San Miguel Corp. (SMC) chairman and chief executive officer (CEO) Eduardo “Danding” Cojuangco Jr. died Tuesday evening. He was 85.
Cojuangco succumbed to pneumonia and heart attack, his family confirmed in a separate statement.
Apart from being a successful businessman, Cojuangco was considered a political kingmaker. He was chairman emeritus of the Nationalist People’s Coalition and ran for president in the 1992 elections, but lost to Fidel V. Ramos. He then became campaign manager for Ramos’ successor, President Joseph Estrada.
Born June 10, 1935 in Paniqui, Tarlac, he was also a former governor of Tarlac province and a former ambassador to the United States.
Cojuangco was a first cousin of the late President Corazon “Cory” Aquino and uncle of former President Benigno “Noynoy” Aquino III. He was also a close ally of the late President Ferdinand Marcos.
In a statement, SMC paid tribute to Cojuangco’s contribution to its development.
“For decades, ECJ (Eduardo Cojuangco Jr.) guided the San Miguel Group, making a difference in the lives of so many of our employees, past and present. Values he lived by — malasakit (compassion), and sama-sama (togetherness), the idea that we either make it together or not at all — are at the heart of what it means to be San Miguel,” SMC said in a statement.
It added that as chairman, Cojuangco guided the conglomerate’s “expansion, diversification, and transformation.”
“His vision for San Miguel—to be a beacon of hope for the Philippines and a partner in nation-building—remains at the core of everything we do,” SMC said.
In 2012, Cojuangco was named one of the 1,000 wealthiest men in the world, with an estimated net worth of $1.3 billion (P65 billion).
Malacañang expressed its sympathies and condolences to the Cojuangco family.
“The Palace offers its fervent prayers for the eternal repose of the soul of Mr. Cojuangco as we convey our heartfelt condolences to his family, colleagues, friends, and loved ones,” Presidential Spokesman Harry Roque said in a press statement.
Senators, other government officials, and the sports and business communities also mourned the death of Cojuangco, who had battled lung cancer. He also had a kidney transplant in 2013.
Senate President Vicente Sotto III, a ranking official of the political party founded by Cojuangco, said the Sotto family joined the nation in mourning the passing of a titan in Philippine business and politics.
“The passing of our Nationalist People’s Coalition chairman, Eduardo ‘Danding’ Cojuangco Jr., leaves a big hole in our hearts,” said Sotto.
Cojuangco has been the chairman of the board and CEO of SMC since July 7, 1998. SMC corporate information officer Ferdinand Constantino announced Cojuangco’s death on Wednesday in a disclosure to the Philippine Stock Exchange.
Named as the 16th richest man in the Philippines by Forbes magazine in 2019, he had a strong presence in the Philippine business scene.
Apart from being SMC chairman, Cojuangco also chaired the Ginebra San Miguel, Inc., San Miguel Food and Beverage, Inc., Petron Corp., ECH & Sons Agricultural Enterprises, Inc., and Northern Cement Corp.
Roque remembered Cojuangco’s “immense contribution” to the socio-economic development of the Philippines through SMC’s operations in food, beverages, energy, power, oil refining, and infrastructure.
“SMC has provided livelihood opportunities to tens of thousands of our countrymen as direct workforce, and creation of additional jobs as suppliers, distributors, retailers, and the like,” he said.