Philippines Billionaire and San Miguel Former Chairman Eduardo Cojuangco Died at Age 85
18th June 2020 | Hong Kong
Philippines billionaire and San Miguel former chairman Eduardo Cojuangco has died at the age of 85 (1935-2020), on the 16th June 2020. Eduardo Cojuangco is the former chairman of San Miguel Corporation, growing the company into one of the largest and most diversified conglomerates in Philippines. In 2018, San Miguel’s revenue accounted for around 6% (5.9%) of Philippines’s total GDP and in the early 1990s, accounted for almost 25% of Philippines’ GDP.
” Philippines billionaire and San Miguel former chairman Eduardo Cojuangco died at 85 “
Eduardo Cojuangco “Pac-Man”
Eduardo Murphy Cojuangco Jr. was born in 1935 in Manila, Philippines to a wealthy family that controlled business and politics in Tarlac province. After trying unsuccessfully to win a seat in the congress (Philippines) in 1965, he subsequently developed close ties with Ferdinand Marcos who became the President of Philippines (1965 to 1986).
In the early 1980s with a controlling stake in United Coconut Planters Bank, he was nicknamed “Pac-Man” as he took over the country’s coconut industry, San Miguel and many other companies. In the late 1980s, the new government seized San Miguel and other assets for alleged illegal tax collection from coconut farmers to fund business acquisitions, including San Miguel.
His Exile to Australia
He went into exile in Australia in the late 1980s because of his close relationship with the former President of Philippines Ferdinand Marcos (1965 to 1986), who was ousted by new President of Philippines, Corazon Aquino (1986 to 1992), who is cousin of Eduardo Cojuangco.
His Return to Philippines and San Miguel
In 1992, Eduardo Cojuangco returned to Philippines and contested to be the President and was placed third at the Presidential poll.
In 1998, he backed Presidential candidate, Joseph Estrada, who became the President of Philippines (1998 to 2001). The same year in 1998, he returned to lead San Miguel as Chairman. In his second reign at San Miguel, he acquired Coca-Cola franchise, ended 30 years partnership with Nestle and diversified San Miguel into energy, infrastructure and many other sectors.
Selected Presidents of Philippines
- Ferdinand Emmanuel Edralin Marcos Sr. (President of Philippines – 1965 to 1986)
- Maria Corazon Cojuangco Aquino (President of Philippines – 1986 to 1992)
- Joseph Ejercito Estrada (President of Philippines – 1998 to 2001)
Exited San Miguel for more than $700 Million in 2012
In 2012, Eduardo Cojuangco sold his shares in San Miguel for more than $700 million to Top Frontier Investment Holding, one of the largest and leading investment holding company in Philippines. Today, he is estimated to have a net worth of more than $1.1 billion.
San Miguel – Philippines Conglomerate
Founded in 1890 as a single brewery in the Philippines under La Fabrica de Cerveza de San Miguel, Southeast Asia’s first brewery, it produced and bottled one of the best-selling beers “San Miguel” in the region and is among the top beer brands in the world.
Today, San Miguel one of the largest and most diversified conglomerates in Philippines with businesses in food and beverages, packaging, fuel and oil, power, infrastructure, real estate and banking.
In 2019 (1H results), San Miguel Corporation reported total revenue of $10.1 billion and net income of $263 million. San Miguel is listed on the Philippines stock exchange and has a market capitalization of $4.9 billion (18/6/20).
- List on: Philippines Stock Exchange
- Market Capitalization: $4.9 billion (18/6/20)
- Revenue: $10.1 billion (2019 1H)
- Net Income: $263 million (2019 1H)
128 years of San Miguel Corporation
San Miguel Beer Commercial