The Top 10 Successful Entrepreneurs in the Philippines 2023

This article presents the top 10 successful entrepreneurs in the Philippines for 2023. These individuals have demonstrated exceptional talent when building and growing their businesses and making significant contributions to the nation’s economy. In addition, this piece offers insights into their backgrounds, accomplishments, and overall impact in various industries.

A brief overview of the current state of Entrepreneurship in the Philippines

The Philippines is a country that has a vibrant and diverse business community. According to the 2019 Global Entrepreneurship Index, the Philippines ranks 84th out of 137 countries in terms of entrepreneurial activity. The country has a supportive environment for business start-ups, and the government has implemented policies and programs to encourage entrepreneurship. Despite the challenges posed by the pandemic, the country’s entrepreneurial spirit remains strong, and new businesses continue to emerge.

Criteria for selection

Entrepreneurs on this list were chosen based on several criteria, including business success, impact in their industry, contribution to the Philippine economy, innovation, and sustainability. Each entrepreneur featured has created businesses that have withstood time and become leaders within their field of endeavor.

Evaluation criteria used to judge entrepreneurs are crucial as they provide an accurate depiction of an entrepreneur’s impact and contribution to a country’s economy. Furthermore, such criteria provide insights into which qualities make for a successful entrepreneur and serve as guides for potential aspiring entrepreneurs.

Top 10 Successful Entrepreneurs in the Philippines 2023

1. Tony Tan Caktiong (Jollibee Foods Corporation)

• STATUS: Alive
• AGE AS OF 2023: 70 Years Old
• BIRTHDAY: January 5, 1953

Tony Tan Caktiong is widely considered one of the most successful entrepreneurs in the Philippines. As founder and chairman of Jollibee Foods Corporation – an iconic fast-food chain in the country – Tony is widely revered.

Caktiong worked at his family’s Chinese restaurant in Manila while still in high school, using his earnings to finance his college education. Later that same year, he bought an ice cream parlor but, after low sales, decided to expand its menu by including items like fried chicken, fries, and burgers – it paid off, with customers flocking in droves to try them.

Caktiong realized the success of his fast-food business model quickly by adopting it, opening new stores across the Philippines, and creating a franchise system to break into international markets. As a result, Jollibee now operates over 2,500 outlets in its home country of the Philippines and in the US, China, Saudi Arabia, Vietnam, Singapore, Brunei, and UK markets.

Under Caktiong’s direction, Jollibee has become an institution in the Philippines, famed for its tasty yet budget-conscious fare, excellent service, and warm ambiance. Additionally, the company has expanded by acquiring other fast-food chains and expanding into the coffee shop business.

Caktiong is widely recognized for his achievements and has received several prestigious honors, such as Ernst & Young’s Entrepreneur of the Year Award in 2004 and the World Entrepreneurship Award in 2011. His philanthropy also supports education and poverty alleviation initiatives throughout the Philippines.

Tony Tan Caktiong’s success story exemplifies hard work, innovation, and perseverance in entrepreneurialism. Under his vision and leadership, Jollibee has transformed from an ice cream shop into a global fast-food giant that creates jobs while aiding economic expansion within the Philippines.

2. Henry Sy (Shoe Mart or SM)

• STATUS: Deceased
• AGE at DEATH: 94 Years Old
• BIRTHDAY: December 25, 1924

Henry Sy is best known as the founder of Shoe Mart (SM), one of the Philippines’ premier retail chains. More than just a mall, SM offers services, including shopping, entertainment, dining, and leisure activities – making it an essential institution serving its community.

However, World War II brought disruption and hardship for Sy’s family business. Undeterred by this setback, Sy continued his entrepreneurial pursuits by selling worn military combat boots and other items to American soldiers. Later he opened Manila’s inaugural Shoe Mart store.

Sy endured difficulties finding vendors capable of creating the shoes he desired, yet persevered and expanded his business beyond just shoes to include clothing, accessories, and other goods. Over time he opened more SM stores nationwide, expanding into banking, real estate investments, hospitality enterprises, and beyond.

Sy passed away at 94 in 2019, but his legacy lives on through the many SM malls and businesses that bear his name. Today, the SM Group is one of the Philippines’ largest conglomerates with interests across several industries and operations in multiple countries; his life story and entrepreneurial zeal have inspired many budding business leaders in both his native Philippines and around the globe.

3. John Gokongwei (JG Summit Holdings, Inc.)

• STATUS: Deceased
• AGE at DEATH: 93 Years Old
• BIRTHDAY: August 11, 1926

Born in China, John Gokongwei Jr. hailed from one of Cebu’s wealthiest families.

But, following his father’s death, their family fortune vanished. They had to survive by selling goods from bicycles around Cebu streets and peddling goods through the boat and truck trade before eventually beginning to import from America.

As low trade margins would always limit his income, he turned to manufacturing. With an initial loan from Chinabank of PHP 500,000, he began Universal Corn Products’ maize milling operation.

Though his initial venture was successful, Universal Robina Corporation quickly expanded. They added more products, such as Blend 45. Ultimately they changed the name to Universal Robina Corporation to better reflect what their new offerings would offer their clientele.

Gokongwei died at 93 in 2019. His family has become one of the most successful Filipino business families, owning Robina Land Corporation, home of Robinsons Supermarkets and Department Stores, and commercial airline Cebu Pacific.

4. Lucio Tan (Lucio Tan Group of Companies)

• STATUS: Alive
• AGE AS OF 2023: 88 Years Old
• BIRTHDAY: July 17, 1934

Lucio Tan is an independent, self-made billionaire who began selling cigarettes on Manila streets as a teenager. After founding Asia Brewery – now one of the country’s two largest breweries – and diversifying into banking, liquor sales, and aviation, he ultimately becomes a billionaire.

Tan’s business empire, the LT Group, includes Philippine Airlines, Asia Brewery, Tanduay Distillers, and Fortune Tobacco, among many other businesses.

Even after being accused of tax evasion and other offenses, he remained one of the richest men in the Philippines and received honors such as the Order of Sikatuna, an award granted by the Republic of Philippines state orders.

As of 2023, Lucio Tan is still one of the nation’s leading business magnates and is estimated to have amassed an estimated net worth of over $2.3 billion.

Tan’s wealth and influence have made him a controversial figure in Philippine politics and business, prompting accusations that he used it to manipulate government officials and policies for his companies’ benefit and engage in corrupt practices.

Tan is also well known for his charitable works in education and health; he has donated millions of pesos to various universities and hospitals throughout the Philippines while creating scholarship programs specifically to aid underprivileged students.

Tan has achieved immense wealth and success; nonetheless, his career has not been without challenges, including lawsuits, controversies, and the threat of nationalization of his businesses during periods of political unrest.

He remains an influential presence in Philippine business circles and an icon of Filipino entrepreneurship, serving as an example for future generations of entrepreneurs to follow in his footsteps. His legacy as a self-made billionaire and philanthropist continues to inspire the next generation of Filipino business owners.

5. Mariano Que (Mercury Drug)

• STATUS: Deceased
• AGE at Death: 96 Years Old
• BIRTHDAY: August 15, 1921

After witnessing the high demand for sulfa antibiotics following World War II, Mariano Que embarked on his entrepreneurial journey. Que had worked at a local drugstore before World War II, so he saw this as an opportunity to open his pharmacy to meet customer demands in this emerging market.

Que was determined and set on making his business grow with limited capital and determination, selling high-quality sulfa significantly less than his competitors, quickly creating loyal customer relations, and expanding his business. By 1945, Que established Mercury Drug chain pharmacies, which soon became sought-after destinations for affordable medication solutions.

Que opted for the name Mercury Drug to pay tribute to Roman god Mercury, known for his swiftness and agility. According to legend, its symbolic representation – caduceus – may also have come from him, thus symbolizing their dedication towards providing prompt and efficient service for their customers.

As Mercury Drug expanded and Que continued his innovations and expansion of business operations, they soon became known for offering an impressive selection of medicines, personal care items, groceries, and much more. Que’s success can be credited to his extensive knowledge of pharmaceutical principles and his dedication to providing affordable healthcare services that were accessible.

Mercury Drug has quickly grown into one of the Philippines’ leading and most trusted drugstore chains, with over 1,000 stores nationwide. Their commitment to offering high-quality products and excellent customer service remains firm, cementing their place as a reliable brand among Filipinos.

6. Dado Banatao (Semiconductors)

• STATUS: Alive
• AGE AS OF 2023: 76 Years Old
• BIRTHDAY: May 23, 1946

Diosdado Banatao, commonly called Dado, was an influential Filipino entrepreneur and engineer who significantly contributed to the semiconductor industry. Hailing from a rural farming village in Cagayan but is determined to fulfill his goal of becoming an engineer. He persevered despite hardship in pursuit of his dreams of engineering success.

Dado was raised by a father who stressed the value of education and encouraged his son to complete his studies despite any resistance from community elders or neighbors in farming traditions. Following his advice, Dado attended and eventually graduated with an engineering degree from Mapua Institute of Technology in Manila.

Dado moved from the Philippines to America due to limited engineering opportunities in his home country and graduated with his Master’s in Electrical Engineering at Stanford University. Once there, he started designing better computer chips – specifically Windows Graphics accelerator chips – before eventually designing these groundbreaking pieces of technology himself.

Dado’s initial venture, Mostron, needed to work out. Still, he eventually created Chips and Technologies, which became one of the fastest-selling stocks in America – before Intel purchased them for over $400 million later that same year.

Dado always remembered his roots; instead, he established PhilDev, an organization that provides scholarships to deserving students and assists fledgling entrepreneurs in getting funding. He believes education is the cornerstone of success and everyone should have equal access to pursue their ambitions.

Today, Dado is revered as the “Father of Semiconductors,” serving as an inspirational example for young entrepreneurs and those from humble backgrounds looking to start businesses. His life and accomplishments demonstrate how anyone can achieve great things with hard work, determination, and an interest in innovation.

7. Socorro Ramos (National Book Store)

• STATUS: Alive
• AGE AS OF 2023: 99 Years Old
• BIRTHDAY: September 23, 1923

Socorro Ramos was an exceptional businesswoman who began her journey as a salesgirl at a bookshop. With her husband, they established National Book Store with just PHP200 capital in Escolta to sell books and school supplies to children; as their business expanded during Japan’s occupation, however, books were prohibited due to Japanese censorship; to make ends meet, they sold other products such as candles and soaps on staying open.

Following the postwar boom, Socorro Ramos established her business along Avenida; her nine-story structure became their headquarters. However, despite her success, she remained intimately involved with running it herself, even designing its logo!

National Book Store has become a cornerstone in Filipino communities nationwide for books and school supplies. Employing some 3,000 staffers nationwide, the store has become synonymous with education in the Philippines.

At age 98, Socorro Ramos’ net worth has been estimated at USD 3.1 billion – making her one of the country’s wealthiest individuals. Her success story is an inspiring example, showing that anything can be accomplished if one works hard and remains committed to what one loves doing.

8. Cecilio Kwok Pedro (Lamoiyan Corporation)

• STATUS: Alive
• AGE AS OF 2023: 70 Years Old
• BIRTHDAY: 1953

Cecilio Kwok Pedro is an inspiring Filipino entrepreneur whose story illustrates resilience and determination in Filipino society. Beginning his entrepreneurial journey as president of Aluminum Container Inc. – producing aluminum toothpaste tubes for significant corporations including Procter & Gamble, Philippine Refining Company (now Unilever), Colgate-Palmolive as well as plastic laminated toothpaste tubes due to environmental concerns – his business eventually shut down due to environmental considerations in 1986.

Despite initial setbacks, Pedro did not give up his dream of becoming an entrepreneur. Instead, he established Lamoiyan Corporation, which manufactured toothpaste at 50% cheaper prices than his competitors, and quickly established brands such as Hapee and Kutitap, which quickly became market leaders. When overseas brands reduced their prices to compete with him, Pedro responded by creating children’s toothpaste featuring Sesame Street characters – today, his products can be found across Asia, including China, Vietnam, and Indonesia.

Pedro’s ambitions do not stop with business success alone; he is also recognized for his advocacy work to assist deaf individuals in finding employment in America. Through the Deaf Evangelistic Alliance Foundation (DEAF), he has provided free lodging for over 30 deaf and mute employees and supported college education for more than 180 deaf students to date.

Pedro’s journey teaches us that with hard work, perseverance, and an eye toward service, anyone can achieve their dreams and positively affect the world.

9. Alfredo Yao (Zest-O)

• STATUS: Alive
• AGE AS OF 2023: 79 Years Old
• BIRTHDAY: November 26, 1943

Alfredo Yao’s father passed away when he was 12 years old, leaving his mother to support him and his siblings by working as a street vendor. Despite this hardship, Yao could attend college at the Mapa Institute of Technology with the help of a family member, although he did not complete his studies.

Yao worked various odd jobs, including operating a printing machine, where he learned how to print cellophane wrapping for candy and biscuits. This experience inspired him to start his own printing company, which became successful.

However, Yao’s discovery of the Doy Packaging technique from Europe launched his career. Although he initially sought to market the system to juice companies, they needed more interest. So, Yao decided to start his own juice company, developing recipes in his kitchen.

These juices, packaged in lightweight and brightly colored Doy packs, appealed to parents for their convenience and ability to keep the juice cold longer. Zest-O, Yao’s juice company, now owns 80% of the Filipino juice market and has expanded into other markets in Asia, Australia, New Zealand, the United States, and Europe. Yao’s success has helped boost the Philippine juice industry and the businesses of Dalandan Orange farmers. Small-scale entrepreneurs also recycle Doy packs into handbags for export to other countries.

By acquiring Asian Spirit Airlines and renaming it Zest Air, Yao has also expanded his business interests into the airline industry.

10. Edgar Sia (Mang Inasal)

• STATUS: Alive
• AGE AS OF 2023: 46 Years Old
• BIRTHDAY: January 9, 1977

Edgar Sia is an esteemed entrepreneur and the creator of Mang Inasal. Hailing from Iloilo City, Edgar pioneered the concept of unlimited rice meals in the Philippines.

At 19, Sia abruptly dropped out of college to launch his laundry and photo-developing service business, which proved successful and gave him the confidence to pursue his interest in food-based entrepreneurship.

At 26 years old, Sia decided to open Mang Inasal in his hometown in 2003. Offering traditional Filipino grilled chicken and pork dishes served with unlimited servings of rice, the restaurant quickly gained customers. While its first branch was located within a mall parking lot, its popularity quickly spread throughout the nation.

Mang Inasal quickly rose to become a household name in the Philippines, drawing the notice of Tony Caktiong – founder of Jollibee Foods Corporation – who purchased 70% of Mang Inasal shares for PHP 5 billion, making Sia an instant billionaire.

Since then, Sia has expanded his business ventures beyond food to banking and healthcare – leading him to be recognized as one of the Philippines’ most successful and influential businesspeople – inspiring an entirely new generation of entrepreneurs to pursue their passions and dreams.

Analysis of common traits among the Top 10 Successful Entrepreneurs in the Philippines

Though they hail from different industries and backgrounds, the Top 10 Successful Entrepreneurs in the Philippines all share strong similarities contributing to their success. One key factor is their business approach, characterized by a hard work ethic, willingness to take risks, and focus on innovation.

These entrepreneurs are well known for being highly involved in all aspects of their businesses and possess a clear vision that they communicate effectively to their employees.

Mindset is another shared trait among the Top 10 entrepreneurs. All have a growth mindset, meaning they constantly seek ways to better themselves and their businesses. Furthermore, these top entrepreneurs possess intense determination and resilience, allowing them to overcome obstacles and persevere even during difficult periods.

How these traits have contributed to their success

These shared characteristics have played a critical role in the success of entrepreneurs. Their strong work ethics have allowed them to devote the necessary time and effort toward building their businesses. In contrast, their willingness to take risks has allowed them to seize opportunities within their industries and innovate within them.

Management styles have also played an essential role in their success by ensuring their businesses operate efficiently and effectively. Their hands-on approach enables them to make quick decisions quickly in response to changing market conditions and adapt quickly when making necessary changes.

Finally, their growth mindset and resilience have allowed them to overcome setbacks and endure difficult times. By constantly learning and improving themselves, these entrepreneurs have managed to stay ahead of the competition and maintain their roles as industry leaders.

Conclusion

The Philippines holds great promise when it comes to entrepreneurialism. Thanks to a supportive business environment, growing economy, and talented workforce, the country offers ample opportunity for success-minded individuals and companies to establish successful enterprises and businesses.

However, challenges must still be faced, including accessing funding and infrastructure development; with appropriate policies and support in place, however, entrepreneurialism in the Philippines will continue to flourish and contribute significantly towards economic development and growth.