Alfonso
Yuchengco Alfonso’s ancestors hailed from Fookien, China. His grandfather, Yu Tioaqui left his family in Fookien and went to the Philippines in the late 19th century. Upon his death, his Chinese son, the father of Alfonso, came to the Philippines and adopted the name Enrique Tiaoqui Yuchengco. Alfonso, born on February 6, 1923, was the only surviving son of Enrique and Maria Hao Tay. In 1930, Alfonso’s father put up the China Insurance and Surety Company. While this flourished, young Alfonso spent his early academic years at the Binondo Primary, then to the Colegio De La Salle and went on to finish Accountancy from the Far Eastern University. The Yuchengcos suffered at the hands of the Japanese during the three-and-a-half years of occupation of the Philippines. China Insurance Company was ordered to be liquidated. Young Alfonso took to buying and selling soap to augment the family income. Then, during the Liberation of Manila, the family house, stores and offices were razed to the ground. After passing the CPA exams, young Alfonso took up his Master’s degree in Business Administration at Columbia University in the U.S. When he returned, he revived his father’s insurance business and renamed it Malayan Insurance Company. Yuchengco has often said, "I won’t go into any business that isn't good for the country or may tarnish the company’s reputation. A good name is more important than a successful business.” This, being his guiding principle led him to enter into other lines of business. In 1954, GREPALIFE (Great Pacific Life Assurance Corporation) was established. GREPALIFE is the flagship life insurance firm of the Yuchengco Group of Companies (YGC). In 1960, RCBC, then Rizal Development Bank, opened
for business as a small development bank in the province of Rizal.
In 1964, RCBC marked a significant presence in the Filipino-Chinese business community with the opening of its first branch in Binondo. Also in 1964, the Manila Memorial Park (MMP), the pioneer in the memorial park industry, was opened. In 1967, Yuchengco assumed the chairmanship of the board in RCBC, further strengthening its position in the banking industry. In 1970, Yuchengco established AY Foundation as the social development arm of YGC. A percent of the profit of YGC goes to the different projects of the Foundation on education, national discipline, surgical and medical mission and leadership training. In 1983, AY Foundation partnered with Manila Jaycees and started the Blessed Teresa of Calcutta Award. This is given to individuals who have dedicated their lives in the service of the poorest of the poor. The Awards gives 1 million pesos to the chosen awardee annually. As companies under the Yuchengco Group of Companies grew, so did their travel needs. In 1979, Pan Malayan Travel and Tours, Inc (PMTTI) was established with the goal of servicing the travel requirements of the Yuchengco Group of Companies. In 1999, the Mapua Institute of Technology was acquired 100% by the Yuchengco Group of Companies. Yuchengco also chairs the Malayan High School of Science. Dedicated to the cause of education, Yuchengco also funded the Yuchengco Center at the De La Salle University in Manila as well as the Don Enrique T. Yuchengco Hall, a nine-story building in honor of his father and the 3-story Teresa G. Yuchengco auditorium in honor of his late wife. From 1986 to 2004, Yuchengco held diplomatic posts to China and Japan and was appointed to different cabinet posts such as Presidential Adviser on Foreign Affairs and Presidential Envoy to Greater China, Japan and Korea. He was the Philippine Permanent Representative to the United Nations. In 1992, majority of ownership of construction firm Engineering Equipment, Inc.,was acquired by the Yuchengco Group of Companies. Under the new leadership, the Company changed its name to EEI Corporation. In 1996, the Yuchengco Group consolidated its ownership in EEI through its holding company, House of Investments. During the year, the Company merged with Philrock Inc., a corporation engaged in pre-cast fabrication of concrete products and horizontal and civil construction. Yuchengco runs his businesses on these core values: discipline, diligence, honesty, and pride in being a Filipino citizen. He once said that you can be the smartest man in the world, but if you are not lucky you won’t succeed. This man, certainly, is both. Sources: http://www.forbes.com/global/2009/0316/054_philanthropy.html  |
Alfonso Yuchengco chairs the Yuchengco Group of Companies that includes
the Rizal Commercial and Banking Corporation (RCBC), Malayan Insurance,
Great Pacific Life Assurance Corporation (GREPALIFE), and EEI Corporation.