BIZ BUZZ: Quitting so soon
Only three years since joining the Lucio Tan group as president and CEO of nonlife insurance arm Alliedbankers Insurance Corp., finance executive veteran Reynaldo Montalbo tendered his resignation effective July 26. He has gone on terminal leave starting July 12.
Under his auspices, the non-life insurer delivered three years of its highest ever net income in its 60 years of existence—all despite a challenging economic environment.
“I am pleased to leave behind a company that, in three years, has transformed into a professional one with strict adherence to the principles of good corporate governance and a shared goal of excellence as defined by a hardcoded turnaround time to our customers and industry partners,” Montalbo said in his resignation letter, a copy of which was seen by Biz Buzz.
He also took pride in the “culture of free and open exchange of ideas” instilled within the company as the means to arrive at the “best solutions and decisions.”
Montalbo specifically thanked Kapitan Lucio Tan and managing director Rowena Tan Chua for their wholehearted support during his stint as president and CEO.
But—but but but!—not everyone is as appreciative, we hear, or he would have stayed until the end of his management contract.
—Doris Dumlao-Abadilla
UITF leader
Bank of Commerce has won recognition for two of its unit investment trust funds (UITFs), besting dozens of competitors.
A survey conducted by the UITF resource center recent cited the San Miguel Corp.-backed lender’s diversity money market fund and diversity peso bond fund.
The former, which beat 33 rivals over the past 12 months, is among those favored by conservative investors since the money is parked in relatively short-term placements such as bank deposit and treasury bills.
BankCom’s diversity peso bond fund, meanwhile, beat nine other players in the category. The lender said the fund was especially sought-after for its “defensive” properties given the prevailing volatility in the financial markets.
—Miguel R. Camus
TOYM 2022 search
What do business moguls Jaime Augusto Zobel de Ayala, Manuel Villar, Lance Gokongwei, Manuel Pangilinan, Bienvenido “Donnie” Tantoco III, Tony Tan Caktiong and Edgar “Injap” Sia II have in common? Aside from being part of the country’s top 1 percent of wealth builders, they had all excelled and contributed immensely to their respective enterprises and communities before they turned 40.
All are past honorees of The Outstanding Young Men (TOYM) Awards, annually organized by JCI Philippines with the support of TOYM Foundation, which is chaired by Tantoco.
But TOYM is not just for the rich and famous. Each year, JCI honors a carefully curated batch of exemplary young Filipinos who are rockstars in their respective fields and have made a big impact at a young age. They may be well-known artists (like Apl de Ap, Lea Salonga, Gary V and Sharon Cuneta), great athletes (like Hidilyn Diaz and Manny Pacquiao) or public servants (like Vico Sotto and the late Jesse Robredo).
They may be scientists, journalists, social entrepreneurs, teachers, lawyers, environmental advocates, medical professionals, civil society leaders, military personnel who have made their mark in their respective fields and contributed to humanitarian causes for a substantial part of their lives. Documented proof of their achievements is subject to verification by the TOYM secretariat.
Now on its 63th year, the TOYM Awards—the most prestigious recognition for young people in the country— aim to inspire the youth to be catalysts of change. The search for TOYM Class of 2022 was launched on July 14 with the theme “Rebuilding the Nation, Stronger Together.”
This year, the TOYM secretariat and partners aim to make the nomination process more accessible to underrepresented sectors and demographics. If you know of any awesome young person who fits the bill, and can inspire a nation thirsting for authentic and dedicated next-generation leaders, nomination is open until Sept. 10. Visit the TOYM Facebook page for details.
