Tetangco joins Belle board as independent director

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FORMER Bangko Sentral ng Pilipinas (BSP) Governor Amando M. Tetangco, Jr. is joining the board of Belle Corp. as an independent director.

In a disclosure to the stock exchange on Monday, the listed firm said Mr. Tetangco was elected as independent director, alongside former Social Security System President and Chief Executive Officer Emilio S. de Quiros, Jr., who was elected as non-executive director.

Mr. De Quiros has also served as the company’s director from September 2010 to March 2017. 

Prior to holding this position, Mr. Tetangco served two six-year terms as BSP governor from July 2005 to July 2007.

“Under his leadership, the BSP initiated bank regulatory reforms such as on risk management, capitalization increase, asset quality among others,” the company noted in his profile.

Belle has an operating agreement with Melco Crown Entertainment Ltd. that gives it a share of gaming revenues at City of Dreams Manila. Other than this, the company also has upscale property developments in Tagaytay City and Batangas such as Tagaytay Highlands Golf Club and The Parks at Saratoga Hills, among others.

Bell recorded a 37% increase in its attributable profit to P2.17 billion in the nine months ending September, following a 33% jump in revenues to P6.12 billion for the period. Shares in Belle were unchanged at P3.66 apiece at the stock exchange on Monday. — Arra B. Francia

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