John Gokongwei Jr. passes away at 93

MANILA, Philippines — John Gokongwei Jr., founder of JG Summit Holdings Inc., died on Saturday night at the age of 93.

Gokongwei, who was third on the Forbes' list of richest Filipinos in September, "passed away peacefully 11:41 pm, November 9th, at the Manila Doctor's Hospital surrounded by his loved ones," his son Lance said in a text message to Gokongwei-owned Esquire Philippines.

According to a profile by The Freeman in May, Gokongwei's fortune started from humble beginnings in Cebu, the Central Visayas city that Gokongwei's Cebu Pacific Air is named after.

"JG Summit Holdings Inc., the conglomerate that he founded, now controls the biggest corporate names in the country: Cebu Pacific Air in the aviation industry; Universal Robina Corp. in food and beverage manufacturing; Robinsons Land Inc. in property; Robinsons Retail Holdings Inc. in retail; and Robinsons Bank in banking; among others," it also said.

This is a developing story.