Tomas Alcantara: Wealth, Business Empire, and Life Outside Work

Few business leaders have left as profound an impact on Mindanao’s power landscape as Tomas Alcantara. A visionary entrepreneur and public servant, Tomas took over Alsons Consolidated Resources (ACR), spearheading its transformation into one of the leading independent power producers in the Philippines. With a diversified business empire spanning power generation, property development, and mining, he not only built a formidable corporate presence but also played a pivotal role in shaping Mindanao’s energy security. In 2021, he turned over the reins to his brother Nicasio Alcantara.

With a net worth of $240 million as of August 2024, Tomas ranked #44 on Forbes’ 2024 Philippines 50 Richest.

Net Worth: $240M

Age: 79

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In His Youth

As a young boy in the mid-1950s, Tomas was fortunate to have witnessed the formation of The Alcantara Group, which was born out of Conrado C. Alcantara's vision. According Forbes, Conrado began it all with just $100, a jeep, and a typewriter–but he saw Mindanao’s immense potential. With that, his determination led the foundation for Alsons Consolidated Resources.

Tomas, it seems, had his future laid out for him. He earned a Bachelor of Science in Economics from Ateneo de Manila University (ADMU), later strengthening his business acumen with a Master’s in Business Administration (MBA) from Columbia University. Furthering his expertise, he also attended the Advanced Management Program at Harvard Business School.

His formal education, combined with his hands-on training from his family and early exposure to the business, gave him a strong foundation to navigate what would be the rest of his career as he took over the empire.

Tomas Alcantara's Business Empire

Tomas eventually took the reins of Alsons Consolidated Resources and guided it to new heights, particularly in the power generation sector. Upon his retirement in 2021, ACR Executive Vice President Tirso Santillan Jr. had this to say: “Under Tomas Alcantara’s leadership, ACR helped end the Mindanao Power shortage by bringing online two major power facilities that added 313 megawatts to the island’s power supply.”

Tirso further added, “It was because of his vision and guidance that ACR is now a major power generator with four power facilities serving over eight million people in 14 cities and 11 provinces in Mindanao. ACR will continue to benefit from his wisdom and experience as he continues to serve in the board.”

Among his landmark achievements was the development of the 210-megawatt Sarangani Energy Corporation (SEC) coal-fired power plant, which played a crucial role in ending the island’s chronic power woes. It supplies power to several areas in Mindanao, namely General Santos, Cagayan de Oro (CDO), Butuan, Dipolog, Dapitan, Kidapawan, Iligan, Tagum, Samal, and Pagadian. This venture was followed by their foray into renewable energy with the launching of the P4.5 billion hydroelectric power plant in Maasim, Sarangani Province, with seven more run-of-river hydroelectric projects in the pipeline.

Some in the works are the 22-megawatt Siayan (Sindangan) hydro plant in Zamboanga del Norte and the 42-megawatt Bago hydro plant in Negros Occidental. The latter being ACR’s first power project outside of Mindanao. Tomas’ vision could not be clearer: to transition ACR into a leader in sustainable energy while ensuring a stable electricity supply for Mindanao – possibly even beyond.

“In the next few years, in terms of the total number of power facilities, renewable energy will constitute the largest segment of our Alsons Power portfolio,” Tomas announced during the launch of the Siguil Hydroelectric Power Plant (HEPP) in 2019. Overall, ACR aims to spend P6 billion from 2022 to 2025, a significant portion of which will be for their renewable energy ventures.

In 2024, ACR through their subsidiary Conal Holdings Corporation (CHC) announced their plans to establish a P200-million transmission line that would connect their 95.2-megawatt diesel plant in Bohol to the Ubay substation in the Visayas grid of the National Grid Corporation of the Philippines (NGCP).

Citing health reasons, Tomas retired as the Group’s Chairman and President in 2021. Still, he remains a director of the company while his brother, Nicasio, has taken over. Under their family’s continuous hands-on leadership over ACR, their earnings have only soared even higher–reporting a 70% increase, earning P1.17 billion in the first half of 2023 alone.

Impact on Philippine Society and Economy

Tomas’ influence extended well beyond the corporate boardrooms. His commitment to corporate social responsibility (CSR) was evident through various ACR initiatives. Alsons Consolidated Resources provided scholarships to over 4,000 elementary, high school, and college students in Zamboanga, General Santos, Iligan, and Sarangani. At the same time, they’ve also helped build 40 classrooms and libraries, also donating to provide school equipment and supplies.

Recognizing the importance of environmental preservation, the Sarangani Energy Watershed Protection Project was launched–covering around 7,500 hectares and providing livelihood to over 450 families from the indigenous communities of B’laan and T’boli. They help in planting and nurturing tree seedlings and are provided with proper training, stipend, farming implements, and more.

Tomas also played a significant role in public service and diplomacy. He served as Undersecretary for the Industry & Investment Group of the Department of Trade and Industry (DTI), and was also a Special Envoy of the Philippine President to the Asia Pacific Economic Cooperation Forum (APEC) in 1996. Tomas was also the Chairman of the Manila Economic & Cultural Office (MECO) from 2001 until 2010 and the Director of the Philippine Reclamation Authority (which used to be the Public Estate Authority) from 2003 to 2006.

Outside the Boardroom

Despite his demanding career, Tomas remained deeply engaged in personal passions such as golf, and he continues to be the chairman of the Eagle Ridge Golf & Country Club. Located in General Trias, Cavite, the 72-hole golf course was developed by ACR in a joint venture between Alsons Land Corporation (ALC) and Sta. Lucia Realty Development Inc. It is one of the biggest golf facilities in the Philippines and Southeast Asia.

Tomas’ siblings, Nicasio, Conrado, and Editha Alcantara, all hold key positions in the family’s various enterprises. Nicasio, who succeeded him as ACR Chairman, previously served as Chairman and CEO of oil firm Petron, while Conrado led Alsons Land Corporation (ALC). Editha, also a Director for ACR, managed C. Alcantara and Sons Inc. and holds key positions in the Philippine Wood Producers Association and Miriam College. Beyond family, however, Tomas has largely kept his personal life private.