It was less than a month ago, to be exact on April 15 which was Black Saturday, when news of Alfonso Yuchengco’s death thrust the country’s business community in greater mourning since the passing of Mercury Drug’s founder Mariano Que the previous day.
Unlike many of the country’s taipans, Alfonso Yuchengco, known to many as AY, was born to an already prosperous family, thanks to the efforts of his father Enrique Yuchengco, a Fujian-born immigrant who managed to establish some thriving businesses, notably the China Insurance and Surety Company which became the leading non-life insurance company in the country. But to his credit, AY managed to grow the insurance business, evolving into what is now Malayan Insurance and expanding into other businesses such as life insurance with Grepalife (which eventually entered into a partnership with Sun Life to become Sun Life Grepa Financial), banking through Rizal Commercial Banking Corporation (RCBC), and education through his purchase of Mapua Institute of Technology.
In addition to being a businessman, AY also served as a diplomat, having served as ambassador to Japan, Korea, China, and even the United Nations. Not to mention having served as special envoy for a number of diplomatic missions.
Alfonso Yuchengco’s legacy, both positive and negative, is very much visible with the presence of his businesses in different parts of the country. But perhaps what stands out the most as far as his legacy is concerned is the iconic building at the corner of Ayala Avenue and Sen. Gil Puyat Avenue: the RCBC Plaza. Continue reading