LT GROUP, Inc. Chairman and Founder Lucio C. Tan is in “stable” condition and “recovering” after he was hospitalized for coronavirus disease 2019 (COVID-19), according to his daughter Vivienne K. Tan.

“Thank you for all your concern and prayers. My dad was admitted to the hospital after he tested positive for COVID-19,” Ms. Tan said in an Instagram post this late Saturday. “He is in stable condition, responding well, and recovering.”

“We would like to request some privacy at this time. Please continue to pray for his speedy recovery. Thank you,” Ms. Tan, who is also a director of LT Group, added.

Mr. Tan is 925th on the Forbes rich list, with a net worth of $3.3 billion, almost double from last year’s $1.7 billion.

LT Group is involved in banking, airline, property development, and tobacco.

In February last year, the board of directors of PAL Holdings, Inc., the listed operator of flag carrier Philippine Airlines, appointed Mr. Tan as the company’s president “on concurrent capacity” to his position as chairman, more than three months after his eldest son Lucio K. Tan, Jr., who served as PAL president and chief operating officer, passed away. — Arjay L. Balinbin

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