Lucio Tan III named President of Lucio Tan Group, taking over his uncle, Michael Tan, who had been president of LTG since 2010. Lucio Tan group/handout

LUCIO TAN GROUP

Jessica Fenol

ABS-CBN News

<div><span class="fr-img-caption fr-fic fr-dib" style="width:950px"><span class="fr-img-wrap"><img src="https://od2-image-api.abs-cbn.com/prod/editorImage/171505402673620230503-lucio-tan-III-HO.jpg" style="width:950px" class="fr-fic fr-dib"/><span class="fr-inner" style="text-align:left"><span id="isPasted" style="color:rgb(51, 51, 51);letter-spacing:normal;orphans:2;text-align:start;text-indent:0px;text-transform:none;widows:2;word-spacing:0px;-webkit-text-stroke-width:0px;white-space:pre-wrap;background-color:rgb(255, 255, 255);text-decoration-thickness:initial;text-decoration-style:initial;text-decoration-color:initial;display:inline !important;float:none">Lucio Tan III named President of Lucio Tan Group, taking over his uncle, Michael Tan, who had been president of LTG since 2010. <em>Lucio Tan group/handout</em></span><em> </em></span></span></span></div><p>MANILA - The LT Group Inc. is cautiously optimistic of growth this year as fundamentals remain solid despite high interest rate and elevated inflation, President and CEO Lucio Tan III said.</p><p>The holdings company of tycoon Lucio Tan reported a slightly higher net income in 2023.</p><div><br/></div><div><span class="fr-video fr-deletable fr-fvc fr-dvb fr-draggable" contenteditable="false" draggable="true"><iframe width="640" height="360" src="https://www.youtube.com/embed/FTbvPVxF1sM?&amp;wmode=opaque&amp;rel=0" frameBorder="0" allowfullscreen="" class="fr-draggable"></iframe></span><br/></div><div><br/></div><p>During the company’s annual shareholders’ meeting, Tan reported that in 2023, the LT Group posted an attributable net income of P25.42 billion, higher than the P25.14 billion in 2022.</p><p>“Against this environment, the company successfully navigated through the challenges… the outcome was made possible by all the concerted efforts of all subsidiaries to perform and deliver the numbers that contributed to the performance of the company,” he said.</p><p>&quot;While we are cautiously optimistic about the macroeconomic trends, our interest rates are likely to stay higher for longer while the inflationary environment may stay longer than expected. We believe that our portfolio company&#x27;s solid business models, brand franchises and strong balance sheets will allow the company to withstand macroeconomic headwinds during the year,” he said.</p><p>Tan said the group&#x27;s subsidiaries such as <a href="https://news.abs-cbn.com/business/2024/5/2/pnb-net-income-climbs-in-first-quarter-of-2024-1108">Philippine National Bank</a>, Tanduay and Asia Brewery, among others, “performed and delivered,” contributing to the overall performance in 2023.</p><p>The younger Tan, who was named as the group&#x27;s president in <a href="https://news.abs-cbn.com/business/04/06/23/lucio-tan-iii-eases-into-grandfathers-business-empire" rel="noopener noreferrer" target="_blank">May 2023</a>, led this year&#x27;s annual shareholders&#x27; meeting ushering in the new era with a refreshingly modern take.</p><p>LT3 is the son of the late Lucio &quot;Bong&quot; Tan Jr, who <a href="https://news2.abs-cbn.com/ancx/culture/spotlight/11/21/19/vivienne-tans-eulogy-for-her-brother-bong-rest-easy-ahia-we-got-this" target="_blank" rel="noopener noreferrer"></a><span id="isPasted" style="color:rgb(65, 65, 65);letter-spacing:normal;orphans:2;text-align:left;text-indent:0px;text-transform:none;widows:2;word-spacing:0px;-webkit-text-stroke-width:0px;white-space:normal;background-color:rgb(255, 255, 255);text-decoration-thickness:initial;text-decoration-style:initial;text-decoration-color:initial;display:inline !important;float:none"><a href="https://news2.abs-cbn.com/ancx/culture/spotlight/11/21/19/vivienne-tans-eulogy-for-her-brother-bong-rest-easy-ahia-we-got-this" rel="noopener noreferrer" target="_blank">died</a></span> in 2019.</p><p>Meanwhile, LT Group Chairman Lucio Tan shared he was pleased with the “smooth transition” within the company.</p><p>“Dear shareholders, the year 2023 was a year of transition, as we saw a new President take over the helm of LT Group Inc in May. I am pleased that the Management and employees of the companies under LTG threw their full support behind him, so that a smooth transition was made possible. We were able to move forward together,” he said.</p>

<p>The LT Group Inc. is cautiously optimistic of growth this year as fundamentals remain solid despite high interest rate and elevated inflation, President and CEO Lucio Tan III said.</p>

The LT Group Inc. is cautiously optimistic of growth this year as fundamentals remain solid despite high interest rate and elevated inflation, President and CEO Lucio Tan III said.

Lucio Tan III steers LT Group into new era, says firm ‘cautiously optimistic’ in 2024 | ABS-CBN

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Lucio Tan III steers LT Group into new era, says firm ‘cautiously optimistic’ in 2024

Lucio Tan III steers LT Group into new era, says firm ‘cautiously optimistic’ in 2024

Jessica Fenol,

ABS-CBN News

Published May 07, 2024 01:56 PM PHT

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