DMCI founder David Consunji dies

Rappler.com
DMCI founder David Consunji dies
(UPDATED) David Consunji, the Philippines' 6th richest man, established DMCI in 1954 and turned it into one of the top conglomerates in the country

MANILA, Philippines (UPDATED) – David “DM” Consunji, the engineer who founded DM Consunji Incorporated (DMCI) and grew it into one of the country’s top conglomerates, died at the age of 95 around noontime on Monday, September 4.

DMCI confirmed Consunji’s death in a disclosure to the Philippine Stock Exchange.

“Recognized locally as the father of the contemporary construction industry, DM built landmarks and redefined cityscapes for generations of Filipinos. He valued not the quick profit but the satisfaction of doing one’s work well, honestly and proudly. The board of directors, management, and employees of the DMCI group of companies deeply mourn his passing,” the company’s disclosure read.

The industrialist took up civil engineering at the University of the Philippines, graduating in 1947 before going on to establish the eponymous firm in 1954.

DMCI initially started building chicken houses for the Bureau of Animal Industry before moving on to large-scale projects such as the Coca-Cola plant in Tacloban, Leyte and a cement plant in Bacnotan, La Union.

Under Consunji’s leadership, the construction firm grew to become the largest engineering group in the country with interests in construction, mining, power generation, and property development under the holding company DMCI Holdings Incorporated which was listed in 2005.

Units of DMCI Holdings include DMCI, Semirara Mining and Power Corporation, DMCI Homes, and DMCI Power Corporation. DMCI Holdings also has a 23% stake in Maynilad Water Services.

These firms propelled Consunji to the 6th spot in Forbes Asia magazine’s 2017 list of richest Filipinos, with an estimated net worth of $3.68 billion.

Consunji retired in 2014, turning over the chairmanship of DMCI Holdings to his son Isidro and taking up the role of chairman emeritus.

Beyond his business ventures, Consunji also served as secretary of the Department of Public Works, Transportation, and Communications from 1970 to 1975 during the Marcos regime.

Consunji was one of the 4 awardees of The Outstanding Filipino of 2002 as well as a papal awardee of the Knighthood of Saint Sylvester in 1988. – Rappler.com

Add a comment

Sort by

There are no comments yet. Add your comment to start the conversation.