Jacinto Ng

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Jacinto Ng or more popularly known as Jack Ng is a Chinese-Filipino businessman who founded the Republic Biscuit Corporation (Rebisco), a food manufacturing company and dominant player in the snack food industry. He is also the owner of Asian United Bank, Extraordinary Development Corporation, and Eart&Style Corporation. He is known as a crony of former President Joseph Estrada.

Contents

Business profile

Jacinto Ng, Sr. is a second generation Chinese-Filipino businessman that founded the Rebisco Group of Companies. He founded the New England Biscuit in 1963 form a tiny rented second-hand factory. He then moved the company to a new compound in Novaliches Quezon City. By 1972, he had renamed New England Biscuit as Republic Biscuit Corporation or simply Rebisco. Seeing the gap in crackers, Ng introduced the first cracker with filling Rebisco Cracker Sandwhich, which became the flagship brand of the company.

The success of Rebisco led him to establish other companies. In 1989, in order to dominate the nuts and seeds market, Ng incorporated the JBC Foods Corporation. Seeing the potential in the cake snacks industry, he found the Suncrest Food Corporation in 1995, Multirich Corporation in 1999, and Pinnacle Foods in 2000. The last as aN entry to the chips and curls market. In 2003, he acquired 60% of the Storck Products, Inc., the company licensed to locally produce Storck, a eucalyptus menthol candy, by the Storck Durchbeisserand Riesen Schoko.

Other business interests

Banking

In 1997, Ng partnered with a group of Singaporean and Taiwanese businessmen and opened the Asian United Bank. The AUB is considered one of the most profitable banks in the country.

The bank’s biggest shareholder is Rebisco, which controls 40% of the bank. The other shareholders are Kao Yu Philippines Holdings Inc., Lambda Holdings Philippines, Citio Maunlad Investments Corp. and Magis Equity Ventures. AUB is only one of five banks accredited to offer Chinese Yuan. In 2011, AUB plans to acquired Cooperative Bank of Cavite for P400 million.

Real Estate

In 1983, Ng partnered with the Lin Family of Hong Kuo Group, and Lee Family of Kaoshiung and formed the real estate company, Extraordinary Development Corporation. The company is listed consistently in the Top 500 corporations in the Philippines and a leader in the low-cost real estate industry.

In 2000, Ng founded another real estate company, Earth and Style Corporation which develops suburban housing communities for the middle-income market and the large overseas Filipino workers market, a He also owns the Manila Bay Development Corporation.

In 2009, Ng entered the hotel industry by launching the Oakwood Premier Joy~Nostalg Center Manila in Ortigas Center. He also holds 91,825 shares in publicly-listed real estate company Belle Corporation amounting to P537 million.

Other businesses

Ng also owns the following businesses:

  • Rewoodco Export (laminated plywood),
  • July Manufacturing (flexographic packaging)
  • Purity Paper
  • Paragon Finance Company
  • Ciudad Nuevo
  • Far East Timberland

Personal life

Ng has four children: Jacinto Ng, Jr. Jonathan Ng, Jacob Ng, and Julie Ng. He is known as a crony of former President Joseph Estrada. He was officially listed as one of Estrada’s contributors when the latter ran for the 1998 election. Ng stood as a godfather at Senator Jinggoy Estrada’s wedding, and baptismal of Jacob Ejercito. He is also a partner of JV Ejercito at Foremost Credit Resources, Inc.

In 1998, Ng bought KB Space Holdings Inc. from the Roxas-Chua family, a property in the Wack-Wack subdivision. His group then bought the adjoining property at 800 Harvard St. A luxurious mansion, supposedly intended for Enriquez, has since risen on this 5,000-square-meter lot.

In 2010, Ng was one of those charged for syndicated estafa due to fraudulent transfer certificate of title and major defects and poor quality of houses by 41 workers before the Department of Justice (DOJ). The development by Extraordinary Development Corporation apparently had defective electrical installation, poor foundation, cracked walls, drainage system, lighting fixtures, leaking proofs and the like.

References

Citation

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