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Eduardo Cojuangco speaks during the annual stockholders meeting of San Miguel Corporation in Manila … [+]
NAT GARCIA/AFP via Getty Images
Eduardo Cojuangco Jr., chairman of San Miguel, one of the Philippine’s largest conglomerates died on Tuesday. He was 85. San Miguel reported his death to the Philippine Stock Exchange without specifying the cause.
Cojuangco had an estimated net worth of $1.1 billion at the time of his death. A close ally of the late long-ruling president Ferdinand Marcos, Cojuangco built part of his fortune from what many contend was at the expense of the country’s coconut farmers, levying taxes to acquire some of his assets. He later took control of food and beverage maker San Miguel and diversified interests that now span oil, power and infrastructure.
Cojuangco led San Miguel twice, he stepped down in the 1980s after going into exile in Australia and then returned to San Miguel in 1998.
In 2012, his protégé Ramon Ang—also a billionaire—bought part of his stake in the conglomerate and has since been running operations.
Known locally as “Boss Danding,” (from his middle name), Cojuangco was born in Manila on June 10, 1935 to a wealthy family in Tarlac province. He made an unsuccessful bid for presidency in 2012; prior to that he served as a member of Philippine’s House of Representatives and governor of Tarlac.
The bulk of his wealth at the time of his passing was derived from his remaining stake in San Miguel, the sale of his previous shares and his privately-held Northern Cement.
He is reportedly survived by his wife and his six children.