"Here’s the speech I delivered Monday night during the anniversary of BizNewsAsia."
Tonight we mark a milestone—the 18th anniversary of BizNewsAsia.
BizNewsAsia has been a publishing sensation. It has become the Philippines’ largest and most influential weekly news and business magazine.
We claim a pass-on circulation of 350,000 readers. That is because the last time we published our best-selling issue ever, the Power 100, it sold 35,000 copies. And each copy is read by ten readers.
We haven’t published a new version of Power 100, the list of the most powerful and influential Filipinos. One reason is that I make as many enemies as I make many friends. Those who were included are thankful they are included and I have validated their friendship.
Those who were not included were angry they were not included. And some who were included were angry they were underrated. Still others protested that I overrated some people in power and influence.
If I were to publish the Power 100 tonight, clearly 30 or more in tonight’s audience would easily make the grade. And they wouldn’t be angry because they qualify effortlessly, in the Top 30 most powerful and influential Filipinos.
Tonight is also my 71st birthday. Thank you for helping me live a longer life than the average Filipino whose lifespan is an exciting 69 years.
Thank you, friends and supporters, of BizNewsAsia for making the BizNewsAsia anniversary such an elegant and power night.
I chose the prayer recited in the invocation tonight. It is often attributed to Saint Francis although some doubt he indeed wrote it.
Anyway, the prayer is a litany of inspiration, of recovery; a supplication for love, pardon, faith, hope, truth, light, and joy. Understanding and pardon. It is a prayer of inclusion.
There is so much conflict and division in this country and the world today. Amid riches and plenty, remarkable poverty and misery stalk the land.
Our magazine, BizNewsAsia, stands for hope and optimism, for celebration of good deeds and achievements, for focus on the right things—the economy, country, and people. No publication, big or small, does this today, in the Philippines.
And it may explain, partly, our success,
The CEOs and top honchos of the Philippines’ largest companies are here with us tonight. By largest, I mean, largest in revenues (San Miguel); largest in market value (SM Investments); and/or largest Filipino in wealth (Villar).
I have been a business writer for 50 years. I have known, befriended, and watched a number of our taipans and tycoons become big. That also includes many of our public servants. I met them literally as kids before they became senators or something bigger.
I can write about them with authority. That is why tonight’s awards of excellence are still much coveted, despite the recent proliferation of copycat awards. There is authority and credibility behind the awards.
They say behind every great wealth is a great crime. That is not always true.
What is true—always—is that behind every great wealth is punishing hard work, relentless drive for excellence, and purposeful ambition. The late John Gokongwei Jr was right—“if you don’t work, you don’t eat.”
When the late Henry Sy Sr. landed in Manila from China in 1936 as a boy of 12, he had only ten centavos in his pocket.
By the time he died early this year, his wealth was worth $17 billion. How did he do it? Pure hard work. No illegal drugs. No selling of get-rich-quick scams. Just punishing work 24/7.
Tatang Henry worked so hard he had little sleep. He was always sleepy in class, he decided to quit. So he did not finish school. He did finish his goal—to be No. 1 in malls and retailing, No. 1 in property, and No. 1 in banking. In all three, Henry had no close second.
Ramon S. Ang of San Miguel has seven secrets to success. Rule No. 3 is “Work harder than anybody else.” Rule No. 6 is “Nothing is impossible.” Rule No. 7 is “Believe in a bigger purpose.”
What does that mean? May I quote Co. Ariel Querubin on San Miguel:
“Mr. Ang has been a true nation builder, helping create new economic centers and disperse growth away from the big cities.”
“Where San Miguel has set up factories and distribution hubs, it has also provided thousands of jobs, allowing small businesses and micro-economies to take root. By establishing new, regional manufacturing hubs and harnessing the strength of its businesses today in terms of access to affordable, reliable power and efficient infrastructure, San Miguel and RSA are delivering on the commitment to helping our nation achieve its development goals.”
So there. Believe in something bigger than ourselves. Believe in a bigger purpose.
Of six future taipans who landed in either Cebu or Manila just before the war, only one is still alive, Lucio Tan.
The others have all died, but not after building great fortunes—Al Yuchengco who died in 2017 at 94; George Ty who died in 2018 at 86; Henry Sy who died in January 2019 at 94; and Gokongwei who died Nov. 9, 2019 at 93). Gotianun had wealth of $501 million, Yuchengco $600 million, Ty $2.2 billion, Sy $17 billion; and Gokongwei $5.9 billion. Kapitan Lucio Tan is worth $3.9 billion per BizNewsAsia reckoning.
What do these taipans have in common? They started penniless. They ended up dollar multi-millionaires or billionaires.
To be sure, you don’t need to finish college to be wealthy. Half of the ten richest men of America are college dropouts.
Bill Gates is worth $110 billion. Mark Zuckerberg is worth $73.7 billion. Michael Dell had $20 billion wealth.
Steve Jobs was worth $10 billion when he died in 2011. That wealth is now worth $18.8 billion under his widow, Laurene Powell Jobs. The founder of Oracle, Larry Ellison, trusted his instincts and quit college. He did not want to be a doctor. Today, Ellison is worth $69 billion. Computer maker Michael Dell had wealth of $20 billion.
What do these men have in common? They are all college dropouts. One in eight billionaires of America is a dropout.
Twitter co-founder Evan Williams, Uber Kalanickl founder Travis Kalanick, WhatsApp founder Jan Koum, and Whole Foods founder John Mackey are all dropouts. And they are all multi-billionaires.
In the Philippines, nearly all our first-generation Filipino taipans did not finish college.
The billionaire college dropouts of America were inventors and creators.
The billionaire college dropouts of the Philippines were industrialists. They didn’t invent anything. They just developed new ways of doing old things.
A common trait of these dropouts—hard work.
Also, they could be ruthless. They finish off their competitors at the first opportunity. Lapu-Lapu style. He finished off the first conquering tyrant at the first sign of invasion.
In BizNewsAsia, we like competition. But our rivals have voluntarily finished themselves off.
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