Key PAL board members submit resignation papers

Tetangco, Mendoza reportedly leaving the airline

MANILA, Philippines — Amando Tetangco Jr., the two-termer former governor of the Bangko Sentral ng Pilipinas who has been widely recognized as one of the world’s best central bankers, has resigned as independent director of Lucio Tan-owned Philippine Airlines Inc., marking the latest chapter in the saga of the four-star carrier.

Estelito Mendoza, a long time lieutenant of the taipan and touted as one of the country’s best legal minds with a roster of awards in his name, has also tendered his resignation from the board recently, The STAR learned.

Mendoza confirmed to The STAR that he had resigned. “Yes, I resigned. Matagal na, Nov. 20,” he said.

He declined to elaborate on the reason. “That’s a long story,” he said.

Tetangco chaired PAL’s Corporate Governance Committee which Mendoza, together with several others, was a member.

PAL has yet to make an official announcement on the matter. The resignations of the two esteemed members of the PAL board are expected to be formally accepted in PAL’s next board meeting.

No reasons were cited for the resignations of the two, Tetangco was not immediately available for comment as of this writing.

Tetangco served as the third governor of the BSP and holds the distinction of serving for two consecutive six-year terms from July 2005 until July 2017. He joined the PAL board in late 2017.

He has been widely recognized as one of the world’s best central bankers, both here and abroad. In September 2016, New

York-based banking magazine Global Finance awarded Tetangco his eighth “A” grade in its annual scorecard for central bank governors’ handling of their nations’ respective economies.

Tetangco was also recently recognized by his alma mater, Ateneo de Manila -- where he graduated with an Economics Degree in 1973 - as an outstanding alumnus. He was given the Lux-in-Domino Award. He was also conferred the Order of the Rising Sun, Gold and Silver Star by the Government of Japan.

Mendoza, on the other hand, is the solicitor general of the Marcos era and has been widely recognized for his impeccable legal acumen.

He was previously cited by the University of the Philippines Alumni Association as a Professional Awardee in Law.

The late strongman Ferdinand Marcos once described him as “ the man who has fought my battles in the Supreme Court with brilliance and tenacity.”

In 1975, Marcos elevated to the position of Cabinet member the position of Solicitor General because of Mendoza’s “exemplary service not only in the conduct of the legal defense of the Republic in our courts,but also in legal conferences and forums outside the Philippines.”

He has been with Tan’s PAL since the beginning.

Prior to this, key officials and consultants have left PAL as well as The STAR reported earlier.

They are:

PAL senior vice president for planning and commercial group Angelito Alvarez, who is credited for  PAL’s new and ambitious flights promulgated since 2016.

Siegfred Mison, senior vice president for legal and general counsel of PAL. Mison, former Bureau of Immigration commissioner,  is the son of retired general Salvador Mison, a former Customs commissioner and an old guard at the Lucio Tan Group of companies.

Datuk Bernard Francis, the company’s chief commercial group adviser and the only Malaysian in PAL’s team.

Ismael “Nicky” Gozon, senior vice president for operations who was part of PAL’s senior management team for over 23 years.

Tan, the country’s sixth richest man according to Forbes, took over PAL in 1993 and led the company’s rapid fleet expansion. However, the 1997 Asian financial crisis affected the flagship carrier, bringing it on the verge of collapse with a $2.2 billion debt.

But the Tan-led PAL survived the crisis and has since expanded its fleet. Following the retirement of Jaime Bautista in July as PAL president, PAL named a new president, Gilbert Sta. Maria.