Page 88 - Forbes - Asia (September 2018)

The Philippines’ 50 Richest

TONY TAN CAKTIONG:
SMASHING BURGERS

The restaurant tycoon who chairs
the $5 billion Jollibee Foods
is on a global expansion spree
this year. Armed with a $230
million war chest, he’s looking
to open 500 stores—at least
200 outside the Philippines. In
April, Jollibee, which spans 12
restaurant brands, swallowed an
additional 45% stake in U.S. chain
Smashburger in a $100 million
deal. Tan is also looking to open
a store in Manhattan under its
Jollibee brand, selling chicken
and burgers. In the past year, this
“McDonald’s of the Philippines”
also ventured into Europe with a
store in Milan. Another, in London,
is slated this year.

LANCE GOKONGWEI:
SUMMIT CEO
In April John Gokongwei Jr.’s
only son was elevated to
chief executive of JG Summit
Holdings, the Philippines’
second-largest family-run
conglomerate. The company,
founded by dad (now No. 3 on
list) in 1957, has interests ranging
from banking and real estate to
airlines, telecommunications,
power and food. As part of shift,
the 51-year-old transitioned from
CEO to chairman of the group’s MATTHEW STAVER/BLOOMBERG (TOP); VEEJAY VILLAFRANCA/BLOOMBERG (BOTTOM)
food and beverage unit, Universal
Robina. A nonfamily member was
appointed to the post, a first for
a Summit core company. Lance
is also the CEO of the group’s
Robinsons Land, Robinsons Retail
and budget airline Cebu Airline,
which became the country’s
largest carrier under his helm.

86 | FORBES ASIA SEPTEMBER 2018