In July 1998, ECJ took full control of SMC and ousted the Soriano family (which had barely 1.8 percent holdings, with which they ran SMC 100 percent, from 1986 to 1998). ECJ recruited trusted friend and business partner RSA, initially as SMC vice chairman, from Jan. 28, 1999 until June 11, 2024. Before ECJ, RSA was a tycoon in his own right. In 2001, with RSA in full command, SMC began its major expansion and diversification. In 2010, SMC acquired Petron Corp. RSA has spent $3 billion to make Petron Southeast Asia’s most efficient and most advanced oil refining and marketing company.

Source: Philippine Star January 29, 2026 02:18 UTC