Taipan Gotianun dies at 88

MANILA, Philippines - Taipan Andrew Gotianun Sr., one of the country’s most prominent and respected businessmen, passed away Thursday. He was 88.

Gotianun was a Chinese-Filipino entrepreneur who founded Filinvest Development Corp. (FDC), which owns most of property giant Filinvest Land Inc. (FLI) and the East West Bank.

Both FDC and FLI have yet to make disclosures on his death, which was confirmed by industry sources.

Andrew Sr. and his wife established Filinvest, which started from humble beginnings as a small-scale financing company in 1955.

On the other hand, FDC is one of the country’s largest listed conglomerates with businesses that range from property development, to banking and financial services, hotel and resort development, power generation, and the sugar industry. Its subsidiaries include Filinvest Alabang, Inc., FDC Utilities, Inc., Chroma Hospitality, and Pacific Sugar Holdings Corporation.

In 2015, Forbes magazine estimated his net worth at $910 million, making him the 18th wealthiest man in the Philippines.

Gotianun also had interests in the sugar, hospitality and power generation industries.

His business empire has been under the stewardship of his only daughter Josephine Gotianun-Yap.

His wake will be at the Santuario de San Antonio in Forbes Park, Makati City.