Malacanang has extended its deep condolences to the family of Lucio "Bong" Tan Jr., president and chief operating officer of PAL Holdings, Inc., following his untimely death on Monday morning. Tan was 53.

"The Office of the President expresses its deep condolences and heartfelt sympathies to the Tan family," said Presidential Spokesperson Salvador Panelo in a statement.

Tan is the son of tycoon Lucio Tan, listed by Forbes Magazine as the 6th richest Filipino this year and with an estimated net worth of $3.6 billion.

Tan was admitted to a hospital after he collapsed while playing basketball on Saturday.

Panelo, who knew Tan, described the late businessman as a "humble person, with a serious mien but with a ready smile to whomever he met in social events and official functions."

"Given his social stature, he never threw his weight around and always ready to lend his hand to everyone who approached him for assistance. He was a good friend, a kind-hearted brother to his siblings, a loving and dutiful son to his parent, and an efficient and competent corporate man," he said.

"As family, friends and colleagues pay tribute to the life of Mr. Bong Tan, we fervently ask the Almighty to grant him eternal repose and pray that perpetual light shines upon him as he rests in happiness and peace," Panelo added.

Tan passed away a day after John Gokongwei Jr., 93, listed also by Forbes as the third richest Filipino in 2019 with a net worth of $5.3 billion, passed away. Celerina Monte/DMS