Lucio Tan: Wealth, Business Empire, and Life Outside Work

Lucio Tan has been a mainstay of the Philippines' business elite since the '70s for a reason. An immigrant from the Fujian Province in China, Tan's life story tells us about sheer will, as well as the power of keeping the right connections. He's a businessman who has seen failure, stared it right in the face, and powered through it, time and time again.

Tan, who once was said to have gone to school barefoot growing up in Cebu, knows a thing or two about hard work. He's taken these principles and turned them into a multi-billion-peso empire built through crucial investments in tobacco, banking, liquor, transportation, logistocs, and infrastructure.

The founder and chairman of the LT Group, Tan's journey from China to Cebu to the top of the Philippines' rich list is a testament to his perseverance. Here's everything we know about taipan Lucio Tan.

Net worth: $2.4 billion (P136.2 billion)

Age: 89

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In His Youth

Born in Fujian, China, Lucio Chua Tan spent most of his life in the Philippines. He is the eldest of eight siblings to Chinese immigrants who struggled to make ends meet in Cebu. Growing up, Tan sometimes went to school barefoot and worked as a stevedore on the side for some extra money.

When it was time to go to college, the Taipan studied chemical engineering at Far Eastern University in Manila. He worked as a janitor at a tobacco factory to pay for school until he was promoted to be a tobacco cook, which meant he regulated the product mix. Eventually, he became a tobacco leaf dealer in Ilocos. This was a precursor to what would be his own tobacco empire. In 1966, Fortune Tobacco Corp. was established.

Lucio Tan's Business Empire

With Fortune Tobacco Corp., Tan cemented his place as one of the leading businessmen in the country. He introduced the affordable cigarette brand Hope. In 1980, Fortune became the largest local manufacturer of cigarettes in the country.

It helped that Tan had a good relationship with former President Ferdinand Marcos, Sr. The two were said to have met in the 1960s.

By 1977, Tan bought General Bank and Trust (renamed Allied Banking Corp.) and would go on to launch Asia Brewery, Inc. five years later. In the Post-EDSA Revolution, Tan was accused of not paying his fair share of taxes in the years since (most of these allegations would be dismissed later on).

In 1992 Tan discreetly financed the bid to purchase the newly privatized Philippine Airlines, Inc. By 1995, he would become its chairman. His companies also survived two financial crises over the years.

Through the LT Group, Tan's portfolio of businesses includes interests in air transport, banking, education, food and beverages, hotels, real estate, and tobacco and alcohol. Companies under the LT Group include Philippine Airlines, PAL Express, Tanduay Distillers, Inc., Maranaw Hotels and Resort Corporation, Eton Properties Philippines, and Allianz-PNB Life Insurance Inc., Asia Brewery, Inc., Fortune Tobacco Corporation, Eton Properties Philippines, Inc. (Paramount LandEquities, Inc. and Saturn Land Holdings, Inc.), Philippine National Bank, Allied Banking Corporation and Victorias Milling Company. He is  currently chairman emeritus of Philippine National Bank. 

Tan's Impact on Philippine Economy and Society

A recipient of Best CEO from The Asian Banker and Lifetime Achievement Award from Dr. Jose P. Rizal Awards for Excellence, Tan has proven that he can also be an inspiring and compassionate leader. 

Through the Tan Yan Kee Foundation, Inc. (named after his father, the late Tan Yan Kee), Tan advocates for corporate social responsibility. The non-profit donated hundreds of millions of pesos to provide scholarships, train teachers and doctors, champion conscious environmentally friendly practices, and offer housing for the homeless.

Tan also came up with grants for the development of the Central Philippine University Institute of HRM and Tourism. He was also president of the Lorenzo Ruiz Mission Institute Foundation, which comprised Chinese-Filipino Catholics who aimed to spread Christian values.

Forbes Asia also named the taipan as one of the four top philanthropists in the Philippines back in 2011. During the pandemic, Tan's companies donated to efforts to support impacted workers and led efforts to rehabilitate Philippine Airlines. 

Outside the Boardroom

Tanis father to six children. The billionaire is married to Carmen, who joined the PNB's distinguished Board of Advisors recently.

Unfortunately, the billionaire lost his son, Lucio "Bong" Tan, Jr., back in 2019. The younger Tan was positioned to be next of kin, passing away as president of PAL Holdings Inc. These days, it is the Taipan's 29-year-old grandson, Lucio Tan III, who is taking over the reins at LT Group Inc. The younger Tan was appointed PAL Holdings president earlier this year. Tan's other grandson, Kyle, ended up taking over the helm of Eton Properties Philippines Inc.

Outside of work, Tan is involved in a variety of pursuits, including helicopters, which he says he enjoys the most.