Emilio T. Yap is a Chinese-Filipino businessman that owns daily broadsheet, Manila Bulletin (PSE: MB). He is also the chairman of the Manila Hotel and Chairman Emeritus of Philtrust Bank (PSE: PTC). Yap was supposed to acquire majority stake in the Philippine Bank of Communications (PBCom) but eventually withdrew its bid. He also owns 55 percent of Centro Escolar University(PSE: CEU). In 2010, he is listed by Forbes as the 13th richest Filipino with a networth of USD665 million.
Acquisition of Manila Bulletin
In 1961, Yap purchased Bulletin shares from Swiss-Filipino Hans Menzi, who previously purchased the shares from the American owner and editor, Carson Taylor. In 1990 Yap decided to go public by listing Manila Bulletin. As of October 23, 2010, Manila Bulletin Publishing Corporation has a market capitalization of P1.8 billion.
Acquisition of Philtrust Bank
In 1978, several parties expressed interest in acquiring controlling interest and approached the Roman Catholic Archbishop of Manila (RCAM), the principal stockholder of Philtrust Bank then. The late Jaime Cardinal Sin eventually decided to sell the stake to Emilio T. Yap because he believed that Yap “could maintain the trust and confidence of the Bank’s clients and would contribute greatly to the growth, stability and success of the Bank.”
On October 17, 1978, Yap took over Philtrust Bank and in 1988, Philtrust bank was listed in the Makati Stock Exchange and Manila Stock Exchange . As of October 23, 2010, Philippine Trust Company has a market capitalization of P40.6 billion.
In 2006, Yap outbid another tycoon, Lucio Tan for the control of PBCom. Yap reached an agreement with the Chung-Nubla family for 58 percent stake in the company for P3 billion. But in 2009, Yap’s bank Philtrust Bank dropped its bid.
Acquisition of Manila Hotel
In May 1997, the state-owned Manila Hotel was auctioned and the Malaysian Renong Berhard, one of Malaysia’s largest conglomerates won the bid. But in a turn of events, the Supreme Court nullified the sale, citing national patrimony and awarded the bid to Yap and also cited “Filipino-First” policy under the 1987 Constitution.
In 2009, the Government Service Insurance System (GSIS) sought to claim the P189 million pesos it loaned the Manila Hotel prior to the sale. The amount has ballooned to P17 billion. Yap refused to honor the loan, saying that the loan was made to Manila Hotel and not to Manila Prince Hotel Corporation (MPHC), and therefore, Yap had no liabilities to the government.
Acquisition of Centrol Escolar University
In July 2002, Dr. Emilio Yap led a group of investor and acquired 55 percent of the publicly-listed university, Centro Escolar University (CEU). He was elected Chairman of the Board and replaced Lourdes Eschauz. The latter was elevated to Chairman Emeritus. As of October 23, 2010, CEU has a market capitalization of P3.3 billion.
Conferred awards and Doctorate Degrees
In 1996, Dr. Emilio Yap was conferred by the University of Sto. Tomas Doctor of Law. Also in the same year, De La Salle University-Manila bestowed upon Yap, Doctor of Philosophy in Communications Management.
In November 2005, Yap was conferred honorary doctorate degree in Media Science by UST-Chile founder Dr. Gerardo Rocha.
In May 2007, Yap was conferred the degree of Doctor of Business Management and Entrepreneurship, honoris causa, by the University of Cebu.
In April 2010, Yap was conferred by the Knights of Rizal with the title Supreme Commander’s Award.
Other Business Interests
Other business interests of Yap include:
- US Automotive Company
- Bataan Shipyard and Engineering
- Manila Prince Hotel
- Philippine Dockyard
- Philippine President Lines
- Manila International Port Terminal
- Liwayway Publishing
- Euro-Med Laboratories
- Lords of the Press – Philippine Center for Investigative Journalism
- Emilio Yap outdraws Lucio Tan – Inquirer.net Business
- University of Cebu Honors Manila Bulletin Chairman – University of Cebu Website
- Yap-led group takes over CEU
- Dwindling Assets
- Yap receives honorary degree
- I-TEAM REPORT : Unpaid Manila Hotel loans soar to P17B
- Emilio Yap drops PBCom bid
- The Philippine Star: If we don’t make our country ‘safe’ for business, nobody will come