MANILA (UPDATE)-- Malacañang on Wednesday conveyed its condolences to the family and friends of tycoon Eduardo “Danding” Cojuangco, Jr. who passed away at the age of 85.

The Palace, through Presidential Spokesman Harry Roque, offered prayers for Cojuangco.

"We are deeply saddened by the passing of Mr. Eduardo “Danding” Cojuangco, Jr," Roque said in a statement.

"The Palace offers its fervent prayers for the eternal repose of the soul of Mr. Cojuangco as we convey our heartfelt condolences to his family, colleagues, friends, and loved ones," he said.

• Tycoon and kingmaker Danding Cojuangco dies

Malacañang hailed Cojuangco's contributions to the country's development, through San Miguel Corp, where he was chairman and CEO.

"In these trying times, Mr. Cojuangco’s SMC has been a reliable partner of the government in mitigating the impact of the COVID-19 by providing support and assistance to frontliners and vulnerable sectors," Roque said.

Cabinet Secretary Karlo Nograles and Communications Secretary Martin Andanar also paid tribute to the late businessman.

"Ninong Danding was a larger than life figure whose colorful life shaped the course of our history. His wisdom and business acumen will be sorely missed. His verve for life will continue to inspire those he leaves behind," Nograles said.

"Mr. Cojuangco’s passing is a loss of a patriarch, not only to his loved ones and SMC, but a loss of a philanthropist to the people and a reliable partner of the government in poverty alleviation and economic development," Andanar said.

One of the Philippines' largest conglomerates, San Miguel Corp has businesses in food, infrastructure, and energy.