Tony Tan Caktiong Explained

Tony Tan Caktiong
Native Name Lang:zh
Birth Name:Tony Tan Caktiong[1] [2]
Birth Date:5 January 1953
Birth Place:Davao, Philippines
Education:University of Santo Tomas (BS)
Occupation:Businessman
Known For:Founder and chairman of Jollibee Foods Corporation[3]
Co-chairman of Double Dragon Properties, Corp.[4]
Spouse:Grace A. Tan Caktiong
Children:3

Tony Tan Caktiong, (; born 1953) is a Filipino businessman and investor. He is the founder and chairman of Jollibee Foods Corporation, and the co-chairman of DoubleDragon Properties. Forbes listed him as the fifth richest person in the Philippines in 2023, with an estimated net worth of US$3.2 billion.[5]

Early career and education

Tan Caktiong was born on January 5, 1953 in the then-undivided province of Davao (in now Davao del Sur) to Chinese immigrant parents from Fujian.[6] His father worked in a restaurant in China and as a cook in a Buddhist monastery in Manila before setting up his restaurant in Davao City.[7] Tony Tan Caktiong attended high school at Chiang Kai Shek College and graduated from the University of Santo Tomas with a degree in chemical engineering in 1975.[8] Tan had initially planned his fledgling nascent company to be an ice cream parlor when he founded Jollibee, and then added dishes such as hamburgers, french fries, and fried chicken.

Career

Jollibee Foods Corporation

Tan Caktiong founded the fast-food chain Jollibee in 1978 after starting it as an ice cream parlor in 1975.[9] Expansion and acquisition of Greenwich Pizza Corp.[9] enabled it to enter the pizza-pasta segment. In early 2006, Jollibee Foods Corporation bought out the remaining shares of its partners in Greenwich Pizza Corporation, equivalent to a 20% stake, for P384 million in cash.[10] [11] [12] [13]

As of August 2008, Tan Caktiong's Jollibee has 1,480 stores worldwide, including Jollibee, Red Ribbon, Chowking, Greenwich, Manong Pepe's and Mang Inasal.[14]

DoubleDragon Properties

In 2012, Tan Caktiong, through his holding company, Honeystar Holdings Corporation, invested in Injap Land Corporation, a property company founded by Edgar Sia II. With Tan Caktiong's entry, the company was renamed DoubleDragon Properties Corporation.[15]

Personal life

Tan Caktiong is married to Grace (née Ang).[16] He has 3 children.[17] He is also the brother of Ernesto Tanmantiong, who is the President and CEO of Jollibee Foods Corporation.[18]

Awards

See also

Notes and References

  1. Web site: Tony Tan Caktiong Profile. Forbes. Forbes Media.
  2. News: Dumlao . Doris . Jollibee owner ventures into property dev't . 11 September 2022 . Philippine Daily Inquirer . 27 August 2012 . en.
  3. Web site: Tony Tan Caktiong: Executive Profile & Biography. Bloomberg webpage. June 15, 2018.
  4. Web site: Board of Directors. Double Dragon Properties, Corp. webpage. June 15, 2018.
  5. Web site: HO" . "JANE . Philippines’ 50 Richest 2023 . 2023-08-28 . Forbes . en.
  6. Web site: September 23, 2023 . Tony Tan Caktiong: Wealth, Business Empire, and Life Outside Work .
  7. News: How fried chicken made Jollibee founder Tony Tan Caktiong a billionaire . 24 September 2022 . South China Morning Post . 8 July 2020 . en.
  8. News: Dumlao-Abadilla . Doris . 'Dragons' reshaping PH . 11 September 2022 . Philippine Daily Inquirer . 3 June 2018 . en.
  9. Book: Go, Josiah . Fundamentals of Marketing: In The Philippine Setting . 2001 . Design Plus . . 971-91860-5-4 . 1–2 .
  10. News: Ordinario . Cai U. . Jollibee Foods buys out partner in Greenwich Pizza . BUSINESS . The Manila Times Internet Edition . 2006-01-18 . 2007-03-12 . https://web.archive.org/web/20070621190536/http://www.manilatimes.net/national/2006/jan/18/yehey/business/20060118bus8.html . 2007-06-21.
  11. News: Restaurant chain trains staff, bags corporate social responsibility award . Cebu . Sun.Star Publishing, Inc..
  12. News: Arcibal . Cheryl M. . Jollibee group buys out partner in Delifrance . BUSINESS . The Manila Times Internet Edition ss/20061111bus4.html .
  13. Web site: Philippine fast-food giant acquires China chain . 2007-09-20 . 2013-09-14 . dead . https://web.archive.org/web/20130625154602/http://afp.google.com/article/ALeqM5ieuiE7xuM6kJ2jeN31JqkwQ57QvQ . 2013-06-25 .
  14. Web site: Jollibee to acquire entire stake in China-based restaurant . GMA News . 2008-08-26 . 2013-09-14.
  15. Web site: Jollibee owner ventures into property dev't . Philippine Daily Inquirer . 2012-08-27 . 2017-09-12.
  16. News: Venzon . Cliff . How Jollibee's founder is building a fast-food empire . 3 July 2022 . Nikkei Asia . 22 August 2018.
  17. Web site: Tony Tan Caktiong. Forbes. Forbes Media.
  18. News: Flores . Wilson Lee . Jollibee CEO courted future wife with 88 letters in 8 years while dreaming big . 3 July 2022 . The Philippine Star . 27 October 2019.
  19. http://www.ey.com/GLOBAL/content.nsf/Philippines/Entrepreneur_Of_The_Year_Award Food industry giant founder is Philippines' first Entrepreneur Of The Year
  20. Web site: Tony Tan Caktiong. ey.com. December 29, 2023.
  21. Web site: APEC Awarding Ceremony to Mr.Tony Tan Caktiong. RTVM.gov.ph. January 14, 2016.
  22. News: Pata . Danny . UST confers honoris business degree to Jollibee founder . 21 November 2019 . GMA News . 15 February 2018.

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