Pangilinan urges Ilonggos to invest more in economy

ILOILO City, Philippines—Businessman Manuel V. Pangilinan has urged Ilonggos to invest an estimated P50 billion of their combined savings in the local economy.

Iloilo is reputed to have the most number of bank branches after Metro Manila because of the propensity of the wealthy clans here to save—rather than invest—their money.

“We need to make you realize that you have a personal stake in Iloilo, that you’re the owners of Iloilo’s destiny,” Pangilinan said in his speech.

He added that there should be a change in the mindset and a reform in the values and beliefs to spur economic development, for the city to regain its title as the “Queen City of the South.”

“The challenge for everyone in this hall is how to break the shackles of indolence and insularity and complacency that have constrained your province,” Pangilinan told around 800 business leaders, government and civic officials and students.

Iloilo has the basic ingredients for development, according to Pangilinan.

He cited the province‘s six universities, 19 tertiary schools and 19 primary and secondary schools, which can ensure a steady supply of skilled workers, managers and business leaders.

Ilonggos also “don’t have to look far” for inspiration to revitalize businesses.

Pangilinan said the story of Mang Inasal founder, Ilonggo businessman Edgar Sia, offers many lessons for aspiring Ilonggo entrepreneurs.

Sia, who started his business when he was 26 years old, was recently named by Forbes magazine as among the 40 richest Filipinos.

Pangilinan also cited the success of Oscar Lopez, whose family comes from Iloilo, and is also on the Forbes list.

“There must be many Edgar Sias and Oscar Lopezes who can emerge as movers and shakers for this city, this province and the island of Panay,” Pangilinan said.

Pangilinan, chairman of Manila Electric Co. and Maynilad Water Services Inc. (Maynilad), expressed interest in investing in Iloilo’s power distribution and water supply.

He said that Iloilo has historically been a hub for commerce and industry even before the Spanish colonizers came.

As a “vibrant” educational center, Iloilo could become a center for outsourcing business and as an information technology hub for the Visayas, similar to Chenai and Bangalore in India and the Silicon Valley in California, Pangilinan said.