I first heard of Manuel V. Pangilinan while sipping coffee and watching splendid fireworks that were part of the ceremonies marking the handover of Hong Kong by the United Kingdom to the People’s Republic of China in June 1997. Filipino journalists based in Hong Kong spoke about a Filipino “whiz,” who was making waves in the local finance market. His climb to star status began with his working for Bancom International Limited and American Express Bank, and significantly, of his founding, and serving as managing director and chief executive officer of First Pacific Company Limited in 1981, and within whose group he holds the positions of president commissioner of P.T. Indofood Sukses Makmur, the largest food company in Indonesia.
Returning home to Manila, he made phenomenal moves of acquiring companies in an amazing pace, creating for himself the title of “icon.” Apart from First Pacific, he is chair of Metro Pacific Investments Corporation, Philippine Long Distance Telephone Company, Smart Communications Inc., and Manila Electric Company. He also chairs Landco Pacific Corporation, Maynilad Water Services Corporation, Mediaquest Inc., Associated Broadcasting Corporation, Philex Mining Corporation, Philex Petroleum Corp., Roxas Sugar, and Manila North Tollways Corporation. In addition, he chairs a number of hospitals which he resuscitated from near bankruptcy.
Big man that he is, MVP surprises all by his willingness to address student audiences. Invited as a guest by the Southville International School and Colleges founder, I heard MVP speak from the heart before an audience of bright students at the SISC Las Piñas City campus where at nearly every corner placards greeted him with his picture and the words, “Business Icon Chat with MVP.” The icon expressed feeling good to be speaking in “a special school for the intellectually gifted. . . and school of the future.”
Dr. Genevieve Ledesma Tan, SISC founder and chief executive mentor, is herself an icon in the field of education. She is an “MVP Bossing awardee,” given after a PLDT SME Nation’s search for exemplary Filipino entrepreneurs. This year’s theme, “Ang Gilas ng Filipino Entrepreneur,” highlights the Filipinos’ distinct characteristic to succeed and thrive amid challenges.
In his friendly chat, MVP shared his foremost lesson learned from the days of his “own wasted youth” – and that is, that “every success, no matter how small, begins with a commitment to excellence – which means dutiful study, a solid work ethic, and dedication to service.”
He was born in July 1946, to a family “that valued hard work and perseverance coupled with faith and prayer. It was a way of life for us, the only way with which to lift ourselves up, and break the glass ceiling.”
His was no ordinary family, though. His grandfather was a school teacher in Pampanga, who rose through the ranks to become superintendent of public schools, and eventually secretary of education. His father started out as a messenger at the Philippine National Bank, and by the time he retired in the 1980s, he had become president of Traders Royal Bank.
MVP began at the bottom himself. He studied at San Beda College with an allowance of 25 centavos a day, 10 centavos of which went to his bus fare, 5 centavos to crackers, and 10 centavos to Coke. For college, he went to Ateneo de Manila for a bachelor of arts degree in economics. He did not envy classmates who rode in chauffeur-driven cars. “I told myself that I would study and work hard enough so that, one day, I, too, could bring some comfort and relief to myself and my family.”
He said he was not brilliant, but he got his MBA degree from the Wharton School of Finance and Commerce at the University of Pennsylvania, as a Procter & Gamble Fellow. Even with an MBA from Wharton, his first job was as an executive assistant at Filoil in 1970, with a monthly salary of P1,000. “I had to train as a salesman for six months, and worked in many parts of Mindanao. It took persistence, sacrifice, and years of waiting until I finally became my own boss.”
He then worked for 22 years overseas, learning his craft, “and thinking about how world-class standards of management and governance could be applied to Philippine companies, and to the Filipino way of life.”
Turning to his corporate story, First Pacific began its life in 1981 as a finance company, with only six people, occupying 50 square meters of space in Hong Kong’s central business district, and on modest capital.
For MVP, there are no secrets when it comes to success. “Success can only spring from old-fashioned values, values that are transcendent, and endure well beyond the context and circumstance of our time. Those principles are as fundamental as being honest and truthful – especially with yourself. Doing things right will serve you well in the long run. And so will being diligent, committed, and hardworking.”
“As an important corollary, we make our managers owners of their businesses. I’ve always preached to our young kids – and I say so again to you now – to start your own business, take risks, be yourself – don’t just be an employee.”
At the Q&A portion at Southville, MVP was asked how much influence his parents had to make him what he is. “They instilled honesty in all our dealings, in the way we spoke… (and) we had to tell the truth.”
He recounted that his parents lived in the same house in San Juan, Rizal, after his father retired from the Benedicto bank. He told him to move to Forbes Park where he was buying a house for P2 million. His father said no, because people might think he stole the money. His son ended up buying the house for himself.
Honesty is a mantra for MVP companies. “We like to conduct our affairs in an open and honest way. Openness breeds fresh ideas, and enables the organization to renew its vigor. . . As public companies, we strive to be candid in providing information to our shareholders and to the public, emphasizing the pluses and minuses needed to appraise value as well as performance.”
In his companies, there is no stealing. “If one is found out, he’s fired.”
How did he earn his first million? MVP smiled. “Kuripot ako.” A tightwad, he did not throw his earnings around. But he bought properties, and his investments grew. His advice: Save, and invest your money.
MVP, president of the Samahang Basketbol ng Pilipinas, told celebrity Andrew E, who is a proud Southville parent, that although Gilas was a runner-up to the Chinese team in the 2015 FIBA Asia Championship, there is “not much to gain” from its participating in the FIBA Olympic Qualifying Tournament next year. “Instead, we should look ahead to the future,” that is, to 2017, when the pre-qualification games are made to qualify for the 2019 world Cup.
He was frustrated with the way the Chinese organizers ran the Asia championship finals match. First, the electric bus that was to take Gilas had not been recharged, leaving the team with little time to warm up. Second, some of the coaches had no tickets to enter the playing venue. Then while the Chinese team stayed with MVP and organizers at one hotel, Gilas and other teams were booked in another, which was not following FIBA rules. And why were the referees Chinese, not from other countries? MVP said they should have been fair and just. His parting shot: “Don’t go to China.”
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Email: dominitorrevillas@gmail.com