Assignment 1
Assignment 1
Assignment 1
Shortly after, World War II broke out and ruined the family business. Sy, on the
other hand, continued to pursue his entrepreneurial interests by selling worn
military combat boots and other items to American soldiers. This is where the
name “Shoe Mart” originates: it was Manila’s first shoe store at the time.
Despite being unable to find vendors that could make the shoes he wanted, Sy
persisted.
Sy, who died in 2019 at the age of 94, was survived by his family. Sy’s legacy
lives on today in his many SM malls and other acquired businesses. As a
result, he was one of the world’s wealthiest men.
Tony Tan Caktiong, another Chinese immigrant, is the brains behind this
popular food chain. His family maintained a Chinese restaurant in Manila at the
time, which enabled him to finish college.
He bought an ice cream shop in 1975, but owing to low sales, he decided to
add other items such as fried chicken, fries, and burgers. Customers came to
the store to buy his products after word spread in his area.
Caktiong was able to expand across the country after embracing the fast-food
business model, growing his humble restaurant into one of the Philippines’
most successful businesses.
The Ramoses built a nine-story structure along Avenida, after the postwar
boom brought increased revenue for the company. Ramos adopted a hands-on
approach to running her business, even designing the company’s logo herself.
The National Book Store now has around 3,000 employees. At the age of 98,
Socorro Ramos is worth an estimated USD3.1 billion, making her one of the
country’s richest people.
When his father died, however, the family fortune evaporated and he had to
support his family by peddling goods from his bicycle in the streets of Cebu.
He then began to trade by boat and truck until he began importing from the
United States.
Seeing that low trade margins would always limit his income, he switched
focus to manufacturing. He borrowed PHP 500,000 from Chinabank to launch a
maize milling company that is now known as Universal Corn Products.
Although this business venture was a success, he did not stop there. He
began adding more goods, such as Blend 45, and soon changed the name of
his company to Universal Robina Corporation.
Gokongwei died in 2019, aged 93. His family is now one of the most successful
Filipino business families and owns the Robina Land Corporation, which owns
Robinsons Supermarkets and Department Stores, as well as the commercial
airline Cebu Pacific.
Sia, who is native to Iloilo City, dropped out of college at the age of 19 to start
his own laundry and photo-developing business. Sia, then 26 years old,
decided to launch the fast-food restaurant Mang Inasal – meaning “Mr.
Barbecue” in his native Hiligaynon – in 2003. In his hometown, the first branch
was erected in a mall parking lot.
The restaurant was a huge success. Jolibee’s Tony Caktiong bought Mang
Inasal for PHP5 billion after hearing about Sia’s growing business. Sia
invested the proceeds from the sale of Mang Inasal into banking and
healthcare. He is the country’s youngest billionaire, at the age of 42.
He began selling good-quality sulfa for a low price. As a result, he was able to
expand his clientele. In 1945, he founded the Mercury Drug chain of
pharmacies.
Mercury Drug was named after the Roman god Mercury, who was known for
his speed as well as for originating the medical industry’s symbol, the
caduceus. He helped the company grow over time, and it is today one of the
The new company was renamed Greenwich Pizza Corporation after the
successful commercial agreement, and it launched its first store in the Ever
Gotesco Commonwealth Shopping Mall in 1994.
Pedro was once the president of Aluminum Container Inc., a company that
made aluminium toothpaste tubes for Procter & Gamble, Philippine Refining
Company (now Unilever), and Colgate-Palmolive. His clientele, however,
switched to plastic-laminated toothpaste tubes due to environmental
concerns. Aluminum Container Inc. went out of business in 1986.
Pedro’s ambitions aren’t limited to success in the business world; he’s also
known for his work to help hearing-impaired people find work in the United
States. His initiatives include providing free lodging for more than 30 deaf–
mute employees. DEAF, or Deaf Evangelistic Alliance Foundation, has
provided college education for more than 180 hearing-impaired students to
date.
His printing company was thriving, but it was his discovery of the Doy
Packaging technique from Europe that really launched his career. He sought to
market the system to juice companies, but they showed little interest. Yao
decided to start his own juice company, initially concocting recipes in his
kitchen.
These juices were not only tasty, but also appealed to parents, who found the
lightweight, vividly coloured packaging convenient to pack in their children’s
lunchboxes. The packaging also helped the juice to stay cold for longer.
Zest-O now owns 80% of the Filipino juice market and has spread to other
markets in Australia, China, New Zealand, Korea, Singapore, the United States,
and other European countries. Yao’s commercial success has resurrected the
Philippines’ juice industry and boosted dalandan orange farmers’ businesses.
Small-scale entrepreneurs recycle the Doy packs into handbags for export to
other countries.
By acquiring Asian Spirit Airlines and renaming it Zest Air, Yao has expanded
his business interests into the airline industry.
He dedicated his spare time to finding the cause for this anomaly, and
did various tests and trials on how to ease Cebu’s cattle malnutrition,
using only the pots and pans in his home.
Despite several setbacks, his perseverance paid off: he found out that
the pigs were infected with dangerous bacteria. His solution was
probiotic bacteria that would boost the body’s healthy bacteria count.
Sanchez eventually developed his discovery into LactoPAFI Probiotic
Bacteria, which would go on to become a global probiotics leader with
buyers in Japan, New Zealand, Hong Kong, Norway, Australia, France,
and the United States.
FINANCIAL INSTITUTION
Example #1
The importance of the financial institutions can be observed from the way
governments interfere as and when these entities in their respective nations
suffer turmoil. The authorities try their level best to protect them from the
financial crisis
and help them prevent their collapse. For example, in the 2008 financial crisis,
the administrative authorities helped many financial institutions from getting
bankrupt. These entities included the American International Group (AIG), Bank
of America, Citigroup, etc.
Example #2
One of the most significant financial institutions in the United States is Wells
Fargo. It operates almost 6% of the bank branches in the nation. Though there are
many other institutions that the Americans may take into account, they prefer
Wells Fargo over the rest. The only reason behind this is the significantly low
monthly fees and higher transaction limits that it offers.