Taking two roads well traveled
Emilio Federico Galang III. Photos by Arnold Almacen
When Emilio Federico Galang III, the incoming president and CEO of investment firm Philippine Commercial Capital Inc. (PCCI), graduated from college, he only had two career options for himself: To be what he is now, an investment banker, or a chef.
The lucky 47-year-old has been able to do both, thanks to this simple philosophy: “If you want it, go for it.”
Following in the footsteps of PCCI’s former president and CEO—none other than his father Federico Galang, who now sits as PCCI’s chair emeritus—Galang first chose to go into banking, but not with his dad’s company, as he felt he wouldn’t really learn anything, being the boss’ son.
Galang joined the Bank of the Philippine Islands (BPI), where, serendipitously, he and then president Xavier Loinaz were wearing the exact same outfit during Galang’s interview.
“Of course, he liked me on the spot!” he says. “We had a nice chat, he hired me, and I got into the BPI [management] training program, which I think is one of the best in the country. I finished it in a little over half the time.”
Galang became BPI Capital Corp.’s equity fund manager in just three years—the Philippines’ youngest then at just 24.
At the exchange rate then, he was handling accounts amounting to around $2.5 billion.
“So I was also the largest [equity fund manager], both literally and figuratively,” he says with a chuckle, “Sometimes when I’m sick, I’ll be at home trading, and [my father] will hear me and ask, ‘Are you trading hundreds of thousands of equity shares? They entrust you with that much money? Are you sure you should be taking that job?’ Anyway, dads always think you’re 12 years old.”
Just a year into that post, Galang was asked by Dutch bank ABN AMRO Corporate Finance Phils., Inc. to join the company—an offer he initially refused.
“Then [they] said the magic words: Name your price,” says Galang.
Earning around P200,000 a year as equity fund manager, Galang decided to go for gold and asked ABN-AMRO for a salary of P1 million.
“And they go, ‘done.’ So that went spectacularly well,” he says.
As ABN-AMRO’s head of corporate finance, Galang was in charge of setting up and steering the investment bank’s local office. Again, he was the youngest in both the local industry and in the history of ABN-Amro to head an investment bank.
But after five years came a setback for Galang: Hit by the Asian financial crisis, ABN-AMRO decided to close its Philippine office.
“[On] my last day at work, I was dreading going home because by then I’d have no job. So I drove around Makati, took C5, Katipunan, all the way to UP—and I live in Wack-Wack. On C5, I saw a Range Rover—so I bought it just to make me feel good,” says Galang, who, at the very least, received a sizeable retirement package: Five years’ worth of pay, tax-free.
“My problem was the Asian crisis—nobody was hiring,” Galang adds. “So I was a little lost.”
But it quickly dawned on him that he could use his unemployment to finally pursue his other dream.
“My dad is Kapampangan—very, very picky about food. Drop by anytime and there’s going to be good food. So I grew up with that,” he says. “Now that investment banking wasn’t an option, I said, why not open a restaurant?”
Galang initially planned on just managing the restaurant, and had already spoken with a chef he wanted to partner with—till he was asked to accompany his mom to the United States.
It was there, while daydreaming and crossing a busy New York street where a bus literally almost hit him, that a thought, well, hit him: What if I lose my chef? What am I going to do with a restaurant?
“When I looked up, [I saw a sign] that read ‘French Culinary Institute’—that was the answer!” Galang says. “I went in just to inquire, ended up being interviewed and accepted. I enrolled in two courses, Restaurant Management and Culinary Arts … and I graduated at the top of my class.”
And because he is who he is, Galang sought nothing but the best chef to work with: Thomas Keller of The French Laundry fame.
“There were rumors about Keller opening a restaurant in New York, and I said, I want to work there. People said, that’s going to be the most sought after restaurant in New York. What makes you think you can work there? And I said, well, who thought I could be the youngest fund manager in the Philippines? I mean, if you want it, go for it. With such a lofty goal, if you fail, you’re still going to end up somewhere good,” Galang says.
“The thing is, you can’t dream without a plan,” he adds, and that plan was to work for free, a stagiaire or trainee, in Montrachet, which was then owned by a chef who used to work with Keller. “I told him, if I work for you for free until [Thomas Keller] opens, and if you think I’m good enough, all I ask is you pick up the phone, call Keller, and tell him you’re recommending me.”
Which is exactly what happened a year later, and Galang found himself working in Keller’s Per Se as commis chef. He takes pride in introducing to the restaurant’s menu a few Filipino items—calamansi, bagoong, taba ng talangka, halo-halo.
“It’s a part of my life that I really, really love and cherish. I think it was worth it; people might say it was a huge waste of money, but I was able to get a job when I came back,” he says.
That job was, finally, with PCCI, as senior vice president and head of capital markets.
It was around this time when Galang experienced both the greatest blessing and the biggest challenge of his life—the birth of his only daughter Annika, and his bout with colon cancer.
“[Annika] is the reason I fought so hard. She was due September; I was diagnosed May. No way would I allow my daughter to be born without a dad,” says Galang, who describes himself as being very “involved” as a father.
“That’s also the reason I don’t fear anything; if I can beat cancer, I can fight anything,” he adds.
Galang left PCCI briefly to work for Security Bank Capital Investment Corp., first as executive director and head of capital markets, and, eventually, as president and CEO.
It was here where Galang found what he now calls his advocacy—to help small and medium enterprises.
“Most of the deals I led in Security Bank were the smaller kind. The turning point was really [tech solutions company] Xurpas. [It had] all the makings of a good [deal], but banks kept turning them down because of their size,” says Galang, who accepted the challenge of taking the company public because, as he puts it: “I’ve always championed the underdog. I like turning things around.”
SMEs will continue to be Galang’s focus as PCCI president and CEO, he says.
Despite running a small office, Galang promises nothing but the best service for his clients, since, he says, he “likes to go the extra mile” for them, just as he does for himself.
“As long as your request is reasonable, I don’t say no. I think a lot of bankers think they’re [just] in the business of making money. I recognize that I run a service,” Galang says.
As part of the company’s corporate social responsibility, Galang plans to put up a clinic for cancer patients, focusing on early detection, to help increase their chances of survival.
And as for his culinary dreams? Galang hasn’t hung up his toque just yet; he also plans on bringing in a few new restaurants from overseas.
But if you’re one of his clients, or are looking to be, you’re in luck—Galang usually hosts a scrumptious dinner after sealing a deal.
“I want my clients to know that they’re in good hands,” he says.
