Tycoon Danding Cojuangco Jr. passes away

MANILA, Philippines (UPDATE 1 11:16 a.m., June 17) — Tycoon Eduardo "Danding" Cojuangco Jr. died on Tuesday evening. He was 85.

"San Miguel announces the passing of its chairman and chief executive officer, Mr. Eduardo M. Cojuangco Jr. on the evening of June 16, 2020," the conglomerate said in a disclosure to the stock exchange. He served San Miguel on those capacities since July 1998.

Ramon Ang, company president, first confirmed Cojuangco's demise in a report by Bloomberg early Wednesday morning. No other details were released.

A Marcos era crony, Cojuangco ran but lost to Fidel Ramos for president in a controversial 1992 election. Prior to that, his connection with the Marcoses caused his estrangement from his cousin, Corazon Aquino, who succeeded dictator Ferdinand Marcos Sr. after a bloodless revolution in 1986.

When the People Power revolt toppled Marcos, Cojuangco went into exile and only returned in November 1989. He founded the Nationalist People's Coalition, one of the political parties that currently has an alliance with President Duterte's Partido Demokratiko ng PIlipinas- Lakas ng Bayan (PDP-Laban).

Cojuangco was the uncle of Duterte's predecessor, Benigno Aquino III.

Outside politics, Cojuangco built San Miguel into a business empire now with diversified interests in food, beverage and infrastructure, among others. According to the latest tally of Forbes magazine last April, Cojuangco had a net worth of $1 billion, ranking last among the 15 Filipinos included in the list of global billionaires. 

"Mr. Cojuangco was vital to San Miguel Corp.'s success as a conglomerate and its pursuit of socioeconomic progress for the Philippines through its diversified corporate endeavors," Communications Secretary Martin Andanar said in a statement extending the Palace's condolences to the Cojuangco family.

He also ventured into sports and prior to his death owned three teams at the Philippine Basketball Association (PBA). In a tweet early Wednesday morning, PBA paid tribute to the Cojuangco for his "countless contribution to the PBA and Philippine sports."