The Gokongwei name can be a bit "a bit of a burden" for the next generation, that's why Lance Gokongwei, the head of the family-run JG Summit, said he'd rather that his children carve their own identities.
With the help of his wife, Jay Leong-Gokongwei, whom he described as the "gold standard" in parenting, the only son of the late industrialist John Gokongwei Jr. said their two children are raised to earn their keep.
"We try to praise or acknowledge them for their effort in working hard, not for fortunes at birth," he told Summit Media journalists in a video call.
Gokongwei refused to dwell on the family's inclusion in the annual Forbes Magazine ranking of the Philippines richest. He and his siblings placed fourth this year.
He said its a list that he'd rather not be on, for the sake of his children.
"Their friends know who their parents and grandparents are so they carry a bit of that weight or burden," he said.
"They start getting labeled or characterized in their schools. I’d rather they have their own identities rather than be a kid of somebody."