The EY Entrepreneur Of The Year 2024 Philippines has concluded its search for the country’s most visionary leaders shaping opportunities and transforming industries. It is a program of the SGV Foundation, Inc., with co-presenters: the Asian Institute of Management, the Department of Trade and Industry, the Philippine Business for Social Progress, and the Philippine Stock Exchange.
Ambassador Leehiong WeeChairmanW Group, Inc.
AMBASSADOR LEEHIONG T. WEE’S life story exemplifies the power of perseverance, vision, and entrepreneurial spirit.
From his early days of balancing a variety of jobs to support his family, to his ascent as the leader of the W Group, a multibillion-peso conglomerate, his journey embodies the quintessential rags-to-riches narrative.
Yet, it is his strategic foresight, commitment to innovation, and dedication to societal upliftment that set him apart as a paragon of entrepreneurial excellence.
“Being poor is a blessing,” said Mr. Wee whose early life was marked by financial hardship, but his resolve led him to pursue higher education against all odds.
Driven by his modest upbringing, he began his entrepreneurial journey at the age of 14, selling sweepstakes tickets to contribute to his family’s livelihood. At 16, he left Zamboanga on a ship bound for Manila, where he secured a job as a proofreader in a Quiapo printing press.
His tenacity shone through as he balanced a variety of jobs, from tutoring to the physical task of handling textile bales in Divisoria, all while attending night classes at the Mapua Institute of Technology, where he graduated with a degree in electrical engineering.
A potential academic future at the Massachusetts Institute of Technology (MIT) beckoned, but financial constraints and a sense of duty to his family led him down a different path. This decision would eventually pave the way for his success in the seaweed trading, export, manufacturing and processing industry.
Mr. Wee carved out a specialized segment within the seaweed processing industry by focusing on the extraction of carrageenan, a move that has had a significant impact on the sector and positioned the Philippines as a key player in the global carrageenan market. His stewardship has been instrumental in the growth of the W Group, which has diversified its portfolio to include a range of businesses, from food ingredients to real estate.
The group’s subsidiaries include W Hydrocolloids, Inc., a company that has been marketing and distributing high-quality carrageenan products throughout the world under the trade name, Rico Carrageenan. Another arm, the Marine Resources Development Corp. (MRDC), not only supplies carrageenan products within the Philippines but also invests in research and development to advance the industry.
Philippine Bio-Industries (PBI) stands out as Asia’s first fully automated facility dedicated to refined carrageenan production. Additionally, Cebu Carrageenan Corp. (CCC) focuses on processing and manufacturing seaweed chips, for distribution internationally and to its subsidiaries.
The W Group has also ventured into real estate through W Landmark, Inc. and First Marcel Properties, Inc., both of which are involved in property development projects.
The company’s dominance in the global seaweed market, holding a 40% share and anticipating 20% sales growth, speaks of Mr. Wee’s visionary approach. His strategic expansions into Indonesia and the pharmaceutical sector, along with efforts to increase the company’s real estate portfolio, underscore his commitment to growth and innovation.
His impact reaches far beyond his business achievements. His introduction of seaweed farming in Mindanao have played a role in transforming areas previously affected by conflict into regions of stability and growth, where many individuals have transitioned from conflict to embracing seaweed farming as a peaceful and sustainable means of livelihood. These efforts underscore the positive social, economic, and environmental impacts of seaweed farming.
The company’s products have become synonymous with quality, adhering to the highest standards and certifications with diverse blends for products such as frozen desserts, jellies, meats, dairy beverages, sauces, cheese, confectionary, beer, pet food, air fresheners and pharmaceuticals.
His efforts have not only elevated the W Group but have also contributed to poverty alleviation, food security, job creation, and the health of marine ecosystems. Recognized for his influential role and contributions, Mr. Wee was awarded the 2020 Outstanding Mapúan in Government Service. His tenure as Ambassador to Indonesia further highlights his impact on both the business and diplomatic fronts.
From humble beginnings to leading a global enterprise, Mr. Wee’s story is not just one of personal success but a blueprint for aspiring entrepreneurs. His advice to the next generation emphasizes the importance of passion, perseverance, and grit.
“No pain, no gain,” he advised, encapsulating the ethos that has guided his remarkable career.
His life and career serve as a beacon for those aspiring to make a mark in the world of business, demonstrating that with determination and vision, even the most humble beginnings can lead to extraordinary achievements.
Media sponsors are BusinessWorld and the ABS-CBN News Channel. Gold sponsors are SteelAsia Manufacturing Corp., Uratex, and Converge ICT Solutions, Inc. Silver sponsor is International Container Terminal Services, Inc. Bronze sponsor is Lausgroup Holdings, Inc. Banquet sponsors are Robert Blancaflor & Groups, Inc., Bounty Fresh Group Holdings, Inc., and Vista Land & Lifescapes, Inc.
The winners will be announced on Oct. 23, 2024. The EY Entrepreneur Of The Year 2024 Philippines will represent the country in the World Entrepreneur Of The Year 2025 in Monte Carlo, Monaco in June 2025. The EY Entrepreneur Of The Year program is produced globally by Ernst & Young (EY).
