Early Life
Lucio Tan was born in Amoy (now Xiamen), Fujian, China, on July 17, 1934. His family later moved to Cebu in the Philippines when he was a child. From a young age, he took on responsibilities, including supporting his family by working various jobs. Tan's early jobs included working as a stevedore and as a janitor at a tobacco factory. These experiences would later play a crucial role in shaping his business acumen.
Rise to Success
Tan pursued a bachelor's degree in chemical engineering at Far Eastern University in Manila but did not complete it, opting instead to focus on entrepreneurial ventures. In 1966, he founded Fortune Tobacco Corporation, leveraging his experience in the tobacco industry. Fortune Tobacco quickly became a success, and by 1980, it was the largest cigarette manufacturer in the Philippines. Tan's success continued with the acquisition of General Bank and Trust, which he renamed Allied Banking Corporation, in 1977. In 1982, he established Asia Brewery, challenging the market dominance of San Miguel Corporation.
Key Business Strategies
Tan's business strategies included identifying market opportunities, such as introducing the affordable cigarette brand "Hope," and strategically acquiring and expanding into various sectors. A significant strategic move was securing control of Philippine Airlines (PAL) in 1992, making him its chairman in 1995. Furthermore, Tan's diversified investments in liquor and tobacco helped his company to stay afloat through tough economic times.
Philanthropy
Tan is also known for his philanthropy, especially in education. He holds a significant stake in the University of the East, where the Dr. Lucio C. Tan Building stands. He also endowed the Dr. Lucio C. Tan College of Hospitality Management at Central Philippine University. The Tan Yan Kee Foundation, established in 1986, carries out corporate social responsibility initiatives.