Lucio Tan
Lucio Tan Sr. | |
|---|---|
| Born | July 17, 1934 Amoy (Xiamen), Fujian province, China |
| Occupation(s) | Entrepreneur, philanthropist |
| Known for | Head of LT Group, Inc. |
| Notable work | Founder of Fortune Tobacco Corporation, Asia Brewery, Tanduay Distillers; owner of Philippine Airlines |
Lucio Chua Tan Sr. (; born July 17, 1934) is a Filipino billionaire entrepreneur and philanthropist. He serves as the head of LT Group, Inc., a diversified conglomerate with ventures spanning banking, airlines, tobacco, liquor, real estate, sports, beverages, and education. As of November 2024, Forbes valued his net worth at around US$2.8 billion.
Early life
Tan was born in Amoy (currently Xiamen), Fujian province, China. During his youth, his family relocated to Cebu in the Philippines. His early employment included working as a stevedore securing cargo using abaca ropes. Tan pursued a bachelor's degree in chemical engineering at Far Eastern University in Manila. To support his studies, he took up work as a janitor within a tobacco manufacturing facility.
Career
In 1966, Tan co-established Fortune Tobacco Corporation (FTC) alongside Benito Tan Kee Hiong, Atty. Florencio N. Santos, and Mariano Tanenglian.
He took over the failing General Bank and Trust in 1977 and rebranded it as Allied Banking Corporation.
In 1982, Tan founded Asia Brewery, Inc. located in Cabuyao, Laguna, introducing its initial product, Beer Hausen Pale Pilsen. Over the next ten years, the brewery increased production capabilities and broadened its product offerings.
Through Twin Ace Holdings Corporation, Tan purchased Tanduay Distillers in 1988 for PHP 1 billion.
In 1992, he acquired the newly privatized Philippine Airlines, becoming its chairman three years afterward. In 1995, he also acquired aviation support firm MacroAsia Corporation from Benjamin M. Bitanga.
By 2012, Tan had consolidated his interests in banking, liquor, tobacco, real estate, and airlines into a $5 billion conglomerate under Tanduay Holdings Inc., which was subsequently renamed LT Group Inc.
Philanthropy
The Lucio Tan Group actively participates in various corporate social responsibility initiatives; however, Tan’s individual philanthropic efforts primarily emphasize education. He holds an ownership interest in the University of the East, where the nine-storey Dr. Lucio C. Tan Building was constructed on its Caloocan City campus. Additionally, he funded the Institute of HRM and Tourism at Central Philippine University in Jaro, Iloilo City, which was renamed the Dr. Lucio C. Tan College of Hospitality Management—his first college named after him outside Manila. Another facility on CPU’s main campus also carries his name.
During the 1990s, Tan served as president of the Lorenzo Ruiz Mission Institute Foundation (LRMFI), a Catholic organization within the Chinese-Filipino community dedicated to promoting Christian missions worldwide.
Controversies
During the 1990s, Forbes reported persistent corruption issues in the Philippines and noted Tan’s involvement in obstructing tax reforms that aimed to eliminate special privileges granted to tobacco and beer companies. He faced disputes related to tax evasion allegations and shareholder conflicts during his acquisition efforts with Philippine Airlines. A tax evasion case amounting to 25 billion pesos (approximately US$622 million) against him was dismissed in 1999 after prolonged legal battles.
The Presidential Commission on Good Government (PCGG) initiated a PHP 51 billion lawsuit against Tan in 1987, accusing him of holding companies such as Fortune Tobacco, Asia Brewery, and Allied Banking Corporation in trust for former president Marcos—allegedly acquired unlawfully with government funds. The PCGG sought to reclaim 60% ownership of these entities and took control until 2006 when the Sandiganbayan court lifted sequestration orders due to insufficient prima facie evidence. This ruling was affirmed by the Supreme Court of the Philippines in 2007, which found no evidence that Tan or his businesses had improperly benefited from connections with Marcos. Despite having key witnesses including former First Lady Imelda Marcos, the PCGG discontinued its case in 2009.
In 2017, President Rodrigo Duterte publicly accused Tan of owing roughly US$600 million in unpaid taxes but subsequently refrained from further public commentary on this issue.
Personal life
Tan is a family man living in Manila, Philippines, with six children. His first wife, Carmen, bore his eldest son, Lucio Jr. ("Bong"), who sadly passed away in November 2019. Bong's son, Lucio III ("Hun Hun"), is widely recognized as the successor to Tan's legacy.
His second spouse, Lucia G. Tan, who was the mother of their five children, passed away on 31 August 2020 at the age of 77.