MANILA - Billionaire John Gokongwei Jr is the Management Association of the Philippines' "Man of the Year" for 2017, the business group said Tuesday.

The 91-year-old Gokongwei is the country's second richest man with a net worth of $5.8 billion according to Forbes Magazine. His conglomerate controls Cebu Pacific, the country's largest airline, snack food maker Universal Robina and Robinsons Malls, among others.

Gokongwei was chosen "for being an entrepreneur par excellence and an exemplar of Filipino talent in management excellence for nation-building," MAP said.

Previous recipients of the award include the late tycoon and philanthropist Washington SyCip, SM Group founder Henry Sy, Ayala Corp's Jaime Zobel de Ayala, Jollibee Foods chairman Tony Tan Caktiong, Metro Pacific Investments Corp chairman Manuel V. Pangilinan and SM Investments vice chairperson Teresita Sy-Coson.