Taipan and diplomat Alfonso Yuchengco passed away at the age of 94. The news of his death was confirmed on Monday.
Alfonso Yuchengco is an official of the family run Rizal Commercial Banking Corporation.
According to reports, Alfonso Yuchengco is the country’s 32nd richest, together with his family, with an estimated net worth of $400 million, according to Forbes Magazine. He has been interested in banking, insurance, education and car dealerships.
The death of Yuchengco patriarch was confirmed by RCBC trust officer Helen Go-Oleta but no other details were immediately available.
Reported further, Alfonso Yuchengco was born into a rich family of Chinese immigrants, and parlayed his father’s insurance business into Great Pacific Life Insurance Co, and later, RCBC, one of the country’s largest banks.
In the 1970s, he pioneered the pre-need business through Pacific Plans Inc and brought Diner’s Card to the Philippines. He was also an ambassador to China under former President Corazon Aquino and ambassador to Japan under former President Fidel Ramos.
Yuchengco also served as Philippine representative to the United Nations and special envoy to Korea.
On the other hand, Yuchengco graduated from Far Eastern University with a degree in accountancy. He has 8 children according to Forbes. In 2005, he announced that eldest daughter, Helen Yuchengco Dee, would succeed him.
Known for it’s being business-minded, the taipan invested in the Mapua Institute of Technology as well as in the local dealerships of Isuzu and Honda.
But like other companies, Yuchengco’s also had brushes with controversy. Plan holders of Pacific Plans had sued the pre-need firm for failing to meet its obligations.
RCBC, on the other hand, was slapped with a record P1-billion fine over the $81-million cyber-heist on Bangladesh’s central bank last year. The money was deposited in four accounts in one of the bank’s branches.
But despite all these, as the family is grieving with the taipan’s lost, other’s also extend their condolences to the bereaved. Yuchengco’s legacy will always stay forever.