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In a recent article that appeared in the MIT Sloan Management Review (issue of
December 17, 2020), authors Tom Hunsaker and Jonathan Knowles wrote:
“… companies (should) show that they are actively contributing to the broader
society rather than simply serving as financial entities seeking to maximize their
return on capital.”
The notion that companies should contribute to the wellbeing of others instead of just
pursuing the financial interest of corporate investors is in keeping with emerging
thinking that “… the fiduciary duties of executives to non-shareholder stakeholders
(should cover) a plurality … of the purpose of the corporation” (N. Craig Smith &
David Rönnegard, Journal of Business Ethics, November 16, 2014; emphasis
supplied).
Both statements convey the message that businesses should attempt to achieve
multiple goals. They echo the currently evolving viewpoint that call to question the
long-established tradition that the corporation has only one purpose, and that is to
maximize shareholder wealth.
In August 19, 2019, the influential Business Roundtable (BRT), an association of
close to 200 CEOs of major US corporations, formally abandoned its long-standing
advocacy of shareholder wealth maximization as the main purpose of business
corporations in favor of a new “Statement of Purpose of the Corporation” (SPC). With
this formal proclamation, the BRT committed corporate America to creating value for
ALL stakeholders by adopting a five-fold mission: to deliver value to customers, to
invest in employees, to deal fairly and ethically with suppliers, to support
communities, and to generate long-term value for shareholders. Among the over 150
signatories to the SPC are Amazon’s Jeff Bezos, Apple’s Tim Cook, Bank of
Volume 7 Issue No. 04 map.org.ph January 26, 2021
BEING FOCUSED ON SHAREHOLDER WEALTH AND
COMMITTED TO THE ECONOMIC INTEREST
OF ALL OTHER STAKEHOLDERS
How Companies Can Be Both
January 25, 2021
“MAPping the Future” Column in the INQUIRER
Dr. NICETO “Nick” S. POBLADOR
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America’s Brian Moynihan, BGC’s Joe Davis and IBM’s Ginni Rometty, to mention
but a few.
Over a year later, 26 of the largest business and professional organizations in the
Philippines, collectively known as the Philippine Business Groups (which includes
the Management Association of the Philippines or MAP, sponsor of this column)
signed a “Covenant for Shared Prosperity” by which they upheld the universal issues
of economic and social inequality and non-inclusivity by ensuring “…ethical wealth
creation and the sharing of prosperity with all stakeholders.”
Many prominent individual corporate CEOs and business leaders the world over have
similarly expressed their faith in stakeholder capitalism. Among them are outgoing
Mastercard CEO Ajay Banga, who declared that capitalism should be “…repositioned
for stakeholder capitalism,” and recently installed Accenture CEO Julie Sweet who
observed that “Serving stakeholders is not separate from the business. It’s responsible
business by design.”
By all indications, stakeholder capitalism appears to be the new mantra in the
corporate world.
However, simultaneously aiming for several goals could be problematic. Creating
value for all stakeholders in a company deprives its managers of an unequivocal
criterion for making rational choices. Any strategic decision made is acceptable for as
long as it creates value for everybody, and decision makers are unable to determine
what is the best, or optimal solution. For this purpose, firms must pursue only one
goal.
The Role of the Firm in Modern Society
By long standing managerial practice, businesses create value for themselves by
extracting value from all the other entities with which they interact in the process of
value creation – their customers, their workers, their suppliers and service providers,
and the larger communities of which they are an integral part. To our minds, this is a
self-seeking and short-sighted business solution by which businesses try to grab a
bigger slice of a given economic pie at the expense of everybody else, and by
degrading the ecosystem that sustains the entire community.
A better strategy for corporate managers to follow is to create a bigger pie, and to
share out bigger slices to everybody – including the owners of the firm.
If business is to implement socially beneficial initiatives and at the same time achieve
its long-run strategic goal of maximizing shareholder wealth, it has to radically change
the manner in which it does business. In particular, it needs to rethink the way it
pursues its profit objective.
As an alternative to profit or shareholder wealth maximization as the raison d'être, or
sole purpose of the business enterprise, we propose to state the function of the firm in
modern society as one of maximizing economic value, and allocating the economic
wealth created among all the groups that contribute to the process of value creation.
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By implementing appropriate strategies and putting in place governance mechanisms
for creating value for its other stakeholders, we contend that the residual value that
accrues to the owners of the firm (a.k.a. profits) over the long stretch will consequently
be maximized.
Following this line of reasoning, we propose the following business strategies for
efficiently appropriating economic value to the non-owner stakeholders of the firm:
1. Create value for customers through product and service development to better
serve their needs, offering generous prices, and providing adequate customer
care;
2. Create value for workers by offering comfortable wages and other performance-
based financial benefits, creating an organizational culture that is conducive to
information sharing and collaboration, and devoting ample resources to
maintain a high level of productivity primarily through skills development;
3. Create value for business partners by engaging suppliers and distributors in a
mutually beneficial and trusting collaborative relationship; and
4. Create economic value for the rest of society, primarily by developing the
limitless productive resources that remain untapped at the bottom of the social
pyramid, the poorest and least productive members of society. This objective is
pursued mainly by partnering with government agencies, multilateral
organizations, NGOs and other institutions in the community in implementing
what are known as inclusive business models, solutions that provide access to
economic opportunities to low-income communities in a manner that will make
businesses more viable and sustainable.
The resources employed by firms in pursuing these stakeholder strategies are in
the nature of investments intended to enhance long-term productivity and to insure
sustained shareholder wealth creation over the life of the enterprise, and not short-run
operational costs to be minimized in order to achieve immediate gains for the owners.
One creates value for all, and the other creates value for business owners at the
expense of all others.
(The article reflects the personal opinion of the author and does not reflect the official
stand of the Management Association of the Philippines or MAP. The author is a
Retired Professor of Economics and Management, and currently Professorial
Lecturer at the University of the Philippines - Diliman. Feedback at
<[email protected]> and <[email protected]>. For previous articles, please
visit <map.org.ph>)
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Eleven years ago in September 2009, Tropical Storm “Ondoy”, internationally named
as “Ketsana”, plunged many parts of Metro Manila (MM) into waist to rooftop-level
floodwaters. The people of MM, especially those in the cities of Pasig, Quezon,
Manila, Caloocan, Muntinlupa and Marikina lost their homes and livelihoods. Some,
unfortunately, lost their lives. Cold, tired, hungry and weak, some even had managed
to climb the highest parts of their houses, waiting for the floodwaters to cease.
Eleven years later, with the horror of “Ondoy” still in the consciousness of some,
another typhoon struck MM. Typhoon “Ulysses”, internationally named “Vamco”,
again, brought the people of MM to another horrendous, heart-stopping calamity.
“Déjà vu? It’s happening again.”
Actually, “Ulysses” only recorded a rainfall intensity of 150 millimeters of rain within
a 24-hour period. “Ondoy”, on the other hand, dumped 411 millimeters within a nine-
hour period. Considering this, “Ulysses” should be less destructive than “Ondoy”. Or
so we thought. Despite the smaller amount of rainfall, we have seen major flooding
situations in many parts of MM, especially in Marikina City. PAGASA noted that the
occurrence of three more storms before “Ulysses” contributed to the massive flooding.
Typhoon “Pepito” (Saudel), Typhoon “Quinta” (Molave) and Super Typhoon “Rolly”
(Goni) were the three typhoons that preceded “Ulysses”.
PUMP OUT THE FLOOD
In the 1970s, water pumping stations were built as a solution for MM’s flood problem.
These stations work as a means for pumping out the water from the flooded areas to
the river or any bodies of water. Without these pumping stations doing their jobs, we
can be certain that the whole of MM will be plunged underwater. Currently, there are
62 pumping stations in MM according to Metro Manila Development Authority
(MMDA). Because they help the floodwater subside immediately, it is necessary that
the pumping stations are working efficiently.
However, considering the extremity of flood problems, the Department of Public
Works and Highways (DPWH) and the MMDA, with financial funding from the
World Bank have set up a plan that will improve MM’s resilience to flooding. This
How flood-protecting the flood-management
infrastructures can help MM
January 26, 2021
“MAP Insights” Column in BUSINESSWORLD
Dr. ANDREAS KLIPPE
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initiative gave birth to the MM Flood Management Project. Basically, one of the aims
of this project is to improve the urban drainage system, modernize existing pumping
stations and construct new ones. The project will modernize 36 existing pumping
stations around MM. It will also put up 20 new pumping stations. This is thought to
be a very noble cause since a lot of the drainage pipes and pumping stations were built
50 years ago and need some serious renovation.
OH, THE IRONY!
Water pumping stations work to manage flood so it is so ironic when they are flooded.
Flooding occurs when accumulated garbage clog the drainage or the river overflows
and drench the stations.
Flooding can damage the mechanical and electrical components of the pumping
stations. It can also cause corrosion and leakage to the equipment. When an equipment
is damaged, it needs to be repaired. Repairing requires money to be spent. Repairing
requires time to be spent. Not only that, the problem escalates when another typhoon
surfaces in the midst of repairing a pumping station destroyed by a preceding typhoon.
What if a series of typhoons continuously batter the country in just a few months and
we are in the middle of repairing a destroyed pumping station? Do you honestly think
we can proceed with repairing?
IS MODERNIZING ENOUGH?
Given these, the question about the sustainability of water pumping situations is put
into question. One may also ask if it is enough to just modernize them. Floodwaters
do not choose which pumping stations are “modernized” and which are not. Flood
does not stop even at the most modern infrastructure. It just does what it usually does
— flow to us and plunge us.
Do you remember Hurricane Katrina that struck the United States of America in 2005?
During this Category 5 Atlantic Hurricane, some infrastructures were damaged.
Among them was the water system which consisted of 125 miles of pipes and 90
pumping stations. A study by Elizabeth Chilsom titled, “Impact of Hurricanes and
Flooding on Buried Infrastructure” spells the damage that flooding brought to the
water system. According to the study, “Flooding exposed pipes to conditions such as
subsidence, soil swelling, and the loss of bedding support through the infiltration of
water… It took four days to repressurize the water system…”
If this can happen to a developed country, what are the chances of it happening to the
Philippines? We cannot be left unguarded to what can happen in the next months and
the next years. If “Ulysses”, which is not even as strong as “Ondoy”, can cause
massive flooding, how sure are we that we will not be flooded by another “ordinary”
typhoon? No, we can not be sure of anything, much less we should let our guards
down.
The Philippine government has done greatly with this initiative of improving the water
pumping systems. However, we should always consider that these stations can also be
prone to flooding. Flood-protecting the stations can save the government a lot of
worry. It can focus on other matters like providing support to the residents stricken
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with flood.The government can also save a lot of money because there is not a need
for unnecessary repair.
BLOCK THE FLOOD
To save these infrastructures, one effective solution is the setting up of barriers. Flood
barriers are structures that are put around a house, a property, a building or an
equipment to stop flood from getting into it during heavy flooding caused by typhoons
or intermittent rain.
It is very pleasing that the DPWH and MMDA with the World Bank, aim to improve
the water pumping systems. However, we should take into consideration that
modernizing these critical infrastructures is not enough. We have to protect the
stations. We have to protect the equipment therein. There are many problems that
cannot be easily solved by merely “modernizing.”
There is still the issue with garbage. There is still a problem with the river overflowing.
There is still a concern about low-lying areas. Modernizing the water pumping
stations, as I have mentioned, is a noble cause. But it is not enough.
What we need to do is protect these infrastructures with flood barriers. Only when we
protect them can they also protect us against floods. And only when we are protected
will we continue protecting our families and our properties. #
(This article reflects the personal opinion of the author and does not reflect the official
stand of the Management Association of the Philippines or the MAP.)
------------------------------------------------------------------------------------------------------
The author, Dr. Andreas Klippe is the Chair and President of Flood Control
Asia RS Corp., Clark, Pampanga, responsible for all RS activities in Asia/Pacific,
Chair of the North Luzon Chapter of the European Chamber of Commerce
of the Philippines. He is a speaker, a writer, a German engineer and a Philippine
resident.
http://map.org.ph
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Joint Statement for Unity on COVID and Recovery,
Against Charter Change at this Time
January 21, 2021
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Joint Statement of Support for CREATE
January 14, 2021
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List of MAP Governors-in-Charge, Committee Chairs and
Vice Chairs for 2021
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FORTHCOMING EVENTS
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1. “Business urges Duterte to focus on economic recovery”
by Bernie Cahiles-Magkilat
Manila Bulletin
January 23, 2021
As the country enters a new year and there are positive developments on the discovery
and roll-out of COVID-19 vaccines, the country’s ten major business groups strongly
urged the Duterte government to maintain its focus on safe economic recovery.
“We support initiatives to liberalize the restrictive economic provisions of the
Constitution to enhance the country’s competitive position globally,” said the joint
statement signed by the Philippine Chamber of Commerce and Industry, Makati
Business Club, Management Association of the Philippines, Financial Executives
Institute of the Philippines, Investment House Association of the Philippines, Philippine
Retailers Association, Judicial Reform Initiative, Filipina CEO Circle, Philippine
Women’s Economic Network, and Women’s Business Council.
In addition, the business groups are strongly opposed to any initiative at this time to
amend the Constitution.
“We believe that introducing any charter change fifteen months before presidential
elections will only raise fears that other constitutional changes, some of which may be
highly controversial, may be introduced and passed. Thus, any attempt at Charter
Change now will be highly divisive at a time when our country still needs to be totally
united in our efforts to overcome the ill effects of the pandemic,” the groups said.
Instead of pushing for Constitutional amendments at this time, they urged all major
presidential and congressional candidates in the coming 2022 elections to express their
support for the relaxation of restrictive economic provisions in the Constitution and
commit to initiate steps for the adoption of such provisions within the first 12 months of
their term.
At this time, the groups urged the enactment of other bills pending in Congress that will
open doors to the economy that the Constitution has kept locked against the entry of
foreign investors.
Among these is the Public Service Act Amendment, which has been approved by the
House of Representatives and is pending at the Senate Committee on Public Services.
The bill lifts restrictions on foreign equity ownership in some sectors currently classified
as public utility.
News Articles on the January 21, 2021
JOINT STATEMENT ON UNITY AGAINST COVID,
ENCOURAGING INVESTMENT, AND DIVISIVENESS OF
CHARTER CHANGE (PROPOSED)
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“We are hoping for this and other economic bills to be enacted before the end of the
18th Congress,” the statement concluded.
2. “Focus on economic bills, not Cha-cha”
by Ronnel Domingo
Philippine Daily Inquirer
January 23, 2021
Various business groups in the Philippines remain supportive of initiatives to liberalize
the domestic economy, but they oppose changes in the Constitution, which they said
would be best done when a new administration has assumed office in 2022.
These groups said in a joint statement they were instead reiterating calls for the passage
of a bill to amend the Public Service Law or Commonwealth Act No. 146, which will
lift restrictions on foreign equity ownership in some sectors currently classified as public
utility.
The groups include the Financial Executives Institute of the Philippines, Filipina CEO
Circle, Investment House Association of the Philippines, Judicial Reform Initiative,
Management Association of the Philippines, Makati Business Club, Philippine Chamber
of Commerce and Industry, Philippine Retailers Association, Philippine Women’s
Economic Network, and Women’s Business Council Philippines.
“We are hoping for this [amended Public Service Act] and other economic bills to be
enacted before the end of the 18th Congress,” the groups said, referring to the Duterte
administration’s term.
The business groups made the statement amid positive developments related to the
discovery and rollout of vaccines against COVID-19, which has sent the Philippine
economy into recession.
“We support initiatives to liberalize the restrictive economic provisions of the
Constitution to enhance the country’s competitive position globally,” the groups said.
“However, we are strongly opposed to any initiative at this time to amend the
Constitution,” they added. “ We believe that introducing any Charter change (Cha-cha)
15 months before presidential elections will only raise fears that other constitutional
changes, some of which may be highly controversial, may be introduced and passed.”
Considering these factors, they said any attempt at amending the Constitution now “will
be highly divisive” when we need to be “totally united” in addressing the pandemic.
Concise definition
“We instead urge all major presidential and congressional candidates in the coming 2022
elections to express their support for the relaxation of restrictive economic provisions in
our Constitution and commit to initiate steps for the adoption of such provisions within
the first 12 months of their term,” the groups said.
Even at the onset of the pandemic, in March 2020, business groups and foreign chambers
of commerce have been pushing for an update on the Commonwealth-era law.
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A relevant bill has been passed on third reading at the House of Representatives and
another one is still pending at the Senate.
In March last year, these groups expressed hope that if and when an amendment were
enacted, the new law would finally provide a concise definition of public utilities,
institute a fair rate-setting methodology and facilitate greater competition.
Back then, they said for more than 80 years, the Philippines has lacked a law that defined
public utilities, which led to confusion over the difference between a public utility and
a public service.
“This legislation is long overdue and especially timely as it should help the Philippines
recover from declining foreign direct investment,” they said.
Citing data from the Bangko Sentral ng Pilipinas, they noted that net foreign investments
declined by an estimated 30 percent in 2019.
3. “Business sector raises fears over Cha-cha move”
by Tita C. Valderama
The Manila Times
January 25, 2021
THE business community’s joint statement issued on Friday against the revived efforts
in Congress to amend the restrictive economic provisions of the Constitution drew
attention to the dubious intentions and wrong priorities of those behind this latest Cha-
cha initiative.
It showed that its proponents are lamentably out of touch with the realities on the ground
as it succinctly described the selfish motives that they’re trying to conceal.
“We believe that introducing any Charter change 15 months before presidential elections
will only raise fears that other constitutional changes, some of which may be highly
controversial, may be introduced and passed,” said the statement.
The business community leaders read through the deceptive intentions behind the
resuscitated Cha-cha dance in the legislature by administration allies.
The signatories include influential groups such as the Management Association of the
Philippines (PMAP), Makati Business Club (MBC), Philippine Chamber of Commerce
and Industry (PCCI), and Philippine Retailers Association (PRA).
The Financial Executives Institute of the Philippines (Finex), Filipina CEO Circle,
Investment House Association of the Philippines, Judicial Reform Initiative, Philippine
Women’s Economic Network, and Women’s Business Council also signed the
statement, urging lawmakers to focus on pending measures that could ease the country’s
recovery from the adverse impact of the coronavirus 2019 (Covid-19) pandemic.
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This also proves that the proponents did not even consult business industry leaders in
pushing their latest bid to amend the restrictive economic provisions in the Charter and
open up certain areas to foreign investment.
Let it not be mistaken to mean that the business community is against liberalizing the
investment climate. The strong message it sends to the legislators is that tinkering with
the Constitution is ill-timed.
It’s also easy to read the real motives behind the move. As I’ve said before, creating
highly divisive and controversial issues such as Cha-cha at this time is meant to divert
attention from mounting criticisms on the administration’s failure to effectively address
the Covid-19 vaccination brouhaha.
The refusal of officials involved in the procurement of the Covid-19 vaccines to be
transparent in their dealings with manufacturers, particularly with China’s Sinovac, as
well as the controversies over the inoculation of President Rodrigo Duterte’s close-in
security with unregistered vaccines, raises strong suspicions of irregularity and low
regard for public accountability.
The military’s red-tagging of 28 alumni of the University of the Philippines is yet
another attempt to draw discussions away from the administration’s mishandling of the
Covid-19 vaccine procurement and other criticisms that the Cha-cha move has failed to
cover up.
The malicious tagging of the UP alumni as members of the communist New People’s
Army (NPA) in the now-deleted post on the Facebook page of the Armed Forces of the
Philippines Information Exchange on January 22 was either an irresponsible or a well-
studied bait to stir yet another controversy for the public to talk about and forget the
issues of widespread corruption, human rights abuses and Covid-19.
Just the mere inclusion of prominent names such as lawyers Alex Padilla and Raffy
Aquino of the Free Legal Assistance Group (FLAG), playwright Liza Magtoto, former
journalist and government official Elmer Mercado, development worker Marie Lisa
Dacanay and economic journalist Roel Landingin as former UP students who have died
or were captured during military operations was already a strong indication that the list
was something that should not be taken seriously.
The list also includes Singapore-based journalist Roberto Coloma, chief of the Agence
France-Presse Singapore-Malaysia bureau.
They are all very much alive and have never been captured in any military operations.
Although they have admitted to joining protest rallies, especially during their student
days, they declared that they have never joined the NPA, the armed wing of the
Communist Party of the Philippines.
But to those who don’t know these persons and who were not aware that actor-director
Behn Cervantes, who was also on the list, died of diabetes in 2013, they would mostly
likely believe the military’s yarn that the country’s premier state university is a breeding
ground for communism.
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The President, with strong support from the military and police, has long been vocal
about his dislike for criticism and people who go against his policies and distorted values
and beliefs.
If the President, his spokesmen and ranking military officers could easily make up
stories, destroy the reputation of prominent persons and get away with their own devious
practices, and in the middle of a pandemic at that, how can the Philippine economy
recover?
People behind these unsettling distractions are too selfish and unmindful of the adverse
effects of their disuniting actions to institutions and the country. These we have to keep
in mind when we choose candidates to elect in the next elections and make sure that
they will never ever get elected.
4. “10 business groups buck Cha-cha at this time”
by Louella Desiderio
The Philippine Star
January 23, 2021
MANILA, Philippines — Ten business organizations are against making amendments
to the Constitution at this time and are urging the government to focus on the continued
safe economic recovery instead.
The groups – Financial Executives Institute of the Philippines, Filipina CEO Circle,
Investment House Association of the Philippines, Judicial Reform Initiative, Makati
Business Club, Management Association of the Philippines, Philippine Chamber of
Commerce and Industry, Philippine Retailers Association, Philippine Women’s
Economic Network and Women’s Business Council Philippines – issued a joint
statement yesterday to bare their position on the issue.
“We support initiatives to liberalize the restrictive economic provisions of the
Constitution to enhance the country’s competitive position globally. However, we are
strongly opposed to any initiative at this time to amend the Constitution,” read a part of
their statement.
They stressed that the move to amend the Constitution just 15 months before the 2022
presidential elections would only raise fears that the changes, including the controversial
ones, would be introduced and passed.
“Thus any attempt at Charter change now will be highly divisive at a time when our
country still needs to be totally united in our efforts to overcome the ill effects of the
pandemic,” the groups said.
Instead of pushing for changes in the Constitution now, they urged all major presidential
and congressional candidates in the coming 2022 elections to push for the relaxation of
restrictive economic provisions in the Constitution and initiate steps for the adoption of
such provisions within the first 12 months of their term.
The groups said the government’s priority now should be economic recovery, given
developments in vaccines for COVID-19.
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“At this time, we urge the enactment of other bills pending in Congress that will open
doors to the economy that the Constitution has kept locked against the entry of foreign
investors,” they added.
Among the bills being pushed by the business groups is the amendment of the Public
Service Act, which has been approved by the House of Representatives and is pending
at the Senate committee on public services. When approved, the proposed measure
would lift restrictions on foreign equity ownership in the telecommunications and
transportation sectors.
“We are hoping for this and other economic bills to be enacted before the end of the
18th Congress,” the groups said. – Edu Punay
5. “EDITORIAL - Not at this time”
The Philippine Star
January 25, 2021
The initiative is supposed to make the country more attractive to investors. Yet 10 of the
biggest business groups in the country issued a statement last week, opposing the latest
effort at the House of Representatives to amend the Constitution at this time. Instead the
business groups want Congress to focus on pending measures to deal with the public
health crisis and revive the economy.
While stressing that they support initiatives to liberalize the restrictive economic
provisions in the 1987 Charter to enhance national competitiveness, the groups said “we
are strongly opposed to any initiative at this time to amend the Constitution.”
The groups are the Financial Executives Institute of the Philippines, Filipina CEO
Circle, Investment House Association of the Philippines, Judicial Reform Initiative,
Makati Business Club, Management Association of the Philippines, Philippine Chamber
of Commerce and Industry, Philippine Retailers Association, Philippine Women’s
Economic Network and Women’s Business Council Philippines.
Charter change at this time, the groups said, “will be highly divisive,” derailing efforts
to be “totally united” in the national effort to confront the COVID pandemic. Cha-cha,
they pointed out, could be pursued in the first year of the term of those who will win in
the 2022 general elections. Analysts have pointed out that because of the complexity of
amending any part of the Constitution, the best time to initiate Cha-cha through any
mode is at the start of a new administration.
The groups are urging Congress to instead focus on legislative measures, such as
amendments to the Public Service Act, as well as bills to provide economic stimulus
amid the continuing pandemic. With only a year and a half left in the 18th Congress,
there’s still a lot of work ahead that can be done to promote economic recovery, without
the distraction and divisiveness arising from Cha-cha.
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1. “The boiling frog”
from MAP President 1989 RAMON R. DEL ROSARIO JR.’s “Business Matters”
Column in the PHILIPPINE DAILY INQUIRER on January 23, 2021
Here’s a classic fable. When you put a frog in boiling water, it jumps out immediately
to save its life. But put it in tepid water, slowly turn up the heat and it will cook to death.
The Philippine education system is a boiling frog that is yet to jump out—and time is
running out.
Last Jan. 14, the Philippine Business for Education (PBEd) launched its most ambitious
advocacy campaign since pushing for the K-to-12 basic education reform. Our objectives
are clear: Convince everyone that there is a learning crisis, and call for a government-
led multi-sectoral response to arrest the problem. The way forward is another matter.
How does one even convince the majority of the population that we have a learning
crisis?
Our education system has been perennially plagued with challenges of inadequate
funding and fragmented reforms. We have more than 7,000 schools with crumbling
infrastructure, no electricity and poor accessibility. Our malnourished schoolchildren
consistently rank lowest in international assessments of science, mathematics, and
reading competencies. Our teachers do not receive sufficient training even before they
are deployed in schools. These problems worsened when the pandemic hit: 2.7 million
students left school, millions more weren’t able to join online classes, and the economic
toll of the crisis dragged millions of Filipinos further into unemployment and poverty.
Perhaps what is even more troubling than this list of horrors is the fact that we are not as
bothered as we should be. Why is that the case?
Foremost, it’s a challenge to frame education as an urgent and immediate concern to the
Filipino family—one that is “malapit sa sikmura.” Filipinos worry about how to put food
on the table. We are concerned that the school performance of our children has become
solely an educator’s concern, not of parents and guardians.
Secondly, we have a bias toward the present such that we fail to account for the future.
Gains from education like improved well-being can really only be seen in the long term.
In the present, the consequences of poor reading comprehension may seem abstract.
Lastly, as far as politics is concerned, there is no incentive to put education in the
platform as the effect of quality education takes years, if not generations, to be felt. This
is incompatible with the career cycle of politicians who are pressured to produce
immediate and tangible proofs of their accomplishment to fuel their next campaign.
Articles/Papers from MAP Members
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So what do we need to do? We need to immediately convene an Education Commission
to set the vision for Philippine education. The commission—composed of
representatives from different sectors of society—should tackle pressing issues of poor
accessibility and education quality.
Specifically, we need to address stunting and malnutrition among schoolchildren
through the implementation of the Philippine Plan of Action for Nutrition; fight for a
higher education budget; push for the establishment of an autonomous learning
assessment agency; lobby for the creation of a National Teacher Education Scholarship
program; and demand the stronger implementation of mother tongue-based multilingual
education.
From us at PBEd, you can expect more as we bring attention to this crisis that is slowly
killing our nation. This article is just one of many more to come—the opening salvo of
a hopeful and ambitious campaign to thrust education into the heart of the national
conversation and advocate much-needed reforms in the sector.
We need to take an honest look at ourselves before we can even rise to the level of this
daunting task. We encourage everyone to be informed: Stay abreast of what’s happening,
talk to students and teachers, and keep a close eye on our government’s plans for the
education sector. Speak up, participate in public fora, write to your legislators, and
demand better education for our learners.
Education is a promise waiting to be fulfilled, and this learning crisis has prevented us
from realizing our development potential for far too long. We are now at the eleventh
hour, and it’s time to raise the alarm. Our education system is a boiling frog, and it needs
to jump out now.
——————
Ramon R. del Rosario Jr. is a trustee of Makati Business Club and chair of Philippine
Business for Education.
——————
Business Matters is a project of Makati Business Club
2. “We need it now”
from former MAP Governor PETER WALLACE’s “Like it is” Column in the
PHILIPPINE DAILY INQUIRER on January 21, 2021
In August 2019, the House of Representatives ways and means committee approved a
bill recommended by the Department of Finance (DOF) that reduces corporate income
tax to 20 percent from 30 percent over the next 10 years, and rationalizes the myriad
incentives offered to preferred businesses.
The DOF pushed for the approval of the measure, saying it is likely to generate about
1.4 million jobs especially in the micro, small, and medium enterprises (MSME) sector.
The incentives will be time-bound, performance-based, and targeted.
28
It was a courageous step of Finance Secretary Sonny Dominguez—to reduce their
revenues in the hope of attracting more business and make the Philippine tax rates at par
with its peers’ tax regimes. With an Asean average of 22 percent, it was a necessary step
if we were to get a sizable degree of foreign direct investment (FDI), and if we were to
make our industries regionally competitive.
As a tax measure, it had to emanate from and agreed to in the House before being passed
to the Senate for consideration. This happened, and it then went through a litany of
changes as both houses argued and argued and argued. Business stepped in, pleading for
passage. The DOF and the Department of Trade and Industry urged for early passage. It
didn’t happen.
Finally, Congress promised us we’d have the CREATE bill effective Jan. 1. That
promise wasn’t made last month, that was in 2019. Now here we are, a year later, a year
of lost opportunity. The Philippines still lags in the Asean region in attracting much-
needed FDI that generate jobs, at a time when companies are shifting business from
China to elsewhere. We’re losing an opportunity that won’t be repeated.
In mid-2020, the DOF substantially amended the bill to react to the damage COVID-19
was doing and agreed to provide a five-percentage-point reduction immediately, the
balance at one percent per year. Incentives given to industries were rationalized. The
acronym shifted from Corporate Income Tax and Incentives Rationalization Act
(CITIRA) to Corporate Recovery and Tax Incentives for Enterprises (CREATE).
It was, finally, confidently expected to be in place by the end of last year. Then mid-year
2020. Then January 2021, so we’d start the year in good shape to attract FDI as normalcy
returned to the markets. Now here we are 10 days from the end of January. Will the
promise be met?
Dick Du-Baladad wrote an excellent piece arguing for the adoption of the Senate version,
unchanged. Or, to accept the less attractive House version. Under no circumstances a
mishmash of the two. That’s all Congress had to do—pass the Senate version. It could
have happened. The House agreed to accept the Senate version so a bicameral committee
wouldn’t be necessary, and finalization could be accomplished before the year ended.
But then the House changed its mind, and wanted a compromise of the two.
There’s been more than enough discussion over the past years. It’s time to accept the
Senate version and forward CREATE to the President before Jan. 31. Endless discussion
will never end up in a perfect bill, just in endless discussion. The Senate version of the
bill as is is fine—just pass it.
Congress is sitting on seven bills that would lead to more rapid growth of business and
the creation of much needed jobs. And, like CITIRA/CREATE, it has been sitting on
them for years.
29
One amendment, the bank secrecy law, has been unacted upon for some—get this—60
years. The Philippines and Switzerland are the only two countries in the world that still
have strict bank secrecy laws. Surely 60 (yes it is 60, we checked) years is far more than
enough what every other country has done. So it might be nice to see that passed, too, in
the next 60 days.
If Congress can railroad a hugely controversial anti-terrorism law within days, surely it
can pass bills that will lead to the employment of hundreds of thousands of their fellow
Filipinos, millions of whom are currently out of a job.
Is this to be a NATO country: No Action Talk Only? Or one where action is the rule of
the day? Is it any wonder the Philippines gets the least FDI among its Asean neighbors?
Let’s have action.
Email: [email protected]
3. “Virtual vaccine”
from MAP Social Justice Committee Vice Chair ALEXANDER B. CABRERA’s
“As easy as ABC” Column in THE PHILIPPINE STAR on January 17, 2021
One thing can be said about projections and expectations of a rebound, which by 2022
is going to bring us back to pre-pandemic economic levels: It’s not going to be automatic.
A lively domestic market, if we can pick just one among the important indicators, is the
scenario we need to get back to recover our economic strength. Our visuals on retail and
food service establishments tell the story of how slow the phase of recovery can be. We
go out and say there are now more people in stores and in restaurants and it seems like a
semblance of normality, but we are actually benchmarking it against the new normal. It
is way nothing compared to the pre-pandemic volumes of almost entire Filipino families
in malls, with lines even to get into restaurants during the peak hour for lunch, and
merchandise and stores already spilling into walkways and corridors.
We may find our way back to the crowd after vaccination of our population but the
confidence in physical commingling will never be the same for everyone and will
continue to impact the economy.
This brings me to the point of putting mad urgency to building virtual confidence
nationwide. It can never be achieved without access to quality broadband services, which
in substance and by definition, are part of telco services of a public utility franchise.
Indeed, there has been an acceleration of digital transformation by businesses by
compulsion but from what we’ve observed, the MSME population has barely scratched
the surface. Regardless of the stage of transformation, Internet access and speed will
dictate the usefulness of technology. If you are one of those who go to the office on a
30
more or less regular basis, you would notice the traffic buildup during peak hours. People
go to the office for various reasons but in great part, it’s for better Internet connectivity.
The livelihood of “homepreneurs”, and towns and villages across our 7,100 islands, now
depends on broadband access for inclusion, if not survival. The education of our youth
now hangs in the balance as only about half of the student population (based on a PwC
Philippines survey) have reliable Internet connection.
The positive thing I am here to say is that such required virtual confidence is within
reach. From the franchises issued by the government, there are now five major telco
players: Globe, Smart, the Chinese-backed DITO Telecommunity, the recently listed
Converge that laid a strong fiber optic network, and NOW Telecom that teamed up with
Nokia to deploy a stand-alone 5G network nationwide.
Among these five telco companies alone are hundreds of billions of funds required for
capital expenditure and network expansion programs for the next five years. Domestic
funds alone cannot finance their rollouts because telco is not the only industry for
investment destination. We need foreign capital to come in more freely.
That is why I am with the ranks of those who advocate for relaxation of foreign equity
limitation of telco and public utility companies.
To refresh my readers, the issue is a constitutional one. The Philippine Constitution
limits foreign equity to at most 40 percent for corporations engaged in the operation of
public utilities. The most expedient way to amend the Constitution is via a vote of three-
fourths of its members. That being said, it’s not easy because you need a plebiscite. That
is why there is an approach to amend the definition of “public utility” by law, and from
that definition, take out the public utility where they want to liberalize the entry of
foreign equity.
This move, however, may not work because when the Constitution was written, the old
public service act was the one existing, which defined public utilities as entities
rendering service to the public. So certainly, the framers of the Constitution then had this
in mind. No less than a Constitutional amendment is needed.
Truth be told, things are not stagnant on the investment scene during the pandemic. The
M&A (mergers and acquisitions) action in 2020, particularly the latter part, beat 2019.
M&A activity in the utilities sector have taken the lion’s share with activities in the food
industry and fintech as well, with 40 percent coming from foreign investors. But we need
so much more.
The Corporate Recovery and Tax Incentives for Enterprises Act (CREATE) that would
lower income tax to 25 percent (20 percent for smaller companies), even if such reduced
rate still lags behind our Southeast Asian neighbors, causes an attraction. It is because
it’s complemented by a strong domestic market or a really strong potential, post-
pandemic.
31
The connection is now made more plain: A strong domestic market can still happen but
it requires confidence. While that cannot be the old normal’s confidence, we must afford
virtual confidence, almost like a virtual vaccine. More people can have full-time jobs
working from home. With underemployment abetted, purchasing power can be regained.
And the academe with less connectivity issues can still churn out competitive human
resources that our industries need.
Our people should be properly informed and our legislators must once more put on the
pandemic spirit of oneness and good faith to achieve one of the most difficult legislations
to pull off – a constitutional amendment. This is to attract more foreign funds and get
them here, to build more broadband access to our more than 100 million people in the
multifarious corners of our archipelago, to build confidence for our economic rebound.
It is not automatic, it’s also not undoable.
* * *
Alexander B. Cabrera is the chairman and senior partner of Isla Lipana & Co./PwC
Philippines. He is the chairman of the Integrity Initiative, Inc. (II, Inc.), a non-profit
organization that promotes common ethical and acceptable integrity standards. Email
your comments and questions to [email protected]. This content is for general
information purposes only, and should not be used as a substitute for consultation with
professional advisors.
https://web.facebook.com/map.org.ph/videos
1. January 20, 2021 MAP Webinar on “Upgrading the NAIA to World Standard”
2. January 12, 2021 72nd MAP Inaugural Meeting and Induction of 2021 MAP Board
of Governors
3. Adeste Fideles Christmas Concert at the PICC Plenary Hall streamed on
December 22, 2020
4. December 21, 2020 MAP Online Panel Discussion on “A YEAR OF COVID: Gloom
or Boom?”
5. Adeste Fideles Christmas Concert at Santuario de San Antonio streamed on
December 16, 2020
6. A Flavor of Vienna Concert, a first-ever tribute to 50 years of “MAP Management
Man of the Year” awards, reprised on November 26, 2020 as MAP’s Thanksgiving
Day offering.
MAP Videos on Facebook
32
7. November 20, 2020 First MAP NextGen Web Conference
8. September 15, 2020 MAP International CEO Web Conference on “A WHOLE
NEW WORLD: Reigniting the Stalled Global Economy”
9. November 23, 2020 (Monday) MAP Online Annual General Membership Meeting
and “MAP Management Man of the Year 2020” Awarding Ceremony
10. October 13, 2020 (Tuesday) MAP Online General Membership Meeting on
“ESG and its Linkage to Long-term Value Creation”
11. September 8, 2020 (Tuesday) MAP-PMAP Joint Online General Membership
Meeting (GMM) on “Deepening the Bench for Future Business Leaders”
12. July 14, 2020 MAP 5th Online GMM on “Landscape and Control Mechanisms for
Business Crimes and Fraud” with Mr. ALEX TAN, Partner for Consulting of PwC
Malaysia
13. June 9, 2020 MAP 4th Online GMM on “MAYORS ENVISION A POST-COVID
FUTURE”
14. June 26, 2020 MAP Webinar on “DIVERSITY & INCLUSION AGENDA: Does it
Matter during the Pandemic?”
15. June 24, 2020 MAP 2nd Webinar on the Anti-Terrorism Bill with Senator PANFILO
“Ping” M. LACSON, Chair of Senate Committee on National Defense and Security,
Peace, Unification and Reconciliation
https://www.youtube.com/user/TheMAPph
Festival of Concerts
1. Adeste Fideles Christmas Concert at the PICC Plenary Hall streamed on
December 22, 2020
2. Adeste Fideles Christmas Concert at Santuario de San Antonio streamed on
December 16, 2020
3. A Flavor of Vienna Concert, a first-ever tribute to 50 years of “MAP Management
Man of the Year” awards, reprised on November 26, 2020 as MAP’s Thanksgiving
Day offering.
Video Recordings of MAP GMMs
4. January 12, 2021 72nd MAP Inaugural Meeting and Induction of 2021 MAP Board
of Governors
MAP Talks on Youtube
33
5. December 21, 2020 (Monday) MAP Online Panel Discussion on “A YEAR OF COVID:
Gloom or Boom?”
6. November 23, 2020 (Monday) MAP Online Annual General Membership Meeting
and Awarding Ceremony for “MAP Management Man of the Year 2020”
7. October 13, 2020 (Tuesday) MAP Online General Membership Meeting on
“ESG and its Linkage to Long-term Value Creation”
8. September 8, 2020 (Tuesday) MAP-PMAP Joint Online General Membership
Meeting on “Deepening the Bench for Future Business Leaders”
9. August 18, 2020 MAP 6th Online General Membership Meeting on “The Urgent
Need for a Future-Ready Board” with Ms. ALIZA KNOX, Mr. REY LUGTU and
Dr. JUSTO “Tito” A. ORTIZ
10. July 14, 2020 MAP 5th Online General Membership Meeting on “Landscape and
Control Mechanisms for Business Crimes and Fraud” with Mr. ALEX TAN,
Partner for Consulting of PwC Malaysia
11. June 9, 2020 MAP 4th Online General Membership Meeting (GMM) on
“MAYORS ENVISION A POST-COVID FUTURE”
12. May 20, 2020 MAP 3rd Online GMM on “Leveling the Playing Field amid the
COVID-19 Pandemic” with PCC Chairman ARSENIO M. BALISACAN
13. April 14, 2020 MAP 2nd Online GMM on "Leading Through COVID-19"
Video Recordings of MAP Webinars 14. September 25, 2020 MAP Sustainable Development Committee Webinar on
“MOVING FORWARD WITH OUR MANA TOWARDS A SUSTAINABLE
BLUE ECONOMY” to Celebrate September as MANA Mo (Maritime &
Archipelagic Nation Awareness Month)
15. June 26, 2020 MAP Webinar on “DIVERSITY & INCLUSION AGENDA: Does it
Matter during the Pandemic?”
16. June 24, 2020 MAP 2nd Webinar on the Anti-Terrorism Bill with Senator
PANFILO “Ping” M. LACSON, Chair of Senate Committee on National Defense
and Security, Peace, Unification and Reconciliation
17. June 17, 2020 MAP 1st Webinar on the Anti-Terrorism Bill with former Supreme
Court Senior Associate Justice ANTONIO “Tony” T. CARPIO
18. May 8, 2020 MAP Webinar on “Helping the MSMEs Survive the Pandemic”
19. April 24, 2020 MAP Webinar on "Developing Health Protocols for
Workforce Re-Entry"
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20. April 17, 2020 MAP Webinar on "Managing the Workforce Today and Preparing
them for the New Normal"
21. April 2, 2020 MAP Webinar on “Responding to COVID-19”
MAP Legacy Series 2019 on ANC featuring the following:
22. MMY 1996, Mr. DAVID M. CONSUNJI
23. MY 1998, Gov. GABRIEL C. SINGSON
24. MMY 1999, Mr. HENRY SY, SR.
25. MMY 1967, Mr. WASHINGTON Z. SYCIP
26. MMY 2006, Dr. GEORGE S.K. TY
27. MMY 1992, Amb. ALFONSO T. YUCHENGCO
The MAP Lifestyle Masters on Living Well and Aging Well
January 1
1. Mr. ADOR A. ABROGENA, EVP, BDO Unibank, Inc. 2. Usec. ROWENA CRISTINA “Gev” L. GUEVARA, Undersecretary for Research and Development,
Department of Science and Technology (DOST) 3. Mr. MANUEL “Manny” L. WONG, General Manager, Acer Philippines, Inc.
January 3
4. Mr. LAURENT P. LAMASUTA, President and CEO, Ayala Properties Management Corporation (APMC)
January 4
5. Mr. ALLEN L. LEE, President and General Manager, MESCO, Inc. 6. Mr. NELSON C. PAR, Chair, Pascal Resources Energy, Inc. 7. Ms. TITA D. PUANGCO, CEO, Ancilla Enterprise Development Consulting, Inc.
January 5
8. Mr. RAYMUND “Ray” T. AZURIN, Chief Executive, Zuellig Pharma Corporation 9. Mr. FRANCISCO “Paquito” A. DIZON, Chair and President, Pacific Northstar, Inc. 10. Mr. FERNANDO “Fern” O. PEÑA, President, MOF Company (Subic), Inc. 11. Engr. TELESFORO “Porsche” E. PEÑA, Founder, T & D Design Consultancy, Co. 12. Dr. TONY TAN CAKTIONG, Chair, Jollibee Foods Corporation
January 6
13. Mr. JOSE JEROME “Jeng” R. PASCUAL III, CFO, VP for Finance and Treasurer, Pilipinas Shell Petroleum Corporation
14. Ms. LOLY NGO UY, CFO, San Roque Supermarket Retail Systems, Inc. (SRS) January 7
15. Mr. ARMANDO “Armand” S. NG, General Manager, Asia Cargo Container Line Inc.
Happy Birthday to the following MAP Members who are
celebrating their birthdays within January 1 to 31, 2021
35
16. Mr. BENJAMIN “Ben” R. PUNONGBAYAN, Founder, P&A Grant Thornton January 8
17. Mr. RICO T. BAUTISTA, President and CEO, Etiqa Life and General Assurance Philippines, Inc. 18. Mr. JOSE “Jomie” S. FRANCISCO, President, Wire Rope Corporation of the Philippines (A DMCI
Holdings, Inc. subsidiary) 19. Dr. JAIME “Jimmy” C. LAYA, Chair, Philtrust Bank 20. Mr. BERNIDO “Bernie” H. LIU, CEO, GOLDEN ABC, Inc. 21. Atty. RICARDO “Dick” J. ROMULO, Senior Partner, Romulo Mabanta Buenaventura Sayoc & de los
Angeles January 9
22. Ms. LORRAINE “Rain” BELO CINCOCHAN, President and CEO, Wilcon Depot, Inc. 23. Mr. JEFFREY JOHNSON, SVP for Human Capital Resource Management, Teleperformance 24. Mr. RICHMOND D. LEE, Founder and Director, ATLASOFFICE, INC.
January 10
25. Ms. MARIA NOEMI “Noemi” G. AZURA, President and CEO, Insular Healthcare Inc. 26. Dr. ROBERTO “Bobby” F. DE OCAMPO OBE, Chair and CEO, Philippine Veterans Bank 27. Mr. FREDERIC “Ricky” C. DYBUNCIO, President, SM Investments Corporation 28. Mr. SEBASTIAN “Baste” C. QUINIONES JR., Executive Director, Pilipinas Shell Foundation, Inc.
January 11
29. Mr. ELMER FRANCISCO “Elmer” U. SARMIENTO, President and CEO, Royal Cargo Inc. January 12
30. Cong. HARRY C. ANGPING, President, AP Genco North Services, Inc. 31. Mr. DANILO “Danny” VALENTON FAUSTO, President, DVF Dairy Farm, Inc. 32. Mr. WILSON P. TAN, Chair and Country Managing Partner, SyCip Gorres Velayo & Company (SGV
& Co.) January 13
33. Mr. MANUEL “Manny” U. AGUSTINES, Chair, Ramcar, Inc. January 15
34. Mr. FRANCISCO “Frankie” C. EIZMENDI JR., Chair, Dearborn Motors Company, Inc. January 16
35. Mr. OSCAR B. BIASON 36. Mr. KASIGOD “Kas” V. JAMIAS, President and CEO, The Zuellig Corporation 37. Dr. EDWARD “Moi” M. MOISES, Dean - School of Management and IT, De La Salle - College of St.
Benilde January 17
38. Mr. RICARDO “Ric” G. LIBREA 39. Mr. ANTONIO “Tony” A. TURALBA, Chair, President and CEO, Active Group, Inc.
January 18
40. Mr. VICTOR “Vic” Y. LIM JR., President, Banco Mexico Inc. 41. Mr. ROBERTO “Bert” G. MANABAT, Chair Emeritus, KPMG R. G. Manabat & Co.
January 19
42. Mr. LUIS “Louie” M. CAMUS, Chair and President, L. M. Camus Engineering Corporation 43. Ms. MA. BELEN “Bel” B. LIM, General Manager, Golden Press
January 20
44. Dean RODOLFO “Rudy” P. ANG, Dean, Ateneo de Manila University Graduate School of Business 45. Mr. ROBERTO “Dondi” D. BALTAZAR, EVP, Philippine National Bank (PNB) 46. Ms. MARICRIS “Cris” MEDINA CAMPIT, President and CEO, Airfreight 2100 Inc. (AIR21) 47. Mr. SANTIAGO “Santi” F. DUMLAO JR., Secretary-General, Association of Credit Rating Agencies in
Asia (ACRAA) 48. Ms. ANNA GREEN, CEO, Australia and New Zealand Banking Group
January 21
49. Mr. RAMON “Mon” L. JOCSON, EVP, Bank of the Philippine Islands (BPI)
36
January 22
50. Dean PASCUAL “Al” SAYO GUERZON, President, Melior Realty Services January 23
51. Mr. RABBONI FRANCIS “Bong” B. ARJONILLO, President, First Metro Investment Corporation 52. Mr. VICENTE “Ting” R. AYLLON 53. Ms. JEANETTE “J'net” BAUTISTA ZULUETA, Chair, ZMG Ward Howell, Inc.
January 24
54. Mr. YU MING “Yu Ming” CHIN, Executive Director, Viventis Search Asia 55. Mr. FELIPE ANTONIO “Felipe/ Poopi” P. ESTRELLA III, President, Volkswagen Philippines 56. Atty. ROBERTO “Bobby” P. LAUREL, President, Lyceum of the Philippines University (Manila,
Makati, Cavite) 57. Mr. ALFREDO “Fred” B. PARUNGAO, President, Ligaya Management Corporation
January 25
58. Mr. NESTOR E. CONSTANCIA, Marketing and Sales Manager, Gardenia Bakeries (Phils.), Inc. January 26
59. Mr. ROMEO “Romy” G. DAVID, Chair and President, BNL Management Corporation 60. Gen. JOSE “Joemag” P. MAGNO, Chair, Citra Metro Manila Tollways Corporation 61. Mr. ROMUALDO “Boyet” V. MURCIA III, Partner for Audit and Assurance, Punongbayan & Araullo 62. Ms. ELIZABETH “Beth” G. RABUY, General Manager and Director, FPD Asia Property Services, Inc. 63. Mr. ALFREDO “Fred” C. RAMOS, Chair, The Philodrill Corporation 64. Mr. RODOLFO “Jun” B. STA. MARIA JR., Chair and CEO, Paxforce Corporation 65. Atty. SYLVETTE Y. TANKIANG, Senior Partner, Villaraza & Angangco (V&A) The Firm
January 27
66. Atty. FABIAN “Fame” K. DELOS SANTOS JR., Partner and Head of Tax Services, SGV & Co. 67. Mr. ANGELITO “Lito” VILLANUEVA, EVP and Chief Innovation and Inclusion Officer, Rizal
Commercial Banking Corporation (RCBC) January 28
68. Mr. VIRGILIO “Vio” O. CHUA, President, SB Capital Investment Corporation January 29
69. Amb. FRANCISCO “Toting” V. DEL ROSARIO 70. Mr. JOSE EMMANUEL “Joel” P. GUILLERMO, President and CEO, JPGlobal Ventures Corporation 71. Mr. CARLOS MA. “Caloy” G. MENDOZA, Country Head, JP Morgan Chase & Co. 72. Mr. HILARIO “Larry” C. MURILLO JR., President, Grandcatch, Inc.
January 30
73. Atty. SERAFIN “Jun” U. SALVADOR JR., Managing Partner, Salvador Llanillo & Bernardo, Attorneys-at-Law
74. Ms. EVELYN R. SINGSON, Vice Chair and President, Dusit Thani Philippines, Inc. 75. Mr. JESUS “Jess” G. TIRONA
January 31
76. Mr. EMMANUEL “Noel” D. BAUTISTA, Executive Director, Head of ASEAN, LF (Philippines), Inc. 77. Mr. MANUEL “Karim” GONZALEZ GARCIA, VP for Business Development, Metro Pacific
Investments Corporation (MPIC)
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