Lucio Tan, chairman of the expansive LT Group Inc., started from the lowest rung of the corporate ladder—as janitor of a tobacco company.
Born July 17, 1933 in Amoy, Fujian province, China, Tan turned into an entrepreneur in the Philippines with extensive exposures in the tobacco and beer industries. Tan acquired in 1977 the insolvent General Bank and Trust that was later renamed Allied Banking Corp. Three years later, he launched Asia Brewery when Marcos rescinded a measure prohibiting the establishment of new beer companies.
In 1992, Tan launched the winning bid that secured the purchase of the newly-privatized PAL. In 1995, he became chairman of the airline. As owner of PAL and head of Fortune Tobacco. Tan’ net worth ballooned to anywhere between $1 billion and $8 billion, making him the richest man in the country.