The story behind the founding of Fortune Tobacco Corporation in the Philippines is an intriguing tale of entrepreneurship and success.
Fortune Tobacco was founded in 1966 by these four men: Tan Kee Hiong was the chairman of the company, Santos was the president, Tanenglian was the vice president, and Lucio Tan was the treasurer. The company was initially a small operation, but it grew rapidly under the leadership of these men. By the 1970s, Fortune Tobacco was the leading cigarette company in the Philippines.
In 2010, Fortune Tobacco merged with Philip Morris Philippines Manufacturing Inc. to form PMFTC. PMFTC is now the largest tobacco company in the Philippines, and it is one of the largest tobacco companies in the world.
Lucio Tan, born on July 17, 1934, in the Fujian province of China, migrated to the Philippines with his family at a young age. He grew up in poverty and faced numerous challenges in his early life. Despite these difficulties, Tan possessed an entrepreneurial spirit and a strong determination to succeed.
In the 1960s, Lucio Tan ventured into various business ventures, including a plastic manufacturing company and a liquor distillery. However, it was in 1966 that he took a significant leap by co-founding Fortune Tobacco Corporation. At the time, the Philippine tobacco industry was dominated by foreign companies, and cigarettes were primarily imported.
With his sharp business instincts, Lucio Tan saw an opportunity to tap into the growing demand for locally manufactured cigarettes. They started Fortune Tobacco with a vision to produce affordable, quality cigarettes that catered to the Filipino market.
In its early years, Fortune Tobacco faced stiff competition from established foreign tobacco companies. However, through strategic marketing, competitive pricing, and a commitment to quality, Fortune Tobacco slowly gained traction in the market. The brand’s flagship product, “Hope,” quickly gained popularity among Filipino smokers.
One pivotal moment in Fortune Tobacco’s growth came in the 1970s when the Philippine government implemented policies to support domestic industries. These policies included import restrictions on cigarettes, which provided a boost to local cigarette manufacturers like Fortune Tobacco.
As the company continued to flourish, Lucio Tan diversified his business interests into other industries, including banking, real estate, airlines, and beverages. He became one of the wealthiest individuals in the Philippines and an influential figure in the country’s business and political landscape.
Throughout the years, Fortune Tobacco Corporation maintained its position as one of the leading cigarette manufacturers in the Philippines. The company’s success was attributed not only to its innovative marketing strategies but also to its commitment to social responsibility and corporate citizenship.
|Hope||A flagship brand known for its affordability|
|Champion||Known for its strong and bold flavor|
|Fortune||A well-established brand with a wide market presence|
|Mark||Offers various variants, including Menthol and Lights|
|More||Known for its smooth taste and premium quality|
|Marvels||Offers premium cigarette variants|
|Premier||Known for its classic flavor and packaging|
|Winston||An international brand available in the Philippines|
2010: Fortune Tobacco Corporation, merged with Philip Morris, an international tobacco company, in February 2010 making the merger known to be PMFTC or Philip Morris Fortune Tobacco Corp.
However, Fortune Tobacco, like many other tobacco companies, faced criticism and challenges related to the health risks associated with smoking. In response, the company implemented measures to promote responsible smoking and comply with government regulations.
Fortune Tobacco’s journey from a small startup to a major player in the Philippine tobacco industry is a testament to Lucio Tan’s entrepreneurial vision and determination. The company’s success has left a lasting impact on the country’s economy and society.