Menardo Jimenez Sr.: Wealth, Business Empire, and Life Outside Work

A trailblazer in Philippine media, Menardo Jimenez Sr. holds a legacy that extends beyond his groundbreaking tenure as the President and CEO of GMA Network, one of the country’s largest broadcasting companies. At 92 years old, with a net worth of $355 million as of August 7, 2024, Menardo Sr. (or “Manong Nards” to his loved ones) continues to influence the business world through his ventures in the real estate and, quite unexpectedly, tourism industries.

Net Worth: $355M

Age: 92

In His Youth

Born in Pangasinan, Menardo Jimenez Sr.’s early life was a testament to perseverance. According to a Forbes profile, he “grew up shining shoes and renting comic books.” It seems this entrepreneurial spirit, lit from a young age, would later define his diligent approach to business.

His childhood, however, was deeply marked by the events of World War II. As a young boy during the Japanese occupation, he witnessed the harsh realities of war, including displacement–which led his family to flee to Dasol, Pangasinan–and loss.

In an interview with the Philippine Star, Himenez talked about his harrowing experience: “I was in Grade 1 at National University when [World War II] broke out. We evacuated to Dasol. In the city, when the Japanese were conducting zoning operations, the informant with the covered face would point an accusing finger at people who would automatically be sent to jail. Indeed, the war years left a deep imprint [on] me. War is hell.”

These formative years instilled a deep sense of resilience and resourcefulness, a strong work ethic, and a desire to create a better future not just for himself but for his family and community. It is this drive that led him to pursue higher education at Far Eastern University (FEU), where he earned a Bachelor of Commerce degree. Jimenez eventually became a Certified Public Accountant (CPA), and he used this academic foundation to embark on a career that would change his family’s history.

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Menardo Jimenez Sr.'s Business Empire

Menardo Jimenez Sr.’s journey into media began in 1974 when he joined forces with Felipe L. Gozon and Gilberto M. Duavit Sr. to acquire the struggling Republic Broadcasting System (RBS), the predecessor of what’s now known as GMA Network. Initially, his involvement came through a 20% stake in the company, facilitated by his brother-in-law, Felipe L. Gozon, who got a 10% share. Together with Gilberto M. Duavit Sr., they took control of RBS and named it into GMA Network.

Under their leadership—with Menardo acting as its President and CEO from 1976 until 2000, GMA Network rose to new heights. They focused on restructuring the company’s debt and putting focus on local stories and shows that would define Philippine entertainment. The network also invested in cutting-edge broadcasting technology and expanded its programming to cater to local and international audiences. Several notable milestones include the launch of Rainbow Satellite in 1992, which extended GMA Network’s reach to Southeast Asia and other regions, and the introduction of iconic programs, such as Eat Bulaga! and Okey Ka Fairy Ko! through TAPE Inc. Other well-loved shows that have cemented GMA Network’s place in the entertainment industry are Bubble Gang, Saksi, and Startalk. By 1995, their company was renamed to GMA Network Incorporated, their initials now representing “Global Media Arts” from the former “Greater Manila Area.”

On December 31, 2000, Menardo announced his retirement as GMA Network’s President and CEO. Gozon took his place. Their leadership, however, helped solidify its place as a household name in Philippine television, ensuring continued success long after the original trio had left and turned over the network to their children.

“All of us have a lot to be thankful to Jimenez, who has served the company as president and CEO since 1976. He has contributed the most to bringing GMA-7 to where it is now–the most respected, credible, and the best TV station in the country,” Gozon said during the announcement.

Impact on Philippine Society and Economy

Beyond his work in media, Menardo’s contributions to the Philippine economy span multiple sectors. He is the Chairman or Director of numerous companies, including San Miguel Corporation, United Coconut Planters Bank (UCPB), Majent Management and Development Corporation, Meedson Properties Corporation, Meedson Properties Corporation, Mabuhay Philippines Satellite Corporation, CBTL Holdings Inc., and Pan-Phil Aqua Culture Corporation.

Apart from his business ventures, he was also a Commissioner of the Pasig River Rehabilitation Commission (which was dissolved in 2019) and a Governor for the Philippine National Red Cross. His family has also made significant contributions to property development and real estate as Carmen Jimenez-Ong, his daughter, leads Menarco Development Corporation. Their company is recognized for building Menarco Tower—the first WELL Certified Gold™ building in Southeast Asia.

Still, GMA’s growth under Menardo’s stewardship is the cornerstone of his legacy. What was once a struggling station evolved into a media powerhouse, producing programs that have entertained and informed millions of Filipinos for decades. Programs such as 24 Oras and Kapuso Mo, Jessica Soho have become staples of Filipino households worldwide–connecting overseas Filipinos to their homeland.

GMA’s role in uplifting Filipino talent cannot be overstated. By fostering local storytelling and giving importance to aspiring journalists, the network has contributed significantly to the nation’s cultural landscape. To this date, GMA Network continues to set benchmarks in the industry, especially when its main competitor, ABS-CBN’s franchise was not renewed in 2020. GMA then partnered with ABS-CBN, becoming a platform for several of the latter’s programs.

Outside the Boardroom

While Menardo continues to wear different hats, he has also invested time in collecting various memorabilia–all of which are now displayed in Dasoland. With the vision to preserve local and international culture and history, he has developed this sprawling 400-hectare estate into a family adventure park to promote Dasol, Pangasinan. Plus, there’s the added benefit of putting Dasol on the map.

“I was tired of telling people I am from Dasol, and the first thing almost all would ask me is, ‘Where’s that?’” Menardo told the Philippine Star.

One of Dasoland’s features is his personal museum, housing his collections ranging from World War II memorabilia and paintings by Filipino masters like Fernando Amorsolo and H.R. Ocampo to whimsical items like Hello Kitty figures and Star Wars collectibles and even hotel pens and credit cards. It has become somewhat of a collective family hobby, as his wife, children, and grandchildren now bring home similar items from their trips abroad as a pasalubong to Menardo.

Menardo is married to Carolina L. Gozon-Jimenez, and they have four children: Joel Marcelo, Carmen, Laura, and Menardo “Butch” Jr. As mentioned, Carmen Jimenez-Ong currently leads Menarco Development Corporation, while Joel Marcelo is now a Director of GMA Network since 2002 and Menarco Holdings’ President and CEO. Laura J. Westfall is also a GMA Network Director since 2000, with senior positions as well in their other companies such as Majent and CBTL. Last but not least, Menardo Jr., or Butch, was recently named as PLDT’s COO this September 2024.

In his free time, Menardo enjoys traveling and collecting items along the way. His vast collection—ranging from casino tumblers to Happy Meal toys—reflects his belief that joy (and history, perhaps) can be found in the smallest things. This outlook, coupled with his commitment to excellence—and shining the light on Dasol—continues to inspire those who know him.