technology (MIT) graduate James Go is chairman of JG Summit Holdings. Their family has the Gokongwei Brothers Foundation for their socio-civic endeavors , like donations to the Ateneo de Manila University’s Gokongwei School of Management and to De La Salle University.

19. Legacy of entrepreneurship Perhaps it is the genes and/or inspiration from his great-great-grandfather Pedro Gotiaoco (Chinese name "Go Bun Tiao "), who was a penniless and illiterate immigrant peddler from Khitang Village of Jinjiang county (now city), Fujian province, south China. The immigrant Gotiaoco arrived in Cebu as a teenager and worked hard to build up Gotiaoco Hermanos (Chinese name " Hiap Tin") in 28 years. Up to this day, Gotiaoco’s original brown jar, which he used to carry on his back as an oil trader, is still a prized possession in their Makati home. Though the Go fortune didn’t last beyond three generations and the fatherless Gokongwei had to build his own business from scratch, the memory of Gotiaoco’s amazing success saga surely reminded Gokongwei that, in life, nothing is impossible to those who dare dream and to those who are willing to pay the price to achieve those dreams.

20. Studying non-stop Gokongwei is a voracious reader of books on history and biographies of great people. He loves math and was a top student at San Carlos University. Despite having dropped out of school due to poverty and the Japanese invasion, from 1971 to 1972 he studied to obtain his MBA at De La Salle University where his professors included Prime Minister Cesar Virata , Senator Vicente Paterno and Trade Undersecretary Tordesillas . He also studied 13 weeks at Harvard Business School.

21. Trading prowess Ever since he was a young merchant on a bicycle or onboard batel boats, Gokongwei has excelled as a consummate trader through the decades.

22. Risk-taking spirit He welcomes entrepreneurial risks and minimizes the dangers by often taking calculated risks.

23. Taking on the Big Boys Gokongwei has been challenging San Miguel in foods, Nestlé in coffee, Philippine Airlines, SM in malls, Smart and Globe (with his innovative Sun Cellular free texts/calls lowering telecom prices for us consumers). Known for its bold low-fare strategy, Cebu Pacific Air is flying direct to Xiamen, Shanghai and Beijing and will add more international routes to further lower travel costs for consumers.

24. Confucian values of hard work, filial piety, discipline, perseverance, simple lifestyle, and delayed personal gratification He values the importance of khiu khiam or being frugal and humble. His great-grandfather, the tycoon Gotiaoco , used to pick up and eat rice if it spilled on the floor, but Gokongwei said he doesn’t do that out of phay se , or embarrassment.

25. Deal-making He is talented in deal-making, saying he "negotiates from a position of strength."

26. Timing Gokongwei almost has a sixth sense about anticipating and quickly adapting to changes, and seeing future trends.

27. In our society where a lot of people are not ashamed about boasting of their "connections" to earn money, Gokongwei’s preference not to rely on politics to grow business is quite unique among big business groups. When asked why, he replied that political leaders will not stay in power forever, anyway. Avoiding politics

28. Globalization Going beyond the Philippines, Gokongwei has built a multinational conglomerate with diversified investments in ASEAN and China.

29. Vision He has long-term vision, publicly listing his firms, planning his succession by giving way to younger brother James Go and son Lance Gokongwei , and creating a foundation to control his assets and for philanthropy.

30. #4 Jaime Zobel de Ayala

31. Jaime Zobel de Ayala Jaime Zóbel de Ayala y Pfitz , PLH also known as Jaime Zóbel , is a prominent Spanish Filipino businessman, philanthropist and art photographer. He is the chairman emeritus of Ayala Corporation. He has received numerous awards for business leadership, philanthropy and photography. Zóbel joined Ayala y Compañía in 1958 as executive assistant upon the invitation of his father. His father placed him under the wing of his cousin Enrique and uncle Col. Joseph McMicking . As an executive assistant in the company, he took down notes during management meetings and gradually learned the ropes of the family business. He was later transferred to the training section of the insurance companies of the Ayala group. In 1975, he became president of Filipinas Life Assurance Company (now, BPI- Philam Life Assurance Corporation). In 1984, he succeeded Enrique, as chairman and president of Ayala Corporation.Zóbel successfully steered Ayala through the tense, final years of the Marcos administration. In 1988, the real estate division was spun off as Ayala Land, Inc. Ayala Corporation also ventured into new businesses, like automotive (Ayala Automotive Holdings Corporation). Zóbel stepped down as president of Ayala in 1994 and was succeeded by his son, Jaime Augusto. He continued as chairman until his retirement in 2006 and became the chairman emeritus of Ayala since.

32. Stewardship of family legacy The Zobels try to promulgate the “stewardship” principle to the younger ones by educating them on the family’s history, what it has achieved through the years and its role in the national agenda. Their hope is that this will instill a sense of pride to build on the family legacy and inspire the next generation to make their own distinct contribution in the future.

33. Strong work ethic Family members must understand that they must work to prove their worth to deserve something. Unlike the feudal system of old, the Zobels do not award positions as a birthright or entitlement. Within the family, the Zobels value educational achievement and encourage the next generation to likewise work hard to gain the respect of the professional managers. Only Jaime (chair and chief executive officer) and Fernando (chief operating officer) hold senior posts within the group. A few eighth-generation Zobels have joined the organization but they all started from the ground, similar to how Jaime and Fernando were trained. Having scions with a feeling of self-entitlement is bad news for the family business and bad news for the investors. The Zobels are very well aware of this thus guard against it.

34. Stability and unity within the family structure For the seventh-generation Zobels , Jaime and Fernando are the anchors of the organization. They provide leadership and participate in major strategic, financial and management decisions.

35. Sense of patriotism The Zobels recognize that the Philippines has given the conglomerate a platform for growth and that the Ayala group should continue to play a key role in the country’s development. The conglomerate’s growth agenda could never be separated from the growth agenda of the country. The family cited the need for “imaginative capitalism,” one that integrates social issues into the strategies of the corporation. Like many other companies in the country, Ayala aligns itself to the needs of the communities and society as a whole. Thus over the years, Ayala has invested beyond its banking, property, telecommunications, electronics manufacturing and water utility businesses to include power generation, infrastructure and e-commerce. Recently, the group has also expanded into soft infrastructure— such as education and healthcare—in response to the needs of the community.

36. Separation of business of business from business of family In making decisions, the Ayala’s has a sharp focus on quantifiable results and metrics so business won’t be compromised by unreasonable family needs or interests. Although family-led, the Ayala conglomerate is run in a professional manner with clear objectives. As such, it has been able to attract professionals who usually stay for a long period. When Ayala hires people, it’s not just competence that it looks at but also character. They must have the right values and the right personality to gain the trust of family members and executives. In the 1970s, Ayala was transformed from a limited partnership into a corporation, eventually listing on the Philippine Stock Exchange in 1976. It was a major milestone for the group as this pushed the conglomerate to benchmark itself against the metrics set out by the local and international investment communities.

37. #5 Enrique Razon , Jr.

38. Enrique Razon , Jr. Ricky Razon is big boss of listed International Container Terminal Services, Inc. (ICTSI), which Forbes magazine has described as “one of the world’s five largest port operators.” ICTSI operates container ports in many countries worldwide from China, Europe, North America to Latin America. Despite formerly owning a newspaper, which he sold last year, Razon is media-shy.

39. Be a visionary Ricky Razon has a bold vision, not just to operate a profitable enterprise, but it also seems he wants to be world-class and possibly outshine the world’s No. 1 “Casino King,” the legendary American self-made tycoon Sheldon Adelson of The Sands Las Vegas, Macau and Singapore. Adelson has an estimated net worth of $20.5 billion and is a big donor to Jewish charities/causes. Many of Razon’s people behind Solaire’s planning and operations are alumni or formerly executives of Adelson . The top- caliber management team behind Solaire is led by Global Gaming Asset Management chairman and CEO William Weidner (former president of Adelson’s Las Vegas Sands Corp.), president Bradley “Brad” Stone (former president of global operations of Las Vegas Sands Corp., the first Western casino in Macau), and EVP Garry Saunders (he helped open Lawrence Ho’s City of Dreams Macau in 2008).

40. Take risks Jose Eduardo Alarilla , vice chairman and board director of Razon’s publicly listed Bloomberry Resorts Corporation, which is behind Solaire , is owner of the Mega Subic Terminal Services, Inc., and a business and golfing friend of Razon’s for over 25 years. Alarilla told me, “Ricky Razon is really a risk-taker, because he loves challenges when it comes to business. He said if the business is ordinary and easy to do, there’s not much opportunity.” Bloomberry Resorts director Donato Almeda , who has known Razon for six years, said, “Ricky Razon knows how to take risks and he’s good at managing his risks.”

41. Be passionate Ricky Razon is a very intense and demanding guy. He wants Solaire to be world-class and to be the game changer in Philippine gaming entertainment. The Philippines is ahead of others in terms of your government’s tax rate for VIP junket customers for casino resorts at only 15 percent, while the tax rate is 39 percent for Macau. With Solaire’s grand plans, luxurious facilities and the best people deployed by Razon , this project will be really world-class.

42. Hire the best people Aside from recruiting the best management team and executives from the resort casino industry’s top firms, Solaire COO Michael French revealed that they interviewed and vetted 50,000 applicants to hire 4,500 full-time managers and staff for Solaire . He added that hiring good people is only the start; they will continuously train them, too.

43. Be time-conscious Friends say Razon is time-conscious. To him, his time is very precious so he flies to his favorite golf course in The Country Club in Santa Rosa, Laguna, via personal helicopter for his afternoon games.

44. Be globally competitive Unlike most entrepreneurs or kids of businesspeople who are used to their comfort zones in their wealth, Razon has built up his dad’s business into a globally competitive conglomerate with investments from China, South America, Europe, Southeast Asia and the US.

45. Be a good listener French, who has met and worked for other billionaire casino resort bosses like Sheldon Adelson and Lawrence Ho of the famous Stanley Ho clan, said, “Ricky Razon is a good guy because he listens. He responds. Among a lot of people in that level up there, they don’t usually do that. I’ve worked for Lawrence Ho as my boss; he opened the half-billion-dollar West Crown Macau and later the $2.3-billion City of Dreams Macau. Lawrence Ho is very affable, easy to talk to, an all-around decent guy, but he was slower at decision-making, has lots of people around him and it was harder to reach him. In contrast, our boss Ricky Razon is very accessible; he responds to text messages if not busy and he has frequent meetings with us.”

46. #6 Tony Tan Caktiong

47. Tony Tan Caktiong The self-made and diligent entrepreneur in 1978 started Jollibee originally as a Cubao ice cream parlor that served the pioneering concept of Filipino-taste hamburgers. It has become the Philippines’ biggest, most popular and iconic fast-food restaurant chain with branches expanding worldwide. He and his siblings have since added such brands as Chowking , Greenwich, Red Ribbon, Mang Inasal and even other fastfood businesses in booming China.

48. Operational excellence On the operational front, Jollibee's quest for excellence reflected right from the stage of construction of new outlets. The company used pre-fabricated material to construct stores, thus saving a substantial amount of time and money. Jollibee had two commissaries located in Pasig City and Mandaue City. While the Pasig commissary catered to the Luzon area, the Mandaue commissary looked after the needs of the Visayas -Mindanao area. These two commissaries handled activities such as raw material and ingredient planning, warehousing, manufacturing of processed foods, distribution and logistics.

49. Serving the customers At Jollibee, customer service was given a lot of importance. In fact, customer service was one of the key result areas (KRAs) on which employees were evaluated at the company. The importance given to this issue was also reflected in the company's corporate mission and vision statements (Refer Table I for Jollibee's values, mission and vision statements). The company advertised extensively through the print as well as the electronic media. While the national-level campaigns were handled centrally, local promotions were managed and implemented by individual stores.

50. Serving the employees At Jollibee, employees received extensive training so that they could learn the corporate values of integrity and humility. The company reportedly had a 'family-like' atmosphere at work, which gave the employees a sense of belonging and togetherness. Not surprisingly, Jollibee was once ranked 16th in Asia and 1st in the Philippines in a 'best employers' survey conducted by Hewitt Associates, The Asian Wall Street Journal and FEER ."The high engagement scores garnered by Jollibee could well be a reflection of the symbolic relationship between management and employees where performance is seen as something that would ultimately rebound to everybody's growth and societal improvement..."

51. Serving the franchises Almost half of Jollibee's stores in the Philippines were franchised. The company gave special attention to the selection of franchising partners. All prospective partners were evaluated on their standing the community, their leadership and people-handling skills, their willingness to devote time to the management of the restaurant, and their successful completion of the training program [much before the outlets became operational, franchises were given training under a Basic Operations Training Program (BOTP)]. Jollibee's franchising partners had to invest between P15 and P30 million, depending on the size of the store and the facilities provided.

52. Serving the country Jollibee supported many social causes in the Philippines. It worked with various government agencies to provide services such as immunization and medicine distribution. It also took part in polio-eradication programs. In association with the country's Social Welfare Department, Jollibee employed many hearing-impaired youth at its stores. Jollibee conducted a toy and book collection drive named 'Ma-Aga ang Pasko sa Jollibee' to give gifts to underprivileged children across the Philippines.

53. Leadership According to company watchers, Jollibee's success would not have been possible without a person like Tony at the helm. Not content with expanding the business from a strategic perspective, Tony involved himself in the business at the grassroots level, to the fullest extent possible. For instance, he regularly participated in the weekly meetings held to test new products and product-variants. He also frequently visited various Jollibee stores, ensuring that decisions taken at the board-level were actually implemented at the store-level. This hands-on style laid the foundations of a confident, happy and fun-filled corporate culture at the company.

54. Globalization Jollibee's decision to expand globally seemed to have been necessitated partly by the economic recession plaguing South East Asian countries in the late 1990s. While McDonald's decided to 'slow down' within the Philippines, Jollibee seemed to have adopted a dual approach - continue expanding internally in a limited way while exploring the option of tapping new countries. Tony said, "In the light of the shifting competitive environment, we have taken a broader, more global view of our business. We are leveraging the preeminent position of the Jollibee concept and our mastery of food- service technologies to cater to more market segments..."

55. #7 Lucio Tan

56. Lucio Tan This ascetic, frugal and workaholic self-made business taipan is boss of Philippine National Bank, Philippine Airlines, Asia Brewery, Allied Bank, Tanduay Holdings, Eton Properties, University of the East and many other firms. He built his wealth mainly with Fortune Tobacco, the Philippines’ top cigarette manufacturer, which he merged with Philip Morris International in 2010.

57. Turn hunger and difficulties into ingredients for success Tan will not be where he is now as the country’s second richest man without his knack for finding opportunities in crises. Tan has shown that there are always opportunities in the most difficult times.

58. Stay simple Another lesson to be learned from Tan’s success is his simplicity and humility. It is easy to gain only little money, and yet be afflicted by a massive inflation of ego. It is such a tragedy when people who have stepped up a little bit in life suddenly act like they are too good for the people they’ve left behind.

59. It’s not just who you know, it’s who knows you Tan was able to make his businesses successful through the relationships he nourished throughout his career. He highlighted the importance of collaborating, creating joint projects, and speaking about your passions.

60. Money cannot buy everything Tan’s success did not all come from having money, but also from good values. He believes ethics and good governance are things worth sticking your neck out for. Tan's success story is proof that " mindset trumps inheritance”.

61. #8 Ramon Ang

62. Ramon Ang This hardworking and gutsy business whiz is so bullish about investing in big companies and big projects in the Philippines. Educated as an engineer, RSA is president of Southeast Asia’s biggest beer and food conglomerate San Miguel Corp., which has grown and diversified in breathtaking speed and scope under his stewardship. He is also boss of biggest oil refiner Petron and many other firms. He has the complete trust of tycoon Eduardo “ Danding ” Cojuangco Jr., with whom he shares a passion for cars. Fluent in Hokkien and Mandarin, he told this writer that any big government project that can help the Philippine economy, San Miguel is interested to bid and invest in. Ramon Ang is generous in philanthropy and wants to build up San Miguel as a world-class conglomerate. Roberto Ongpin said of RSA: “The guy works 18 hours a day!”

63. Steady cash flows At present,San Miguel Corporation holds about $12 billion worth of obligations—levels that make other conglomerates cringe— vis -a- vis about $20 billion in “conservatively valued” assets across its empire. San Miguel also has about $5 billion in cash compared to $393 million in debts maturing this year. Why is he so comfortable with debt? “In 1997, just before the Asian crisis, all my businesses—cement, and pulp and paper mills —had very cyclical cash flows. And I learned the hard way: You can’t borrow money during a crisis when you have cyclical cash flows. I could have forced all my creditors into a debt rehabilitation plan. I could have forced them into dacion en pago settlements. I could have forced them to take [payment] haircuts. But no, I sold my assets, instead, to pay all of our obligations. Not a single cheque bounced. Every single centavo was paid.” Since then, he invested only in firms that provide steady cash flows.

64. #9 George Ty

65. George Ty A respected banking and civic leader, this workaholic and disciplined taipan successfully built up a small bank into the Metrobank Group which includes dynamic Philippine Savings Bank ( PSBank ), Toyota Motor Philippines, Federal Land and many other companies. Through his family’s award-winning Metrobank Foundation, he supports the arts, education, public health endeavors like the Manila Doctors Hospital and other socio-civic causes.

66. Good fortune Ty was 19 years old when he began to build the flour factory. Funds ran short before the work could be completed. Financial establishments were conservative and unwilling to risk resources on someone with no credentials or track record. But when Ty finally got a loan, it was paid back in a year. The government declared import control. Flour importation was not allowed, only wheat. The business took off and prospered. Ty attributes some of the good fortune to luck. He was born in a small village in where Chinese people believe in fortune tellers. Someone went to the fortune teller asking who among the children possessed good fortune, because he wanted to buy a child. He pointed at Ty and the man said he was willing to pay 10 times the market price to buy him. His mother Tytana , also known as Amah and later on Victoria, refused the offer. It would be two decades later before the seer’s divination was confirmed. By that time, his parents had immigrated to the Philippines and settled in Tondo , Manila.

67. Discipline, hard work The young Ty was raised on the values of discipline and hard work, which served him well when his father Norberto entrusted the flour business to him. It enabled him to surmount the lack of any industrial know-how and successfully manage the business, which eventually had assets amounting to $6 million. The Chinese-Filipino businessman paraphrased another Chinese saying to describe himself: “Some people don’t have a horse, so they use a cow or a donkey. Our family didn’t have a horse, a cow or a donkey. They only had me. I was just like a dog, but I was able to pull the cart.”

68. Discipline, hard work After the flour mill was operating on cruise control, Ty pursued his intent of going into banking. It would take years before the dream of opening a bank was realized, but he went at it with a tenacity that impressed the powers-that-be. He could not speak fluent English and when people talked to him, he could only understand 20 percent. Every week for several years, he waited in the office of then Central Bank Governor Andres Castillo, hoping for an appointment. Finally, when Castillo met with the young man who had sat patiently outside his door, he heard an unusual business philosophy. Ty wanted to open a bank that would do more than make money; he wanted to establish a bank that would give money to help businessmen and the community. Approval was given in 1961. The next year, the Metropolitan Bank & Trust Co. opened at Plaza Calderon in Binondo .

69. Trust of people From the outset, the trust of people who put their money in the bank was enshrined as a core value. In the coffee-table book “In Good Hands, The Metrobank Story,” Ty expounded on this value. “We have to be worthy of their trust. If a bank is put up just to make money, it will not be successful… I did not go into banking to keep all the money of other people for myself. The bank is there to do good, to help other people, to help the country. I never forgot that people trusted me with their money. As a banker, I take care of other people’s money.”

70. Corporate social responsibility His emphasis on success in business and community contribution was concretized not just in the services of the financial institution, which broke ground by going to the people and setting up branches for their greater convenience, but also in creating the Metrobank Foundation (MBFI). This philanthropic arm of the bank has contributed to education, healthcare, visual arts and public safety through its flagship programs and grant-making. SGV founder Washington SyCip said, “In many areas, Metrobank has set an example not only for other financial institutions but for all economic entities in the country. The Metrobank Foundation has encouraged excellence among schoolteachers, policemen, soldiers, artists… Metrobank can claim national leadership in corporate social responsibility.” When George Ty was named one of Fortune magazine’s Heroes of Philanthropy in 2010, the distinction meant more to him than being listed among the country’s wealthiest men.

71. International reach Fifty years later from the opening of the Binondo branch, Ty’s reach has gone international, in sectors beyond banking. The Metrobank Group has considerable stakes in real estate, power generation, life insurance and the hospitality and automotive industries. Ty’s sons Arthur and Alfred have assumed much of the responsibilities in the businesses, even as the patriarch remains involved and interested in further growth and expansion. The public offering of GT Capital was launched with overwhelming success, something Ty took as an indication of the continued trust of the people in his business acumen. The revelation that he desisted from buying more stocks and earning a few more billions was consistent with the man’s philosophy. “If we get everything, we are not giving other people a chance.”

72. #10 Andrew Tan

73. Andrew Tan A brilliant self-made taipan and boss of listed Alliance Global Group, Inc., Andrew Tan built his fortune in real estate with Megaworld condominiums and master-planned townships. He controls Emperador Distillers, Inc., the world’s largest-selling brandy by volume. He told me he built this brand “without resorting to the usual sexy advertisements of liquor products but highlighting the theme of success.” A magna cum laude BSBA graduate of the University of the East, Tan is also the visionary behind such trendsetting ventures as the nine-hectare Resorts World Manila, the 16-hectare Eastwood City and McKinley Hill in Taguig City. He is also into the food with 49 percent equity in the McDonald’s fastfood chain in the Philippines and also in the power business. His business empire now has P180 billion in total assets and 16,000 employees

74. Brand building Resorts World Manila, the country’s very first integrated tourism estate that opened to the public in August 2009; several IT parks (Eastwood City, McKinley Hill) that served as a hub for the growing business process outsourcing (BPO) industry; and finding strategic locations for McDonald’s branches in the Philippines through Golden Arches—not to mention the numerous infrastructure and residential developments that have since provided thousands of Filipinos what they can call home.

75. Innovations “Business was tough when I started my first company. When you don’t have much capital, it is paramount that you exercise your nose a lot, much like a dog that never ceases to sniff out for food. You cannot afford to fail and lose vital resources. That is how you develop an instinct for success.” Two weeks after Tan launched the first Megaworld project in 1989, the bloodiest coup threatened the Cory Aquino administration. The Asian financial crisis in 1997 also tested Tan and Megaworld . The crisis especially threatened the real estate industry. Banks were very averse to lending. He was able to overcome this and come out stronger by being innovative.

76. Hands-on management He is hands on with his businesses, particularly those involved in the real estate industry. He devotes a lot of his time running the company’s day-to-day operations.

77. References https://business.inquirer.net/247880/henry-sy-playbook-9-lessons-phs-richest-man http://www.bworldonline.com/henry-sy-sr-still-the-philippines-wealthiest-forbes-philippines https://www.forbes.com https://www.philstar.com/lifestyle/sunday-life/2006/08/06/351319/success-secrets-john-gokongwei-jr http://tucp.org.ph/2017/04/25-influential-business-leaders-philippines/ https://www.philstar.com/lifestyle/business-life/2012/10/22/859650/18-success-secrets-ports-king-ricky-razon http://www.icmrindia.org/casestudies/catalogue/Business%20Strategy1/Business%20Strategy%20Jollibee%20Fast-Food%20the%20Filipino%20Way.htm#The%20Recipe%20for%20Success https://business.inquirer.net/175008/ramon-angs-business-secrets-candor-and-cash-flow https://lifestyle.inquirer.net/64472/how-taipan-george-s-k-ty-found-success-i-have-the-spirit-of-an-ant/ https://business.inquirer.net/39465/self-made-tycoon-conquers-hurdles-rises-above-dreams http://marocharim.com/2010/01/16/villar-the-manager/ https://www.philstar.com/lifestyle/sunday-life/2018/05/20/1816722/manny-villar-changing-game-retail https://business.inquirer.net/236223/zobel-brothers-share-insights-surviving-thriving https://news.abs-cbn.com/business/01/31/15/4-life-lessons-lucio-tan