Emilio Yap, 88

MANILA, Philippines - Manila Bulletin chairman Emilio Yap died of pneumonia at noon yesterday. He was 88 years old.

Yap, a Chinese-Filipino businessman, was the chairman emeritus of Philtrust Bank. He also served as chairman of the Manila Hotel since 1997, Centro Escolar University since 2002, as well as Liwayway Publishing, Inc., Philippine President Lines and USA Automotive Co. Inc.

Malacañang yesterday extended condolences to the Yap family.

President Aquino said Yap “will long be remembered for his achievements in many areas of economic activity vital to the well-being of our nation – ranging from banking, to hotels and restaurants, to shipping, to publishing, and even to education. In particular, he always upheld the deepest optimism and confidence in the abilities of the Filipino and in the success of the country.”

His other business interests included Bataan Shipyard and Engineering, Manila Prince Hotel, Philippine Dockyard, Manila International Port Terminal and Euro-Med Laboratories.

Yap received 23 honorary doctoral degrees from universities in the Philippines and abroad. He was born on Sept. 24, 1925 and began his business career in 1942.

He was listed as the 15th richest Filipino by Forbesmagazine in 2012 with a net worth of $1.1 billion.

Palace extends sympathies

Malacañang yesterday extended condolences to the Yap family.

President Aquino in a statement said he hopes that the Yap family, “in this time of loss and mourning… can draw strength from the knowledge that Mr. Yap lives on in the legacy he leaves behind, one distinguished both by personal success and by an abiding

generosity.”

Aquino said Yap was “a true exponent of Philippine progress,” echoing the slogan in the Bulletin’s masthead.

“On a personal note, I will always remember him as a good friend, not only of my mother, but of the entire family as well. We will always treasure the memories we shared with him.”

He said Yap was self-effacing, had a kindly disposition, and whose concern for employees and staff earned him widespread respect and affection.

His wake is at the Manila Prince Ho- tel on San Marcelino street in Manila. Interment details have not yet been announced.