FILIPINO ENTREPRENEURS AND THEIR SUCCESS STORIES

1. HENRY SY, SR. (SM)

 Born in Xiamen, China in November 1924, Henry Sy was not born with a silver spoon in his mouth. Wanting to escape poverty, Henry followed his
father to the Philippines only to experience a miserable youth in a foreign country. Sy struggled hard living in a foreign country as an immigrant
and had to learn the local language. Determined to become successful, he worked hard day and night to provide for his needs.
 Sy started out with a small sari-sari store business that helped them in their day-to-day life. Sy and his father lived in a small space until the fruits
of their labor made them successful in the following years. However, when the Philippine economy collapsed in World War II, their store burned
down that forced his father to go back to China. Henry Sy stayed in the Philippines and built his own shoe business in Marikina.
 Sy did not have an overnight success. He enrolled himself to school and was able to graduate college with a degree in commerce from Far
Eastern University. Sy also changed legal names, sold rejected and overrun shoes, plus many other setbacks that he had to face early in life. He
did not give up and pushed through maybe because he knew that something big, which is what he has now, is about to come.
 After a series of failures in his business, Henry Sy stood back up and persevered to attain his goal. He established a small shoe store in Quiapo,
Manila in 1958 named “Shoe Mart” that eventually marked the establishment of SM Prime Holdings. Now with three of the most valuable
companies in the Philippines: SM Investments Corp. and SM Prime Holdings Inc., valued at over Php 1 trillion each, and BDO Unibank, valued at
around Php 635 million, he has become the richest man in the country for 11 consecutive years since 2005 and ranked 52nd in Forbes World
Billionaires List of 2018.
 In 2019, the 94-year old Sy died and was survived by his clan. Today, Sy’s legacy has lived on as represented by SM and his other acquired
businesses. It is no wonder that he has been one of the richest men in the world.

2. Tony Tan Caktiong (Jollibee Foods)

 Known to be the man behind the country’s famous bee, Tony Tan Caktiong is another rags-to-riches story – from owning a small ice cream
franchise, to heading some of the Philippines’ most famous food chains.
 Born third of seven siblings, Tony Tan Caktiong was from a poor family in China who immigrated to the Philippines in hope that they may have a
better life. His family helped each other out, establishing a restaurant business in Davao which enabled young Tony to study Civil Engineering in
the University of Santo Tomas.
 When he was 22, Caktiong decided to shell out P350,000 in an ice cream parlor franchise. He opened Cubao Ice Cream House and Quiapo Ice
Cream House. As their business becomes more and more successful, they started to hire more people to help them manage it. Two years later,
he decided to serve hamburgers, fried chicken, and spaghetti as people began to tell him that they don’t want to eat ice cream all the time. It was
then that they decided to rebrand and change their name to “Jollibee” as it represents them as a company, and the people that they cater to –
hardworking and happy.
 McDonald’s came into the picture not many years later, but they failed to take over Jollibee’s popularity as, according to Caktiong, they don’t
know the local food culture. Filipinos have a sweet taste on food, so Jollibee decided to serve spaghetti with a sweeter flavour. Filipinos like to
smell everything they eat, which is the reason behind the “Langhap Sarap” tagline they have been using for a while now.
 As years go by, the Jollibee group grew bigger. Caktiong partnered up and established a couple other food chains including Chowking, Red
Ribbon, Greenwich, and Delifrance. Aside from bringing Jollibee, Chowking, and Red Ribbon to other countries, they’ve also established new
food chains in China and Taiwan which suit the tastes of the people there.
 As of 2016, Tony Tan Caktiong ranked 6th in Forbes’ Philippines’ 50 Richest. He was also awarded the Entrepreneur of the Year and the Ernst
and Young Entrepreneur of the Year in 2004.

3. Socorro Ramos (National Book Store)

 The name Socorro “Coring” Ramos may not ring any bells for some people. She, however, is one of the most successful entrepreneurs in the
Philippines for founding the largest bookstore chain in the country – National Book Store.
 Back in 1940, she and Jose Ramos, her husband, established a small stall in Escolta where they sold supplies. They, however, did not have a
steady road towards success. In fact, they endured many trials together that would have discouraged most entrepreneurs.
 Before establishing National Book Store, Ramos worked as a salesgirl at a bookstore. She and her husband started the National Book Store with
only P200 capital.
 During World War II, the Japanese soldiers occupying the country considered many of the books sold in their store to be objectionable. What the
couple did was to hide the books and then sell candies, slippers, soaps and other goods instead. The books they managed to save were later sold
in their store after the end of the war.
 Also, they had to relocate to Avenida because their first building was badly damaged by the war. Three years after that, their bookstore was struck
by a heavy typhoon, blowing the roof and damaging many of their merchandise. This, however, did not deter Coring. Like the mythical phoenix,
she rose from the ashes and built the business back up once more. In the 1970s, National Book Store became popular by selling reprinted
versions of foreign textbooks for 75% lesser than the actual price. Parents and students loved the idea of being able to purchase such books for
lower costs.

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

 The Filipino tycoon is most known for being the founder and former chairman of JG Summit, one of the country’s largest conglomerates. Under
Big John’s leadership, he launched Universal Corn Products (now Universal Robina Corporation), Consolidated Food Corporation (later CFC
Corporation), JG Summit Holdings, Cebu Pacific Air, Robinson Retail Holdings, and more. When he died, Big John was the third-richest person in
the Philippines, according to Forbes.
 Big John’s life story is no ordinary “rags-to-riches” because he actually once came from a wealthy clan. His great-grandfather, Pedro Gotiaoco,
was one of the richest men in Cebu in the 19th century. He came from Fujian province in China and owned a huge trading company, Gotiaoco
Hermanos.
 Life was great for the Gotiaoco family until the Great Depression came, and their family fell into debt. His father left while his mother and five
siblings returned to China. Banks seized their properties, and they fell into poverty. Left with no choice but to survive, young John had to start
from scratch to build a better life for himself and his family. At the age of 14, he started selling peanuts in the streets to send money to his family
in China. He soon realized he could do more if he had a bicycle. So, he saved up and was able to reach nearby towns to sell it.
 At the age of 17, Big John rediscovered his family’s love for trading and expanded his business. Using a small boat, he would trade goods from
Cebu to Manila and vice versa. This was very tiring, but he endured it all to send his siblings to school in China. After the war, Big John took it as
a good opportunity to expand his trading business abroad. He built his first company, Amasia Trading, which sold and bought goods in the United
States, Manila, and the Visayan region.
 With the success of his Amasia trading, Big John reunited with his family back in the Philippines. Together, the siblings worked in their father’s
family business, American-Asia Trading. Big John found an interest in the cornstarch business but didn’t have enough funds. He tried to ask for a
loan from several banks but to no avail. Fortunately, he found the light at the end of the tunnel when China Bank’s Dr. Albino Sycip gave him a
P500,000 loan.
 With his money, Big John founded his cornstarch manufacturing company, Universal Corn Products, in 1954. This, later on, became Universal
Robina Corporation (URC) when it ventured into other finished goods. Since then, Big John was unstoppable as he built one of the Philippines’
biggest business empires, the JG Summit. URC became one of the leading food and beverage companies in the country.
 At the age of 93, Big John died surrounded by his family at the Manila Doctors Hospital on November 9, 2019. Among the timeless business
lessons we can learn from Big John is to realize the true meaning of being an entrepreneur. He said, “Choose to be an entrepreneur because
then you desire a life of adventure, endless challenge, and the opportunity to be your best self.”
5. Edgar Sia (Mang Inasal)
 Hailing from Iloilo City, Edgar “Injap” J. Sia II dropped out of college to pursue his own laundry and photo-developing business at the age of 19. In
2003, instead of earning his degree in Architecture, a 26-year old Sia decided to take a big risk in opening a barbecue fast food restaurant named
Mang Inasal— Ilonggo for “Mr. Barbecue.” On December 12, 2003, the 30-something billionaire who founded the popular Filipino barbecue chain
Mang Inasal established his first branch in the most unlikely place in a 3-year-old unoccupied space in Robinsons Mall Carpark in Iiloilo, his
hometown.
 Due of his lack of track record, a number of suppliers turned Sia down while he was still starting up his business. This prompted Sia to scout for
suppliers in wet markets as well as cooperatives in his community in Iloilo. Today, the most famous barbecue chain in the country helps in
alleviating the unemployment rate in the Philippines. Utilizing banana leaves sourced from communities in Guimaras Island and bamboo sticks
supplied by several cooperatives in Iloilo, Mang Inasal gave endless opportunities to people who helped build the empire.
 After establishing 26 branches in Visayas and Mindanao, Sia finally decided to open his first outlet in the country's "make-or-break" city Manila in
2006. So how exactly did Mang Inasal capture the hearts of Metro Manila consumers amidst numerous competitors? Rice, the staple food for
Pinoys, was the answer for Sia. During a rice shortage in the country in 2006, Sia decided to do the unthinkable and offered the "Unli Rice" promo
to Mang Inasal customers. The big move, which was supposed to run for two months, attracted more customers. Today, Mang Inasal is best-
known for this promo.
 Almost a decade after making a life-changing decision, Sia makes it to Forbes List of 40 Richest Filipinos. The restaurant took off. When Tony
Caktiong heard about Sia’s burgeoning business, he decided to buy Mang Inasal for a total of P5 billion. Sia eventually put the sales of Mang
Inasal to other investments like banking and healthcare. At 42, he’s considered the country’s youngest billionaire.
6. Joe Magsaysay (Potato Corner)
 Jose Magsaysay, Jr. is best known for being Mr. Potato Corner, having established the flavored fries franchise and shepherding its phenomenal
growth from the onset: Potato Corner went from one small food cart in 1992 to 70 stores in 1994, up to 120 in 1997, and currently at 1,100 in the
Philippines, with 200 stores overseas. Potato Corner earned a record PhP 1 billion in sales in 2015 and with its presence in 11 countries, is now
considered an international brand.
 Mr. Magsaysay’s success story started at the bottom of the proverbial ladder. His entry into the food industry began when, as a part-time working
student, he was hired as a janitor at Wendy’s in 1983. He rose through the ranks, moving from management trainee to its Board of Directors
within the space of a decade. He credits his success to the mentorship of Wendy’s Philippines president, former Finance Secretary Jose T.
Pardo, who encouraged him to push through with his flavored fries food concept even as he was working at Wendy’s. Mr. Magsaysay also served
as General Manager of Mister Donut in 1999, growing its stores from 250 to 800 by the time he left in 2001.
 Given his entrepreneurial savvy, Mr. Magsaysay has been the recipient of numerous awards, namely: the Franchise Excellence Hall of Fame in
2003; the MVP Bossing Award in 2011; the Entrepreneur Award of the Year in 2016; and the 2019 AIM Triple A Distinguished Alumni
achievement award.
 Mr. Magsaysay earned his Master of Entrepreneurship degree from the Asian Institute of Management in 2001 and completed the
Owner/President Management Program at the Harvard Business School in 2016.
7. Cresida Tueres (Greenwich Pizza)
 Greenwich began as a modest over-the-counter pizza shop in Greenhills in 1971, founded by Cresida Tueres. Tueres had a natural talent for
cooking; her friends and family were so taken with her food that they supported her in developing her humble shop into a national franchise.
 In 1971, Cresida Tueres started Greenwich. Back then, it was only a small over-the-counter pizza store in Greenhills, but her cooking skills paved
the way for a giant enterprise.
 Later on, Tueres decided to offer the franchising option of Greenwich Pizza to interested franchisees. Her business is doing great, and the fast-
food tycoon Caktiong is impressed with this and later obtained a deal with Tueres.
 This deal allowed Jollibee Foods Corporation to acquire 80% of Greenwich’s shares. Since then, the pizza parlor has included other foods on the
menu as we know it today.
8. Milagros, Clarita, and Doris Leelin (Goldilocks)
 Goldilocks is one of the known cake stores in the country. The business was the product of siblings Milagros and Clarita, together with their sister-in-
law, Doris Leelin.
 When Milagros, Clarita, and Doris Leelin founded Goldilocks, it was a 70-square-metre Makati store with only two cake displays and ten employees.
Sisters Milagros and Clarita Leelin had a passion for baking, and opened their first branch with the help of their sister-in-law, Doris.
 Goldilocks debuted its franchising programme in 1991. The bakeshop franchise now has around 420 stores, with additional locations in the United
States, Canada, and Southeast Asia. Goldilocks has grown from a PHP 66,000 start-up to a multi-million-dollar food company with over 4,000
workers.

9. Mariano Que (Mercury Drug)

 Mariano Que found a business opportunity after World War II. As someone who had worked in a local drugstore before the war broke out, Que
was dedicated to starting his drugstore business, especially when he saw the need to supply sulfa drugs, a medication used to treat bacterial
infections.
 He started selling sulfa at a lower price, but he did not settle for low-quality ones. Because of this, he was able to build his clientele. His strong
network, hard work, and dedication paved the way to open up his first drugstore in 1945.
 He named it Mercury Drug, named after the Roman god Mercury known for speed, together with the medical industry’s symbol caduceus. Over
time, he made the company grow more significant and is now one of the country’s trusted drugstores.
 It all began with P100 and a bottle of Sulfiathiazole. P100. That was all Mariano Que had in his pocket after World War II. An employee of a
drugstore prior to the war, Que knew that Filipinos would need the “miracle” drug sulfathiazole, believed to cure many (if not all) sorts of diseases
and illnesses.
 He saw an opportunity to help his countrymen by buying the bottle from a peddler in Bambang St. He then sold these tablets (which he knew was
genuine sulfathiazole thanks to the ‘W’ on the tablets) per piece to make it more affordable. After making a profit, he was able purchase other
medicines and a pushcart so he can sell his medicines to the public.
 He continued selling medicines off of his pushcart until he was able to save enough to put up the first Mercury Drug store on March 1 along
Bambang St. More than 70 years later, Mercury Drug is still at the forefront of Philippine pharmaceutical services, with over 1,000 stores
nationwide. It’s also the first to use a central computerized and temperature-controlled warehouse, 24-hour service, and pharmacy counseling.

10. Alfredo Yao (Zest- O)

 Alfredo M. Yao was born on November 23, 1943 to the simplest of families. The eldest among his siblings, he had to sacrifice a lot at an early
age. He lost his father and became the family breadwinner at the age of 12. He started a printing business at age 17 with a Php 3,000 loan from
what is today known as the Development Bank of the Philippines.
 He never got to finish school even though he wanted to, because he was already a full-fledged businessman by age 18. He’s gone through the
ringer, so to speak: he’s been a street vendor and at times, slept on cardboard box on the sidewalks of the street.
 Yao went from printing and packaging to the beverage industry in the unlikeliest of ways. He learned printing wrappers through a cousin who was
then working for a printing press. This paved way for him to venture into the printing press business thus, the birth of Solemar Commercial Press
named after his mother.
 In 1979, while on a business tour of Europe, he stumbled across a new way of packaging: Doypack, a sealed bag made of plastic and aluminum
that’s designed to stand upright. Seeing its potential, he marketed it to local juice manufacturers, but no one showed interest.Not wanting to let
something with this much potential go to waste, he started making his own juices in his kitchen and packaged it using the doypacks he got from
Europe. He would soon corner the market on juice drinks, thanks to the convenience of his doypacks.
 The innovator: Yao has never been one to shy away from innovation. While his beverage company, Zest-O Corporation, was slowly making
waves in the juice market, he was already looking at other potential investments. At 2008, he launched Zest Airways and sought to compete with
other low-cost carriers of the country.
 He was met with stiff competition (Air Philippines and Cebu Pacific Air to name a few), so he looked at a different way of flying people into the
country. Thus, making Zest Airways the first local carrier to fly tourists from China and Korea straight to Philippine destinations, i.e. without
dropping by NAIA. Last 2016, Zest Airways was fully integrated with AirAsia as AirAsia Zest.
 Alfredo Yao has gone a long way from his humble beginnings. He’s still at the helm of Zest-O Group and Zest-O Corporation as its chairman but
that didn’t stop him from innovating and diversifying into other businesses.
 Yao was also the Chairman of Macay Holdings, Inc., the parent company of ARC Refreshments Corporation, which handles a couple of popular
beverage brands including RC Cola, and the founder and Chairman Emeritus of Philippine Business Bank, a bank which focuses on small and
medium enterprises (SMEs) and has over 139 branches as of 2016.