This man used to be poor & homeless, now has assets of IDR 4.6 trillion


Jakarta, CNBC Indonesia Life this is like rotating wheel. This is what happened to Alfredo Macam Yao.

In the past, he had to feel the pain of living as a trash on the side of the road. But now he is one of the richest and most owned Filipino businessmen assets of US$ 295 million or Rp. 4.6 trillion.


What's the story?

Alfredo Yao is a Filipino citizen of Chinese descent who was born on November 26 1943. It is not known what his life was like as a child.

However, at the age of 12, Yao's life changed after his father, who usually provided for the family, died. As the oldest child, he took on the role usually taken care of by his father.

As a result, he also started earning money by opening a stall with his mother on the side of the road. Unfortunately, the profits from the shop business cannot meet the needs of his five younger siblings.

As a result, he forced himself to work at a very young age. In Southeast Asian Personalities of Chinese Descent (2012) explained, Yao also worked as a cleaner in many places.

He also prefers to sleep on the side of the road on cardboard so he can work quickly. Moving on from a situation like this, he sees the world as unfair, where “other people's children live happily, while Yao has to earn money on the streets.”

“I saw other children being fed even though they were already big, and I thought life was unfair. But I always asked myself, “Why am I here?” I was sure there must be a purpose,” he recalled as quoted from Philstar.

Luckily, he can still go to school with the help of benefactors. However, the school could not achieve his dream of becoming a lawyer. This could happen because Yao could not afford the expensive tuition fees.

“In fact, he was too poor to complete a four-year college,” he wrote Southeast Asian Personalities of Chinese Descent (2012).

Even though he didn't go to college, Yao didn't give up and preferred to work. At the age of 17, he worked at a food wrap printing place.

During his two years there, he learned a lot and saw the huge market potential of the food packaging sector. Using the money he earned from his work, he founded a joint printing company with his brothers in the 1960s called Solemar.

Since then, his life has slowly begun to change, from being a homeless person to becoming an entrepreneur. Even so, even as an entrepreneur, Yao's life is not always smooth.

He repeatedly experienced business failures and losses. However, he did not give up until he gained the momentum of success when selling the beverage product, Zest-O, in 1980.

Zest-O is a fruit-flavored packaged juice product which, since its introduction, has successfully dominated the beverage market in the Philippines. From here, Yao began to build wealth.

The more Solemar's business grows, the richer Alfredo Yao becomes. Moreover, after that, Solemar expanded its business wings overseas by sending products to China, South Korea, Singapore, to the United States and Europe.

Apart from the beverage business, Forbes also noted that he does business in airlines, processed food and beverages, and is the majority shareholder Philippine Business Bank. Based on the size of the business, Yao, who originally lived on the side of the road and was very poor, now has assets of US$ 295 million or 4.6 trillion.

[Gambas:Video CNBC]

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