Construction magnate David Consunji on how to become a billionaire

How does an ordinary man with an ordinary background get to command a sprawling business empire? The GMA News TV news analysis program “Bawal ang Pasaway” recently aired an interview between Mareng Winnie Monsod and construction magnate David Consunji.  Consunji, 92, rose from a middle-class family from Bataan to become a self-made billionaire. Consunji ranks fifth on Forbes’ June 2012 Top 40 richest individuals in the Philippines with a net worth of $2.7 billion, or roughly P114 billion, thanks to his construction company D.M. Consunji, Inc. (DMCI) and various holdings in the mining, water, and agriculture industries. Consunji let viewers in on a few secrets to his success:

1. Take the risk According to a Bangko Sentral ng Pilipinas (BSP) survey, seven of 10 Filipino households are not entrepreneurs, preferring to earn a salary than invest money in a business venture. Similarly, Consunji said in Filipino, he knew that employment would mean a more stable and higher paycheck.  Nevertheless, he and a few friends invested their money in a small shop, a truck, a cement mixer, and began looking for construction jobs around town.  Business ventures are risky by nature, but Consunji's story shows that persistence, intelligence, and guts can pay off. 2. Watch your spending “Sabi ng ama ko,” Consunji said, “huwag mong gayahin ang masamang ugali ng mga tao.” His father told him to always keep in mind the adage: “Ubos-ubos biyaya; pag-naubos, nakatunganga.” Saving is an integral part to accumulating wealth, but it doesn’t always mean going the full Scrooge McDuck. Consunji encouraged viewers to keep a simple lifestyle and avoid buying more than what they need. Despite having enough wealth to afford the most exquisite cuisine in the world, Consunji said his breakfast remains ordinary: he prefers to start his day with cornflakes, tuyo, paksiw, or torta. 3. Diversify your holdings. Spreading your assets over various interests is the best way to ensure a steady flow of income. Consunji doesn’t rely solely on construction for his profits, but has investments in mining (Semirara Mining Corporation), water (DMCI-MPI Water Company) and energy (DMCI Power Corporation). 4. Do good business. As a small construction contractor, Consunji didn’t have the connections to catapult him to the top. He did, however, make sure his clients’ expectations were well-met. He got his big break when he finished a Coca-Cola plant for tycoon Don Andres Soriano in 1951, who was impressed that Consunji finished the job nearly half a year earlier than expected. When he served as Secretary of the Department of Public Works, Transportation and Communications during the Marcos years, Consunji revealed that when he was removed from office, the president privately told him it was because of his intolerance for shady deals. Today, as ever, Consunji said he has always taken pride in rendering good service to those who have placed trust in him.   “Dave Consunji,” said Mareng Winnie, “is proof that nice guys do not always finish last.”—PF/GMA News Watch "Bawal ang Pasaway" hosted by Prof. Winnie Monsod every Wednesday at 8:00 PM on GMA News TV Channel 11. Follow the program on Facebook and Twitter.