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Tuesday, November 1, 2011

Tan Yu


A naturalized Filipino of Chinese descent,   Born  on    1927 in Fujian, China and Died     5 March 2002 at the age of  74 in Houston, Texas,  United States

A philanthropist and businessman who founded the Asiaworld International Group  and established the KTTI Foundation. In 1997, Forbes estimated his net worth to be about $7 billion, ranking him as one of the 10 richest men in the world, and making him the wealthiest man in the Philippines. Some projects were affected by the 1997 Financial Crisis

Originally from Fujian province in China, Yu and his family moved to the Philippines at a young age. He began making a living in Camarines Norte through selling bread buns in the streets and doing some fishing. He graduated from University of St. La Salle in Bacolod City, and in 1997, received an honorary doctorate of science degree from the New Jersey Institute of Technology. By the age of 18, he had established a textile business, and had made his first million pesos.

During his lifetime, he planned to develop Fuga and Barit, two northernmost islands in the Philippines, into a resort in the Pacific for businessmen and tourists. Under the company Asiaworld, he possessed more land in the Philippines than the government, as well as possessing overseas assets in the form of property, Hotels and banks, totaling $12 billion, as estimated by CNN Asiaweek.

Tan Yu died of heart failure in Houston, Texas in 2002 at the age of 75. Jose de Venecia, the Speaker of the House of Representatives in the Philippines, commended his achievements as a great businessman and as a philanthropist, for providing jobs to a number of Philippine people. He was posthumously honored with the Dr. Jose P. Rizal Award for Excellence.