Remembering David L. Balangue
Accounting and auditing veteran David “Dave” L. Balangue’s life ended last April 29 after he succumbed to a lingering illness at 67. But he will always be remembered as a humble and low-profile person despite being a top-notch and an accomplished leader.
Born on Oct. 18, 1951, Mr. Balangue was a certified achiever even in his early years. He graduated with a Bachelor of Science in Commerce major in Accounting degree, magna cum laude, from Manuel L. Quezon University in 1971, and placed second highest in the 1972 Philippine Certified Public Accountant Board Examinations.
He earned a Master of Management degree, with distinction, from the Kellogg School of Management of Northwestern University in Evanston, Illinois in United States, where he received a distinguished scholar award and elected to the Beta Gamma Sigma, an exclusive business honor society.
Mr. Balangue spent most of his professional career at SyCip Gorres Velayo & Co. (SGV), the largest professional services firm in the country. Since he entered the firm in 1982, Mr. Balangue rose through the ranks and became the chairman and managing partner in 2004.
With his long and vast experience in the field, Mr. Balangue became the “go-to-guy” in SGV in either legal or ethical issues. He retired in 2009, with a total of 38 years working in the firm.
In 2012, Mr. Balangue held a government post after former President Benigno S. C. Aquino III appointed him as a commissioner of the Securities and Exchange Commission (SEC) to replace Raul Palabrica who retired in March of the same year. He was the first non-lawyer commissioner of the SEC back then.
The SEC is known as one of the powerful agencies in the government charged with supervision over the corporate sector, the capital market participants, and the securities and investment instruments market, and the protection of the investing public.
“Dave was an SGV lifer and was one of the most intelligent and hardest working colleague I worked with at SGV. He is the only Filipino I am aware of who attained a 4.0 GPA at Kellogg Graduate School of Management. He was humble, down to earth, funny and witty. He rose from very humble beginnings to the top of his profession. He was a very loyal friend.”
Mr. Balangue also sat on the board of different listed companies. He was previously an independent director of Roxas Holdings, Inc.; Phinma Energy Corp.; Holcim Philippines, Inc.; Manulife Financial Plans, Inc.; and Philippine Bank of Communications.
He also served in several private or unlisted companies, including Maybank ATR Kim Eng Capital Partners, Inc.; ATR Asset Management, Inc.; The Manufacturers Life Insurance Co., (Phils.), Inc.; OmniPay, Inc.; Unistar Credit and Finance Corporation; TransAsia Power Generation Co.; and One Subic Power Generation Co.
Mr. Balangue actively participated in different industry associations. He joined Makati Business Club (MBC) and became a member of the board of trustees and treasurer. He represented MBC and chaired the Coalition Against Corruption, an alliance of groups representing the business sector, academe, civil society, and the Church that aimed to strengthen public participation in governance and to ensure the proper use of public funds.
Among others, he served as president of Management Association of the Philippines, Philippine Institute of Certified Public Accountants, Financial Executives Institute of the Philippines, and Manila Polo Club, Inc.
Moreover, Mr. Balangue became the chairman of Standing Interpretations Committee, Accounting Standards Council; president of Halcyon TCMers, Inc.; chairman of Philippines-Korea Economic Council; chairman and president of the SGV Foundation; chairman of MAP Research and Development Foundation; trustee of Philippine Business for Social Progress; chairman of the Philippine Interpretations Committee of the Philippine Financial Reporting Standards Council; chairman of FINEX Foundation; president of the Capital Markets Development Council; chairman and president of the Makati Commercial Estate Association, Inc.; chairman of the Philippine Financial Reporting Standards Council; president of the Makati Parking Authority, Inc.; chairman of the Philippine Council for Population and Development; and chairman of the National Citizens’ Movement for Free Elections (NAMFREL).
In a social media post, former Finance Secretary Cesar Antonio V. Purisima described how great Mr. Balangue as a person was.
“Dave was an SGV lifer and was one of the most intelligent and hardest working colleague I worked with at SGV. He is the only Filipino I am aware of who attained a 4.0 GPA at Kellogg Graduate School of Management. He was humble, down to earth, funny and witty. He rose from very humble beginnings to the top of his profession. He was a very loyal friend,” Mr. Purisima wrote. — Mark Louis F. Ferrolino