MANILA - Top executives of the Aboitiz group challenged close to 100 of the best college students of the country to put a premium on integrity and family, as they challenge future leaders not to lose hope in the country despite the many challenges it is facing today.

Aboitiz Equity Ventures (AEV) chairman Jon Ramon Aboitiz said the patriarch of the family business, Don Ramon Aboitiz, did not have much but his word of honor when he started building his empire more than a hundred years ago.

In fact, Don Ramon was close to bankruptcy shortly after the war. “He instead borrowed money from some banks and friends, promising to pay back as soon as the business recovered. Palabra de honor or word of honor was his guiding principle,” Aboitiz told the story of his grandfather.

“In time, every centavo the company owed was paid. Had it not been for his determination, hard work and commitment to honor their word and reputation, the Aboitiz group would not be around today,” he said.

The students, coming from 24 universities and colleges from all over the country, gathered over the weekend in Cebu City for the 4th Aboitiz Future Leaders Business Summit, which has goals of helping participants before they enter the corporate world and fulfilling their role in nation-building.

Jon Ramon said his grandfather soon paid off the debts and built an empire that is now the Aboitiz Group with its stake in power, banking, construction, food and real estate from its humble base in Cebu City.

Jon Ramon also highlighted the value of family, to which he attributed much of the Aboitiz group’s success through six generations.

“What makes the family stick together is a question asked of us many times. There is no simple answer, but trust, mutual respect and the love of being together are foremost in my mind,” he said.

He said the Aboitiz family grew up in a close-knit family sharing the same values. Promotion within the family and company is based on respect and merits, he said.

“Family members are professional in every sense of the word. No family member has a right to work for the company. All of us, whether male or female, have gone through the ranks.”

Jon Ramon quoted his grandfather: “The biggest fortune I have is my word and reputation. Money can be lost and can be recovered, but once your name and reputation is lost, one’s word is worthless and one is truly finished.”

The annual event is a unique event that puts together top executives of the Aboitiz group for interaction and games with the brightest students of the country.

For two days, the students listened to speeches from Aboitiz executives from topics ranging from strategic planning, customer service, brand building and having a world-class mindset.

Aboitiz said the youth must not lose their hope for the country, and their own ability to excel as Filipinos has proven time and again that they have the capability to be world-class.

“We have a great country that is rich with resources, the best of which is its human resources and their natural ability to be resilient and adaptable. If we just believe in ourselves, we will surely rise above challenges that come our way,” he said.

For his part, AEV president Erramon Aboitiz told participants not to be afraid to commit mistakes, as businessmen, including the Aboitizes have had their own share of stumbles over the years.

Erramon said the Aboitiz group used to enter into just about any business that looked good without a long-term plan. He said the Aboitizes had businesses in ice-making, insurance, even industrial gases.