Lance Gokongwei.
Robinsons Land
This story is part of Forbes’ coverage of Philippines’ Richest 2025. See the full list here.
A five-year losing streak at JG Summit Holdings’ petrochemicals unit, which racked up losses of roughly 50 billion pesos ($88 million), prompted president and CEO Lance Gokongwei to make the tough call of shutting down operations for at least two years, starting January.
The company said it will “reassess strategic options” including an outright sale of the unit, which has been hit by a global supply glut and shrinking margins. JG Summit had diversified into petrochemicals in 1997 under Gokongwei’s late father John Gokongwei Jr.
Analysts, such as AP Securities’ head of research Benjamin Garcia, view a potential sale of the legacy business positively, saying it will provide resources that could be better deployed in the conglomerate’s other units. These include airline Cebu Pacific, which notched over a one-fifth jump in passenger traffic in the first half of this year; mall operator Robinsons Land, which is eyeing 14 new malls by 2030; and Universal Robina, a food and beverage company known for its Jack ‘n Jill snacks.
Meantime, shares of JG Summit are down almost 30% since fortunes were last measured, resulting in a drop in Gokongwei’s net worth, which he shares with his siblings, to $1.8 billion.
Source: https://www.forbes.com/sites/iansayson/2025/08/06/philippines-lance-gokongwei-mulls-exit-from-legacy-petrochemicals-business/