Ricardo Po Sr.: Wealth, Business Empire, and Life Outside Work

If canned products like Century Tuna and Argentina are in your cupboard, then you have Ricardo Po Sr. to thank. He was the founder and chairman emeritus of Century Pacific Food Incorporated (CNPF), the Philippines' leading exporter of private-label tuna products, according to Forbes. Po passed away on October 11, 2021 at the age of 90. 

Net Worth: $1.45B

Deceased October 2021 at the age of 90

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In His Youth

Born in Quanzhou, Fujian Province, China, in 1931, Po immigrated to the Philippines with his mother in 1947. His early years in Manila were marked by humble beginnings. He taught himself the English language through a Chinese-English dictionary and worked as a translator for Chinese migrants in Binondo, Manila. Wanting to be an engineer, Po enrolled in an industrial chemistry course at the University of Santo Tomas. But had to drop out and work full-time due to financial constraints. He later worked for a Chinese-language newspaper, initially covering the police beat and then the Malacañang coverage after six years. Elpidio Quirino was the last president he covered at the Palace.

In a 2014 interview with Inquirer, Po said a journalist's salary was not enough to raise a family with four sons. His brief stint in journalism was followed by a venture into marketing and advertising. He and a friend formed Cathay Promotions, which had notable clients like Spartan, Ovaltine, and Caronia. He also worked with Henry Sy Sr., who then only had one shoe store in Sta. Cruz. In fact, SM's current logo was designed by one of Po's artists in his advertising company. This period laid the foundation for his future business endeavors.

Ricardo Po Sr.'s Business Empire

In 1973, Po faced a significant setback during the stock market crash. Undeterred, he used his remaining funds in a shrimp packing business that exported shrimp from Central Visayas to Japan.

His Japanese partners later visited the Philippines to oversee the processing and advised him to go into the business of manufacturing and exporting tuna. Japan has a high demand, and the Philippines has a high supply. The idea was placed on the backburner until Po met a Bangkok-based Taiwanese technician during a trade show in Manila. He was selling canning equipment that is specific for the processing of tuna. Po followed the technician to Bangkok and checked out the manufacturing business there.

Once back in the Philippines, he went to the Development Bank of the Philippines and took out a $2-million loan to set up a tuna canning factory in Taguig. This became the Century Canning Corporation, established in 1978 and officially started operations in 1980. The tuna was supplied by a fishing company in Mindanao.

Century Canning Corporation's canned tuna products were first exported to Germany and the United States. However, the exportation business came to a grinding halt during the political turmoil in the mid-'80s amid Aquino's assassination and the depreciation of the Philippine peso against the US dollar.

Po's business had to turn to the local market. His company started producing canned sardines on its own, which he named 555. Its affordable price allowed it to become the single biggest canned fish brand in the Philippine market.

The whole manufacturing venture would later evolve into Century Pacific Food Incorporated, which was incorporated and registered with the Philippine Securities and Exchange Commission (SEC) on October 25, 2013.

CNPF specializes in buying, selling, processing, canning, packaging, and manufacturing a wide variety of foods and food products. These include fish, seafood, and other marine products; cattle, hogs, and other animals and animal products; as well as fruits, vegetables, and other agricultural crops and land produce, along with their by-products. CNPF expanded its portfolio and now also manufactures dairy products, including powdered milk brand, Birch Tree, and culinary milk, Angel.

The Po family's private holdings company, Century Pacific Group (CPG), also has a majority stake in fast food chain Shakey's Pizza and property developer Arthaland.

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Century Pacific's Impact on the Philippine Economy and Society

At the heart of Century Pacific's success is its dedication to research and development. This focus has led to the creation of products that not only meet but exceed the expectations of consumers. Century Pacific's products have become household staples, contributing to food security and providing affordable nutrition to millions of Filipinos. Moreover, CNPF's commitment to sustainability and social responsibility is evident through initiatives like the RSPo Foundation, Inc., which focuses on alleviating hunger among vulnerable communities.

Century Pacific's extensive market penetration is another key factor in its success. The company boasts one of the widest distribution networks in the Philippines, ensuring that its products reach even the most remote areas. This extensive reach is complemented by a world-renowned reputation for manufacturing and developing affordable, nutritious products, making it a trusted name in the industry.

Innovation is a cornerstone of Century Pacific's operations. The company continually explores new ways to improve its products and processes, ensuring it stays ahead of the competition. This commitment to innovation is evident in the company's diverse product range, which caters to the varied tastes and preferences of its customers.

The company's investor relations are also a testament to its transparency and commitment to its stakeholders. Detailed information about Century Pacific's financial performance, corporate governance, and regulatory filings is readily available, reflecting the company's dedication to maintaining the highest standards of corporate responsibility.

Outside the Boardroom

Outside the boardroom, Ricardo Po Sr. was a devoted family man. He is survived by his wife, Angelita, and his children Ricardo Jr., Teodoro Alexander, Christopher, and Leonardo Arthur. His children have followed in his footsteps, with Teodoro currently serving as CNPF's president and chief executive officer; Christopher as the executive chairman; and Ricardo Jr. as the vice chair; and Leonardo as CNPF's treasurer and family's representative to their real estate business.