How Filipino billionaires are giving back

ABS-CBN News 2019-09-02

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MANILA, Philippines – What is the real measure of success? For Filipino billionaires, it's leaving a legacy of giving back. Journalist Wilson Lee Flores said the country’s top billionaires are usually giving because for them, money is not the goal but only a byproduct and measurement of their hard work. He noted that their motivation centers on excelling at their respective fields. “I realized one thing: many of the top business people in this country are into business not purely for the money. Hindi iyan ang primary motivation nila. Ang motivation ng iba is the chance to excel and do something fulfilling and exciting. For them, creating industries and jobs is a challenge, parang adventure,” he told ANC’s “On The Money.” Flores said most of the billionaires use their position to help others, which is something they cannot do if they are ordinary employees or entrepreneurs. “It’s very fascinating, like John Gokongwei Jr., all his life, he is well-known for having a frugal lifestyle. But in his old age, he would suddenly donate P200 million to Ateneo. He would donate to La Salle. And Henry Sy also would donate buildings. That’s very interesting because it shows you that money is not the number one motivation for people who really excel,” he said. Flores added that another billionaire, Lucio Tan, has donated a number of public schools through the years. “To them, money is only a measure of how excellent you are,” he said. Times have changed in terms of giving back to the community as more tycoons opt to make their company public while others set up a charitable foundation that can either donate funds or support other organizations. “Now they have a more modern way of ensuring their future, one way is to have IPOs and listing their companies. Another way is setting up foundations to make their companies as well as their non-business endeavors last beyond than their lifetime,” Flores said. They create foundations because it can provide a systematic way of giving, allowing for monitoring of results and understanding the impact on recipients.

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