Taipan and diplomat Alfonso Yuchengco dies

ABS-CBN News

Posted at Apr 17 2017 10:19 AM | Updated as of Apr 17 2017 01:07 PM

MANILA - Taipan and diplomat Alfonso Yuchengco has died, an official of the family-run Rizal Commercial Banking Corp confirmed on Monday. He was 94.

Yuchengo, who has interests in banking, insurance, education and car dealerships, is the country's 32nd richest, together with his family, with an estimated net worth of $400 million, according to Forbes Magazine.

RCBC trust officer Helen Go-Oleta confirmed the Yuchengco patriarch's death to ABS-CBN News. No other details were immediately available. The bank told the stock exchange that he died last Saturday.

Born into a rich family of Chinese immigrants, Yuchengco parlayed his father's insurance business into Great Pacific Life Insurance Co, and later, RCBC, one of the country's largest banks.

In the 1970s, he pioneered the pre-need business through Pacific Plans Inc and brought Diner's Card to the Philippines.

Yuchengco was the Philippine ambassador to China under former President Corazon Aquino and ambassador to Japan under former President Fidel Ramos.

He had also served as Philippine representative to the United Nations and special envoy to Korea.

Yuchengco graduated from Far Eastern University with a degree in accountancy. He has 8 children according to Forbes. In 2005, he announced that eldest daughter, Helen Yuchengco Dee, would succeed him.

The taipan invested in the Mapua Institute of Technology as well as in the local dealerships of Isuzu and Honda.

Yuchengco's companies also had brushes with controversy.

Plan holders of Pacific Plans had sued the pre-need firm for failing to meet its obligations.

In 2005, Plan holders of Pacific Plans had sued the pre-need firm for failing to meet its obligations.

RCBC, on the other hand, was slapped with a record P1-billion fine over the $81-million cyber-heist on Bangladesh's central bank last year. The money was deposited in four accounts in one of the bank's branches.