Jacinto Ng Sr.: Wealth, Business Empire, and Life Outside Work

Jacinto Ng, Sr., a second-generation Chinese-Filipino entrepreneur, is the founder of homegrown snackfood brand Rebisco. He ranks 26th in Forbes' 2024 Philippines 50 Richest with a net worth of $595M as of August 7, 2024.

Net Worth: $595M

Age: 82

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In His Youth

At the age of 21, Jacinto Ng already showed a penchant for entrepreneurship. He founded the New England Biscuit in 1963, operating out of a tiny rented second-hand factory. The initial setup was modest, with just 15 workers, one English-type rotary oven, and a Chevy delivery truck. Despite these humble beginnings, Ng's vision was clear: to provide delicious and affordable snacks to every Filipino family. His first products, Krema (a cracker with filling) and Sodatine (a plain cracker), quickly gained popularity.

Jacinto Ng's Business Empire

In 1972, New England Biscuit had outgrown its original premises and moved to a larger factory in Novaliches, Quezon City. It was then renamed the Republic Biscuit Corporation, or Rebisco. The flagship product, Rebisco Cracker Sandwich, became a staple in Filipino households, solidifying the brand’s presence in the market.

Ng didn’t stop at biscuits. In 1989, he founded JBC Foods Corporation to dominate the nuts and seeds market. His foresight into the potential of various food sectors led to the establishment of several other companies: Suncrest Food Corporation in 1995 for cake snacks, Multirich Corporation in 1999, and Pinnacle Foods in 2000 for chips and curls. Each of these ventures expanded Rebisco’s product offerings and market reach.

One of Ng’s significant acquisitions was in 2003 when he acquired 60% of Storck Products, Inc., a company licensed to produce Storck eucalyptus menthol candy locally. This move diversified Rebisco’s portfolio and strengthened its foothold in the confectionery market.

Rebisco’s journey has not been without challenges. The company faced structural fires in the 1970s and 1990s, which devastated the plant and halted operations. However, the resilience and dedication of Ng and his employees, who embodied the Filipino value of ‘malasakit’—to care for something as if it were your own—helped the company recover and resume operations within a year.

Expanding its horizons, Rebisco established a plant in Vietnam in 2012, offering products like Rebisco Extreme Biscuits. The success in Vietnam encouraged the company to strengthen its presence in Indochina, Greater China, and other ASEAN countries. The Vietnam plant, built in 2015, caters to the local market and other regional countries, marking a significant milestone in Rebisco’s international expansion.

Rebisco Group's banking unit, Asia United Bank, was granted a full-branch commercial bank license in 1997. AUB started out as a joint venture between a consortium of Filipino industrialists, with Ng joined by Luis U. Ang and Jose S. Sandejas, and Taiwanese investment banks (namely, China United Trust & Investment Corporation, and China Development Industrial Bank). 

It became a publicly listed company with three principal/substantial stockholders: Republic Biscuit Corporation, Kuo Yu Philippines Holdings Corporation, and Lambda Holdings Corporation, in 2013. AUB's common shares are traded under the ticker symbol "AUB" on the PSE. The initial public offering in 2013 saw a total of 88,000,000 offer shares issued at P95 per share, raising P7.46 billion in net proceeds. This significant capital influx has been instrumental in supporting AUB's growth and expansion initiatives.

Ng spent 20 years as chairman of AUB before he retired in late 2017.

Rebisco's Impact on Philippine Economy and Society

Ng’s commitment to social responsibility is evident through the Rebisco Foundation Inc. (RFI), established in 2009. RFI focuses on education, providing scholarships for the children of plant workers and deserving students from top universities. The foundation has also constructed and renovated classrooms, organized an alumni association, and supported learners during the COVID-19 pandemic through the ‘Bayanihan sa Paaralan’ initiative.

Rebisco has also addressed hunger and wellness through school feeding programs and yearly medical missions in its plant communities. These initiatives have provided nutritious meals to undernourished pupils and medical consultations to indigent individuals, reflecting Ng’s commitment to the well-being of the community.

The company’s support for sports, particularly volleyball, is another facet of its corporate social responsibility. The Creamline Cool Smashers, Choco Mucho Flying Titans, and Creamline Beach Volleyball teams represent Rebisco in the Premier Volleyball League (PVL) and other competitions. These teams embody the spirit of passion and excellence, contributing to the growth of volleyball in the Philippines.

Rebisco’s advocacy for art and movies includes the annual 'Special Designer Tin Can' project, celebrating Philippine arts and heritage. The company has also produced family-themed movies in partnership with Star Cinema, promoting Filipino values and fostering meaningful family relationships.

During the COVID-19 pandemic, Rebisco stood in solidarity with the nation, supporting frontliners and communities in need. The company provided free vaccinations to employees and their families, contributing to the government’s goal of achieving population protection.

Today, Rebisco exports its products to 48 countries across Asia, the Middle East, Europe, the Americas, Africa, and Oceania. Its vision to become a globally loved brand is being realized, with products like Doowee Donut gaining international acclaim. The company’s recognition as the top exporter in the ‘Snack’ category at ‘The Asian Export Awards 2020’ underscores its significant impact on the regional export scene.

Outside the Boardroom

Jacinto Ng is married with three sons. The youngest, Jacinto Ng Jr. (a.k.a. Jcack), runs the family's property business, Joy~Nostalg Group. His other sons, Jonathan and Jacob, serve as chairman and as board member of AUB, respectively.