MANILA — As the Gokongwei Group commemorates the 100th birth anniversary of founder and family patriarch John Gokongwei Jr., JG Summit President and CEO Lance Gokongwei on Wednesday said the conglomerate remains optimistic about the Philippine economy and continues to look for new avenues of growth despite global uncertainties.
Gokongwei acknowledged that the group has faced a challenging year, citing elevated oil prices as among the biggest headwinds for both the company and the broader economy.
He expressed hope that easing tensions in the Middle East, particularly around the Strait of Hormuz, would help stabilize energy prices.
"We're quite optimistic. A lot of the issues we're facing, we believe, are temporary. The Philippines is a very resilient country and we do believe that things will move forward," Gokongwei said.
"The most imminent good news, hopefully, is that the issues in the Strait of Hormuz... will be resolved. One of the key issues we're facing is the oil shock or the rapid rise of energy prices, which are affecting the economy very much," he added.
Gokongwei said that, true to his father’s grit and entrepreneurial spirit, the conglomerate will continue to innovate and pursue new opportunities in the years ahead.
“As a whole, we're fortunate to be diversified. We have very strong balance sheets. We still continue to look for avenues of growth,” he said.
He said among the businesses seeing strong momentum are tourism and aviation, digital banking and discount retail.
"Some businesses are experiencing faster growth than certain more mature businesses," he said, noting that Cebu Pacific continues to expand despite higher fuel costs, while discount retailer O!Save recently opened its 1,000th store
Asked about the next generation of the Gokongwei family, Lance said future leadership of the business would depend on both interest and merit.
"The kids of the next generation have so many choices and aspirations. Many of them want to prove themselves outside, in their own independent capacity," he said.
"It's our job as the second generation to make it attractive for them to join the business in the future—if they're interested and if they're qualified."
He added that the qualities expected of future leaders remain the same values espoused by John Gokongwei Jr.: integrity, hard work, prudence, entrepreneurship and "the boldness to dream."
"We have to continue to find solutions for customers,” he said.
As part of the centennial celebration, Robinsons Land Corp. (RLC) also renamed Bridgetowne Avenue to John Gokongwei Jr. Boulevard as a permanent tribute to his legacy and the values that continue to guide the Gokongwei Group.
The one-kilometer boulevard runs through Bridgetowne Destination Estate, Robinsons Land's mixed-use development spanning Quezon City and Pasig.