Jordan, Jemsen D.

November 11, 2022

EE-4109

Most Successful Entrepreneurs in the Philippines

The following people were some of the considered one of the most richest and
successful entrepreneurs here in the Philippines.
1. Henry Sy (Shoe Mart)
Shoe Mart, or SM for short, is one of the country’s retail behemoths, and far more
than just a mall.

It is now a well-loved institution of which many Filipino families hold fond

memories. It provides a wide range of services, including shopping, theatres,
locations for date nights, parties and other special occasions, ice skating, and
food courts. SM started modestly and from humble beginnings, despite its now
upmarket reputation.

Henry Sy grew up in Jinjang, Xiamen, China, in a low-income household. Due to

the challenges in their home country, they moved to the Philippines in 1936 and
opened a tiny convenience shop in Manila.

Shortly after, World War II broke out and ruined the family business. Sy, on the
other hand, continued to pursue his entrepreneurial interests by selling worn
military combat boots and other items to American soldiers. This is where the
name “Shoe Mart” originates: it was Manila’s first shoe store at the time. Despite
being unable to find vendors that could make the shoes he wanted, Sy persisted.

Sy, who died in 2019 at the age of 94, was survived by his family. Sy’s legacy
lives on today in his many SM malls and other acquired businesses. As a result,
he was one of the world’s wealthiest men.

Today, the fashion industry looks somewhat different to when Henry Sy founded
his humble shoe store.

2. Tony Tan Caktiong (Jollibee Foods)

The cheerful tagline “langhap sarap” – a Jollibee trademark – is well-known
among Filipinos.
 Tony Tan Caktiong, another Chinese immigrant, is the brains behind this popular
food chain. His family maintained a Chinese restaurant in Manila at the time,
which enabled him to finish college.

He bought an ice cream shop in 1975, but owing to low sales, he decided to add
other items such as fried chicken, fries, and burgers. Customers came to the
store to buy his products after word spread in his area.

Caktiong was able to expand across the country after embracing the fast-food
business model, growing his humble restaurant into one of the Philippines’ most
successful businesses.

Furthermore, by establishing a franchise, he has been able to break into the

international market. With over 2,500 outlets in the Philippines and locations in
the United States, China, Saudi Arabia, Vietnam, Singapore, Brunei and the UK,
Jollibee is a fast-food behemoth.

3. Socorro Ramos (National Book Store)

Socorro Ramos began her career in publishing and retail as a salesgirl in a
bookshop. With a capital of PHP200, she and her husband launched National
Book Store in Escolta at the age of 19, selling books and school supplies to
children. The Japanese imposed censorship on books and publications at the
time, which included her burgeoning business. She and her husband
supplemented their income by selling other products such as candles and soaps.

The Ramoses built a nine-story structure along Avenida, after the postwar boom
brought increased revenue for the company. Ramos adopted a hands-on
approach to running her business, even designing the company’s logo herself.

The National Book Store now has around 3,000 employees. At the age of 98,
Socorro Ramos is worth an estimated USD3.1 billion, making her one of the
country’s richest people.

If you want to sell books, it’s also important to know how to balance them.

4. John Gokongwei Jr. (J.G. Holdings)

Born in China, John Gokongwei Jr. was the heir to one of Cebu’s wealthiest
families.

When his father died, however, the family fortune evaporated and he had to
support his family by peddling goods from his bicycle in the streets of Cebu. He
 then began to trade by boat and truck until he began importing from the United
States.

Seeing that low trade margins would always limit his income, he switched focus
to manufacturing. He borrowed PHP 500,000 from Chinabank to launch a maize
milling company that is now known as Universal Corn Products.

Although this business venture was a success, he did not stop there. He began
adding more goods, such as Blend 45, and soon changed the name of his
company to Universal Robina Corporation.

Gokongwei died in 2019, aged 93. His family is now one of the most successful
Filipino business families and owns the Robina Land Corporation, which owns
Robinsons Supermarkets and Department Stores, as well as the commercial
airline Cebu Pacific.

John Gokongwei Jr. overcame setbacks to ensure his success.

5. Edgar Sia (Mang Inasal)

Edgar Sia, the brains behind Mang Inasal, is widely regarded as the Philippines’
pioneer in limitless rice meals.

Sia, who is native to Iloilo City, dropped out of college at the age of 19 to start his
own laundry and photo-developing business. Sia, then 26 years old, decided to
launch the fast-food restaurant Mang Inasal – meaning “Mr. Barbecue” in his
native Hiligaynon – in 2003. In his hometown, the first branch was erected in a
mall parking lot.

The restaurant was a huge success. Jolibee’s Tony Caktiong bought Mang
Inasal for PHP5 billion after hearing about Sia’s growing business. Sia invested
the proceeds from the sale of Mang Inasal into banking and healthcare. He is the
country’s youngest billionaire, at the age of 42.

If you dream of launching a fast-food franchise, you’ll need to make sure that the
products you sell are safe to eat.

6. Mariano Que (Mercury Drug)

Following WWII, Mariano Que discovered a commercial opportunity. Que, who
had worked at a local drugstore before the war, opened his own drugstore when
 he noticed the demand for sulfa, a type of antibiotic used to treat bacterial
illnesses.

He began selling good-quality sulfa for a low price. As a result, he was able to
expand his clientele. In 1945, he founded the Mercury Drug chain of pharmacies.

Mercury Drug was named after the Roman god Mercury, who was known for his
speed as well as for originating the medical industry’s symbol, the caduceus. He
helped the company grow over time, and it is today one of the best-known
drugstores in the country.

Que’s knowledge of pharmaceutical principles propelled him to success.

Reference
https://www.futurelearn.com/info/futurelearn-international/most-successful-
entrepreneurs-philippines