The grading system for this particular report card will be done by the group of Institute for Corporate Directors founder, former Finance Secretary Jesus Estanislao.
You see, Philamlife put up three new business ventures last year, all of which have asked Joey Cuisia, a former Central Bank governor, to chair their boards. These are AIG Business Processing Services Inc., which has Neil Elias as president; Philam Equitable Life Assurance Co., which has Carl Gustini as president; and Philam Financials, which has Rex Mendoza as president.
As everybody knows, PNB has undergone several rehabilitation programs (read: it transferred the bulk of its non-performing assets to government) in its long history, including at least one during the Commonwealth period under Manuel Quezon, in large part because it was then a government-owned commercial bank implementing loan programs which had low repayment records.
The last time the bank was rehabilitated was in 1987. At that time, then bank president Edgardo Espiritu used the same strategy as Mr. Tan. It was under Ed Espiritus stewardship that the banks privatization then hailed as the countrys most successful because it reached the grassroot level was initiated.
As everybody knows, Mr. Tan has a five-year management contract with PNB, the same number of years it is estimated to turn around the bank and put the combined shares of government (read: another privatization) and Lucio Tan on the block.
Oh yes, contrary to public perception, Mr. Tan, the professional manager, is the nominee of government, not of Mr. Tan, the tycoon.