John Gokongwei Jr., the third wealthiest man in the Philippines, has passed away at the age of 93.
He passed away at 11:41 p.m. on Saturday at the Manila Doctor’s Hospital.
The announcement of his passing was relayed by son Lance, says a report by Inquirer.net.
Before his death, he passed on JG Summit Holdings to son Lance.
He dedicated his remaining years with the Gokongwei Brothers Foundation.
Forbes magazine named him the third wealthiest man this year for his $5.3 billion net worth.
Apart from JG Summit, he also established airline Cebu Pacific, food manufacturer Universal Robina Corporation, real eatate company Robinsons Land, Robinsons Bank, JG Petrochemicals, and Global Business Power, according to a separate report by Rappler.
Gokongwei is survived by his wife Elizabeth, and children Lance, Robina, Lisa, Faith, Hope, and Marcia, and his grandchildren.
Details of his wake is still yet to be announced.