Lucio Tan (Filipino Business Magnate)
Lucio Tan (born July 17, 1934) is a prominent Filipino business magnate. He owns Asia Brewery, the 2nd largest brewer in the Philippines, Tanduay Holdings, one of the world's largest rum makers, Fortune Tobacco, the largest tobacco company in the country, Philippine Airlines,University of the East one of the most financially stable university in the Philippines in terms of assets, Philippine National Bank, the 5th largest bank in the country, Allied Bank the Philippines' 8th largest lender. These companies are just a few of some 300 companies that Mr. Tan controls. The total value of his business empire according to some estimates would not be less than US$20 billion, and he controls 40 to 60% of that.
He also owns Eton Properties Philippines which is groomed to rise as one of the top realty developers in the Philippines.
He is credited for returning Philippine Airlines to profitability by some, after years of losses.
As of 2006, he is the 2nd richest person in the Philippines and the 451st richest person in the world according to Forbes.
Tan was born on July 17, 1934, in Amoy, Fujian, Republic of China. His parents moved to the Philippines when he was a child. He studied chemical engineering at Far Eastern University in Manila, but quit before graduating to take a job in a tobacco factory. Though a non-smoker, he started a cigarette company called Fortune Tobacco in 1966.
He was a known ally of former President Ferdinand Marcos.
He is considered the richest industrialist in the Philippines, with a personal net worth of at least US$1.5 billion. Earlier controversies about his fortune as a result of tax evasion practices were resolved in 2004 by the dismissal of relevant cases by the Supreme Court.
In 2007, Lucio Tan dropped to the 2nd richest person in the Philippines with a net worth of US$2.3 Billion, according to Forbes magazine.
On December 7, 2007, the Supreme Court of the Philippines affirmed a judgment dismissing the state's sequestration of Lucio Tan's companies. Associate Justice Angelina Sandoval Guiterrez wrote in the Court's order, referring to the government's past sequestration orders, "There can be no question that indeed, petitioner's orders of sequestration are void and have no legal effect." The decision clears the way for a planned merger between Philippine National Bank (PNB) and another Tan's Allied Banking Corporation. Edgar Bancod, research head, ATR-Kim Eng Securities, stated that the merged bank would become the country's 4th biggest after Metropolitan Bank & Trust Co., Banco de Oro-EPCI Inc., and Bank of the Philippine Islands.