STEPPING DOWN
PHILIPPINE National Bank is an excellent turnaround story. PNB, then a government bank, even acted as the “de facto central cank” before the establishment of the central bank in 1949. It was THE BANK and nothing came close. It had a colorful history of ups and downs.
After 20 years — starting out as a government nominee director in 2001 and PNB chairman for 15 years — I stepped down as chairman at the stockholders’ meeting on April 27, in compliance with the BSP rule on the independent director nine-year term limit. Vice Chair Rico Alfiler stepped down too.
I am so fortunate to have been blessed to be a part of PNB’s history. In 1999 with assets of P192 billion, capital of P20 billion, operating income of P7 billion, it incurred a P13-billion loss and was placed under rehabilitation. I recall about a dozen BSP examiners held office in PNB as BSP’s “watchdogs.” With the good bank-bad bank strategy and a competent management team, PNB prepaid its P10-billion government financing four years prior to due date. The BSP examiners eventually left and BSP adviser Florido Casuela became PNB director. PNB was fully privatized by 2007. In 2013, PNB and Allied Bank merged and in 2016, PNB celebrated its centennial year.
The PNB board (with icons like Kapitan Lucio Tan, Wash Sycip, Atty. Estelito Mendoza, banker Sonny Vistan, Cecilio Pedro, etc.) was always supportive of management. Management was professional and competent, led by PNB presidents such as former BSP Deputy Governor Feliciano Miranda, Lorenzo Tan, Omar Mier, Eugene Acevedo, Lito Pedrosa, Rey Maclang, and now Wick Veloso.
In 2019, PNB had total assets of P1.1 trillion and capital of P155 billion with operating income of P40 billion and net income of P9.8 billion. Despite the negative impact of the COVID-19 lockdown on the economy, PNB remained profitable in 2020. PNB is the fourth biggest domestic private domestic bank. PNB in 2020 was also distinguished for a three Golden Arrow recognition as one of the model enterprises for corporate governance in the Philippines from SEC and ICD. It received awards as the Best Bank for Corporate Social Responsibility from Asiamoney and Best Managed Bank and Best CEO from The Asian Banker. PNB was also the first universal bank in the Philippines to be certified as gender-equal after receiving its Economic Dividends for Gender Equality Certification. LinkedIn also cited PNB as the Philippines’ best company to work for in 2021 because of its excellent response to the pandemic and managing to remain profitable in 2020
With PNB’s strong management team led by President Wick, capable and diversified board led by Chairman Federico Pascual and Vice Chairman Leonilo Coronel, PNB is the bank you can lean on! For me, PNB Philippine National Bank is PiNakaBest Bank!
STEPPING UP
How fast time really flies! Joel (my sister Kay’s second son and GMA 7 director) and Gidget Jimenez (award-winning children’s author and my partner in the book The Secret is in the Soil) invited me to the virtual graduation (from a double major in Modern Culture & Media and Psychology) of their youngest Sofie at Brown University in Boston. It seems like it was just yesterday when she graduated from International School (IS) and left for college, and now she is graduating. I’m amazed at Joel and Gidget’s transformation as parent role models in bringing up their children (Jaime, Bianca and Sofie) to be so accomplished and achievers. Even more impressive is being down to earth and not feeling “entitled,” the usual downfall in spoiled kids today.
Vicky Herrera, the IS guidance counselor and daughter of icon Wash Sycip (who I miss in PNB Board for his counsel and wisdom), was present and I can sense the guidance, the time, and effort and monitoring she gave to the Jimenez kids. At the wake of Wash Sycip, I was surprised to see the Jimenez kids all lining up. They were there to pay their respects because he, Wash Sycip, was Vicky Herrera’s dad. Salute to you Vicky with the legacy you have given these children.
Congratulations on your graduation, Sofie! We are so proud of you. “As you step out to the world, the world can’t contain you, so don’t hold back” was the message of Brown U to the graduates.
Stepping down and stepping up are different seasons. Miguel Jimenez’ prayer for his cousin Sofie is universal in any season of our life.
“For I know the plans I have for you, declares the Lord, plans for welfare and not for evil, to give you a future and a hope. Then, you will call upon me and come and pray to me, and I will hear you.” — Jeremiah 29:11-12
Flor G. Tarriela is the first female chairman of the Philippine National Bank. She is a former Undersecretary of Finance and the first Filipina vice-president of Citibank N.A. She is a trustee of FINEX and an Institute of Corporate Directors fellow. A gardener and an environmentalist, she established Flor’s Garden in Antipolo, an ATI Accredited Extension Service Provider and a DoT Accredited Agri Tourism Site.
