Business tycoon Alfonso Yuchengco passes away at 94

Business tycoon Alfonso T. Yuchengco passed away on Sunday. He was 94.

An official of the Rizal Commercial Banking Corp. (RCBC) on Monday confirmed Yuchengco's demise. She asked not to be named, but said an official statement will be released shortly.

Yuchengco founded the Yuchengco Group of Companies. Among the companies under its wing are RCBC, Rizal Leasing and Finance Corp., Malayan Insurance, Bankers Assurance Corp., Sun Life Grepa Financial Inc., Mapua Institute of Technology, Malayan Colleges Laguna Inc., Malayan High School of Science and Pan Pacific Computer Center Inc

Yuchengco also joined the government and served as Philippine Ambassador to the People's Republic of China from 1986 to 1988 and to Japan from 1995 to 1998.

He then served as presidential assistant on Asia-Pacific Economic Cooperation (APEC) Matters, with a rank of cabinet secretary, from 1998 to 2000, under former President Joseph E. Estrada.

He was likewise appointed as presidential adviser on foreign affairs by former President Gloria Macapagal-Arroyo in 2004, after serving as presidential special envoy to China, Japan and Korea.

The business community has been sending out notes of condolences to the family since news of Yuchengco's demise started circulating in public.
 

Condolence to the the families of Mariano Que (Mercury Drug), Alfonso Yuchengco (RCBC) &Roberto Aboitiz (director of Aboitiz Foundation)

— AB Capital (Binondo) (@ABinond) April 17, 2017

The Yuchengco Group's other businesses include EEI Corp., Honda Cars in Quezon City and Caloocan,  Isuzu Manila, Philippine Integrated Advertising Agency Inc., Pan Malayan Express Inc., Grepalife Medical and Diagnostic Center and Manila Memorial Park Cemetery Inc.— Jon Viktor Cabuenas/VDS, GMA News