Alfonso Yuchengco

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Name Alfonso T. Yuchengco
Occupation Businessman Flag of the Philippines.png

Alfonso T. Yuchengco 86, is a known businessman, certified public accountant, educator, and a diplomat. In 2010, Forbes magazine ranked the Yuchengco as the 22nd richest Filipinos with a net worth of USD260 million.

It was also mentioned that a few years ago, Nick Joaquin was commissioned to write Alfonso’s biography. However, Joaquin died before the book was finished. The sole responsibility was passed on to Alfred “Krip” Yuson to complete the rest of the book, entitled as “To Leave a Good Name: The Legacy of Alfonso T. Yuchengco,” showed different aspects of the tycoon’s life and beyond.


Contents

Early beginnings

Alfonso’s roots were from Fukien, China. Yu Tioaqui, his grandfather, left his family in Fukien and resided in the Philippines during the late 19th century. Later on, Alfonso’s father came to the Philippines and adopted the name Enrique Tiaoqui Yuchengco. He was born on February 6, 1923 and was the only surviving son and the youngest child of Enrique and Maria Hao Tay.

Born to what we call “with a silver spoon in the mouth” because his father Don Enrique, has already established a rice trading, lumber and construction business in Binondo, Manila years back. It was only in 1930’s that his father ventured into insurance and founded the China Insurance and Surety Company. Alfonso divorced his first wife and re-married. He and the first wife, Paz Sycip had 6 children. They are Susanne (deceased), Annabelle, Mona Lisa, Alfonso Jr., Albert, and Alfonso III (Tito). After Alfonso and Paz separated, he married Teresita Gomez, who after several years died of lung cancer.

It was not known to many that the Yuchengcos suffered at the hands of the Japanese during their occupation of the Philippines. The said China Insurance Company was ordered to be liquidated and Alfonso needed to sell soaps to augment the family income. Not only that they experienced a great loss, moreover, during the Liberation of Manila, the family house, stores and offices were burnt down to the ground. But because of great belief, the family was able to stand up and continue what they have started.

Education

Alfonso spent his early academic years at the Binondo Primary, then to the Colegio De La Salle and earned a degree in Commerce, major in Accountancy from Far Eastern University. He passed the licensure examinations for certified public accountants. After passing the CPA exams, he took up his Master’s degree in Business Administration at the Columbia Business School in New York City. As he continuously strived for higher education, he had finished his doctorate education in Business Administration from De La Salle University and also pursued law from Waseda University in Japan.

When he returned from the United States, he revived his father’s insurance business and renamed it Malayan Insurance Company. Passionate and dedicated to his line of expertise, the business has grown into one of the largest conglomerates in the country. Today, aside from insurance, the Yuchengco Group of Companies has stakes in banking, travel, hotels, education, car dealerships and property.

Business ventures

Alfonso Yuchengco has been a Director of Access Worldwide Communications Inc. since March 1, 2005. He also has an extensive experience in the financial services and the Business Process Outsourcing (BPO) industry. He is currently a Partner of Argosy Advisers, a boutique Financial Advisory firm and Vice-Chairman of NeoIT Philippines, a joint venture with NeoIT, the leading advisory firm on Offshore Outsourcing in the US.

Yuchengco was also responsible for setting up joint ventures in the Philippines with Honda, Isuzu, Enron and the Government Investment Corporation of Singapore. He was also an Honorary Consul General for the Republic of Hungary to the Philippines, a member of the Philippines-Singapore Business Council and the Philippines-Japan Economic Cooperation Committee and is a Fellow of the Australian Institute of Company Directors.

He is currently the chairman of the Yuchengco Group of Companies that includes the Rizal Commercial and Banking Corporation (RCBC), Malayan Insurance, Great Pacific Life Assurance Corporation (GREPALIFE), and EEI Corporation.

As a man of integrity and a father, he accepted his eldest son’s decision not to take over the family business and allowed his daughters to run the businesses’ major operations. He announced that the eldest daughter, Helen Yuchengco Dee would succeed him.

The following information provides us a time line where Alfonso Yuchengco excelled and was able to accomplish:

  • 1954 - GREPALIFE (Great Pacific Life Assurance Corporation) was established. GREPALIFE is the flagship life insurance firm of the Yuchengco Group of Companies (YGC).
  • 1960 - RCBC, then Rizal Development Bank, opened for business as a small development bank in the province of Rizal.

1964 - RCBC opened its first branch in Binondo. It is also in this year that the Manila Memorial Park (MMP), the pioneer in the memorial park industry, was opened.

  • 1967 - Yuchengco assumed the chairmanship of the board in RCBC, further strengthening its position in the banking industry.
  • 1970 - Established AY Foundation as the social development arm of YGC. The foundation funded and created different projects on education, national discipline, surgical and medical mission and leadership training. As the foundation expanded, it collaborated with Manila Jaycees and started the Blessed Teresa of Calcutta Award in 1983. This is given to qualified individuals who have dedicated their lives in the service of others. The foundation gives 1 million pesos to the chosen individual annually.
  • 1979 - Pan Malayan Travel and Tours, Inc (PMTTI) was established with the goal of servicing the travel requirements of the Yuchengco Group of Companies.
  • 1999 - The Mapua Institute of Technology was acquired 100% by the Yuchengco Group of Companies. Yuchengco also chairs the Malayan High School of Science.
  • 1992 - Majority of ownership of construction firm Engineering Equipment, Inc.,was acquired by the Yuchengco Group of Companies. Under the new leadership, the Company changed its name to EEI Corporation.
  • 1996 – YGC consolidated its ownership in EEI through its holding company, House of Investments. During the year, the Company merged with Phil rock Inc., a corporation engaged in pre-cast fabrication of concrete products and horizontal and civil construction.

Government Positions

Yuchengco was recognized for his outstanding performance in both business and political industry. He has been the Philippine Permanent Representative to the United Nations, with the rank of Ambassador Extraodinary and Plenipotentiary (A.E.P.)

  • Members of the Consultative Commission for Charter Change by former President Gloria Macapagal Arroyo (2005)
  • Presidential Adviser on Foreign Affairs with Cabinet Rank (January 30, 2004 – Present)
  • Philippine Permanent Representative to the United Nations with the rank of Ambassador (November 2001 – December 2002)
  • Presidential Special Envoy to Greater China, Japan and Korea (2001)
  • Presidential Assistant on APEC Matter with Cabinet Rank (1998-2000)
  • Ambassador Extraordinary & Plenipotentiary of the Republic of the Philippines to Japan (1995-1998)
  • Chairman, Council of Private Sector Advisers to the Philippine Government on the Spratly Issue-- Marine and Archipelagic Development Policy Task Group (1995-1998)
  • Philippine Ambassador to the People's Republic of China (1986 to 1988)

Affiliations

  • Certified Public Accountant (CPA)
  • Pan Malayan Management and Investment Corporation (PMMIC), Chairman of the Board and Chief Executive Officer
  • Rizal Commercial Banking Corporation (RCBC), Honorary Chairman
  • MICO Group (holding company of Malayan Group of Insurance Companies), Chairman of the Board
  • GPL Holdings, Inc., Chairman of the Board
  • Great Pacific Life Assurance Corporation, Director
  • House of Investments, Incorporated, Member of the Board of Directors
  • RCBC Land Inc., Chairman of the Board
  • AY Foundation, Chairman of the Board
  • Mapua Institute of Technology, Chairman of the Board of Trustees
  • Nippon Life Insurance Company of the Philippines Inc., Chairman of the Board
  • Yuchengco Center, De La Salle University, Philippines, Chairman of the Board
  • YGC Corporate Services, Inc., Chairman of the Board
  • Waseda Institute for Asia Pacific Studies, Member of the International Advisory Board
  • Ritsumeikan Asia Pacific University, Member of the Advisory Board
  • Alliant International University, Member of the Board of Trustees
  • University of Alabama, Member, International Advisory Board (Culverhouse College of Commerce & Business Administration)
  • University of San Francisco, (Mclaren School of Business), USA, Member, International Board of Trustees
  • Columbia University, Business School, New York, USA, Member, Board of Overseers
  • Master of Business Administration (MBA)-Juris Doctor (JD) dual degree program of De La Salle University Professional Schools Inc.
  • Graduate School of Business and Far Eastern University Institute of Law, Chairman of the Board
  • University of St. La Salle, Roxas City Member, Board of Trustees
  • Pacific Forum, Honolulu, Hawaii Member, Board of Governors
  • International Insurance Society (IIS), Member of the Board of Directors and Former Chairman of the Board
  • Philippine Ambassadors Foundation Chairman & Member of the Board of Governors
  • Philippine Ambassadors Association, Chairman Emeritus
  • Bantayog ng mga Bayani (Pillars of Heroes Foundation), Chairman of the Board
  • Blessed Teresa of Calcutta Awards, Vice-Chairman of the Board of Judges
  • Bayanihan Foundation (Bayanihan National Dance Company), Chairman of the Board of Trustees
  • Philippines-Japan Society, Incorporated Advisory Board Member and Member of the Board of Directors
  • Philippines-Japan Economic Cooperation Committee Member, Advisory Board
  • Confederation of Asia-Pacific Chambers of Commerce and Industries (CACCI), Chairman, Advisory Board and Former Chairman of the Board
  • Asian Bankers Association (ABA), Former Chairman
  • Honda Cars Kaloocan, Inc., Chairman of the Board
  • Enrique T. Yuchengco, Inc., Chairman
  • Yuchengco Museum, Chairman


Awards and Achievements

  • Order of the Sacred Treasure, Gold and Silver Star, from the Emperor of Japan, 2003.
  • Order of Lakandula with the rank of Bayani (Grand Cross) Presented by President Gloria Macapagal-Arroyo Republic of the Philippines (November 20, 2003)
  • Order of Sikatuna with the Rank of Datu Presented by President Fidel V. Ramos Republic of the Philippines (1998)
  • Grand Cordon of the Order of the Rising Sun Presented by His Majesty, the Emperor of Japan (1998)
  • Knight Grand Officer of Rizal Presented by the Knights of Rizal Republic of the Philippines (1998)
  • Order of the Sacred Treasure, Gold and Silver Star, Awarded by His Majesty, The Emperor of Japan (1993)
  • Outstanding Manilan in Diplomacy City of Manila (1995)
  • Outstanding Citizen in the Field of Business City of Manila (1976)
  • Hall of Fame Awardee Far Eastern University (December 13, 2003)
  • Outstanding Alumni Awardee Far Eastern University (May 2003)
  • Parangal San Mateo Philippine Institute of Certified Public Accountants Foundation, Inc. (October 2001)
  • The Outstanding Filipino Awardee TOFIL 2000
  • Gold Medallion Confederation of Asia-Pacific Chambers of Commerce & Industry (CACCI) (2000)
  • First Asean to be Elected to the “Insurance Hall of Fame”, International Insurance Society, Inc. (1997)
  • Hall of Fame Award Philippine Institute of Certified Publics Accountants (PICPA) (1997)
  • Outstanding Certified Public Accountant (CPA) in International Relations Philippine Institute of Certified Public Accountants (PICPA) (1996)
  • Medal of Merit Philippines-Japan Society (1995)
  • Outstanding Service to Church & Nation De La Salle University (1993)
  • Management Man of the Year Management Association of the Philippines (1992)
  • Distinguished La Sallian Award for Insurance & Finance De La Salle University (1981)
  • First Asian to Receive International Insurance Society (IIS) Founders’ Gold Medal Award of Excellence International Insurance Society (1979)
  • Presidential Medal of Merit Far Eastern University (1978)
  • Most Outstanding JCI Senator in the Field of Business and Economics XXXIII Jaycee International (JCI) World Congress (1978)
  • Insurance Man of the Year Business Writers Association of the Philippines (1955)
  • Most Distinguished Alumnus Far Eastern University (1955)

References



Citation

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