Biz Buzz: Old guard, new guard at BAP
The more things change, the more they stay the same.
That’s probably true of the Bankers Association of the Philippines (in a positive way, of course), which recently elected—or should we say “re-elected”—Rizal Commercial Banking Corp. head honcho Lorenzo Tan as its president for the third year running.
The third term for the RCBC boss is widely seen as a vote of confidence of the country’s banking community on his leadership, which has seen the group navigate through some very important changes in the local and global banking landscape (which includes the sensitive issue of higher capital requirements for many players).
But perhaps the most exciting aspect of the election results that came out of last Monday’s general meeting was the No. 2-in-command at the BAP, which is none other than Lorenzo’s elder brother Nestor—the CEO of the country’s biggest financial institution, BDO Unibank.
During celebratory cocktails held last Friday evening in Makati City, there was widespread comfort among bankers about their decision to re-elect the younger Lorenzo … but there was palpable excitement and chatter about the supposed upcoming term of the “next” BAP president—widely tipped to be none other than the elder Nestor, who was elected the group’s first vice president.
You see, Lorenzo is on his last term of eligibility as BAP president and is no longer qualified for a fourth term. Ask anyone in the room that evening about BAP’s leadership next year and the inevitable reaction was to point in Nestor’s direction.
The “kuya” was, of course, ever so modest and would brush off suggestions that he was next in line to lead BAP … especially since it usually means a lot of additional work for an already busy bank CEO. So the banking community will have to wait and see.
Elected second vice president last Monday, meanwhile, was Union Bank of the Philippines chair and CEO Justo Ortiz, Development Bank of the Philippines president Gil Buenaventura as secretary and JP Morgan Chase’s Philippine country chief Roberto Panlilio as managing director.
The BAP’s board, too, became an interesting mix of old and new faces.
Apart from the officials earlier mentioned, also elected board members were China Bank president Ricardo Chua, Asia United Bank CEO Abraham Co, Bank of the Philippine Islands CEO Cezar “Bong” Consing, Metrobank chief Fabian Dee and Maybank Philippines CEO Herminio Famantingan Jr. (someone who would help bring the group forward in terms of the Asean integration, we’re told).
Also part of the BAP board for the 2015-2016 season are ING Bank CEO Consuelo “Zondy” Garcia (the only rose among the thorns, so to speak), Philippine National Bank’s Reynaldo Maclang, Bank of Tokyo-Mitsubishi general manager Tadahiro Miyamoto, HSBC Philippines CEO Jose Arnulfo “Wick” Veloso (another new addition expected to bring fresh ideas to the BAP board) and—drum roll, please—Security Bank CEO Alberto Villarosa. (It was announced yesterday, of course, that Villarosa would be promoted to chair at Security Bank and the bank’s CEO mantle would pass to former BPI wholesale banking head Yogi Salcedo, so congratulations are in order.)—Daxim L. Lucas
Speaking of which…
Former BAP director and vice president Antonio Moncupa Jr. has vacated his seat at the BAP as he has already reached the term limit of three consecutive years of service.
While with the BAP, “Tony” (to his close friends) handled the group’s all-important “open market committee,” which is basically the sub-unit that works closely with bank regulators whenever local financial markets are in turmoil.
In any case, word among bankers is that Moncupa is seriously considering a political career, perhaps with the House of Representatives next year, which is an election year.
He’s no stranger to politics, of course, especially since he was a student activist in his youth, and even joined the underground movement in the 1970s, for which he was detained by the Philippine Constabulary.
And which district does Moncupa intend to represent in Congress? His colleagues say the province of Bataan is especially close to his heart. So will he or won’t he? Abangan.–Daxim L. Lucas
E-trikes at Apec
Remember Elizabeth Lee? She was, until a few years ago, the face, spokesperson, chief government liaison and de facto leader of the Philippine automotive industry.
Well, she’s kept a low profile in recent years, but it’s clear that she’s now ready to return to the limelight via a somewhat unorthodox route.
Lee, we learned, is now the president of EMotors Inc.—a 100-percent Filipino-owned social enterprise and BOI-registered maker of electric three-wheeled vehicles (aka “e-trikes”).
The firm recently signed a memorandum of agreement with key representatives of the Asia Pacific Economic Cooperation (Apec) as the “green electric mobility partner” of the 2015 Apec Summit.
Present during the signing ceremony were Trade Secretary Gregory Domingo, Apec 2015 CEO Summit chief operating officer Guillermo Luz and EMotors’ founding director Helen Lee.
With Apec’s theme of “Building Inclusive Economies, Building a Better World,” the inclusion of the ZüM e-trikes as part of the transport requirement option highlights the importance of building a better world with a cleaner environment, using zero-emission electric vehicles that help lower our carbon footprint. The ZüM e-trikes will be used in select meeting venues hosted by the Department of Trade and Industry.
“We are honored and support the government’s objectives of tackling two key global issues—climate change mitigation and inclusive growth,” said Lee.
The Philippine government advocates and promotes the use of clean, zero-emission vehicles, recognizing the costly effects of pollution on its citizens with the Clean Air Act. The Philippines is also an active party to international commitments for the environment and has stepped up enforcement of environmental laws with the “Writ of Kalikasan,” a first of its kind in the world, according to the DENR.
The ZüM e-trikes also help address the issue of inclusive growth where the e-trikes are primarily used a means of livelihood and a mode of transportation in the provinces.
Of course, using the ZüM e-trikes allows the drivers/owners to do three things: (1) Feed their families and earn a decent living with a higher income above and beyond what they could earn using a gas-fed tricycle, (2) Provide the much needed transportation in the area and (3) Help address the global issue of climate change mitigation in the process, by lessening their carbon footprint.–Daxim L. Lucas
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