R. MONTINOLA III January 12, 2021

Volume 7 Issue No. 02 map.org.ph January 12, 2020

Inaugural Address of MAP President AURELIO “Gigi” R. MONTINOLA III January 12, 2021

Our Guest Speaker and Inducting Officer, Secretary CARLOS “SONNY” DOMINGUEZ; our Distinguished Guests from Government, the Diplomatic Community, the Academe and Media; Leaders of the various Philippine Business Groups and Joint Foreign Chambers; “MAP Management Man of the Year” Awardees; MAP Past Presidents; Outgoing MAP President Atty. Francis Lim and fellow MAP Members; dear Friends, Ladies and Gentlemen, good afternoon.

I am honored by the trust of the MAP membership, appreciative of your vote of confidence, and inspired by your continued commitment to MAP’s mission of promoting management excellence for nation-building.

I wish to thank Atty. Francis Lim and his 2020 Board of Governors for an excellent job in a pandemic year. Let us all give Francis another warm round of applause please.

With the support of MAP’s membership, we in the 2021 MAP Board of Governors commit to do our best to pursue MAP’s Mission, reinforce MAP’s main Goals, and build on MAP’s previous Accomplishments.

LOOKING BACK AT 2020

First, a look back at 2020.

2020 was unexpectedly a Year of SEVERE and MULTIPLE CRISES.

We had and have a HEALTH Crisis.

The COVID-19 Coronavirus Pandemic hit the world and the Philippines like a giant sledgehammer. Global statistics show over 20 million COVID-19 cases, over 350,000 deaths everywhere, comparisons with the 1918 Spanish Flu, and fears of a deadlier Second Wave. End December Philippines Department of Health indicators report 439,796 cases, a 92.77% recovery rate, a 5.28% active rate (25,024 cases), and a 1.95% Death Rate (9,244 deaths).

Sadly, an ASEAN Post graph shows the Philippines as second worst in Asia, with the dubious distinction of the longest lockdown in the world. 1

Who would have thought that “Staying Alive” would be the Best Option in 2020?

We had and have an ECONOMIC Crisis.

Global Source Partners report a 10% drop in GDP in the first three quarters of 2020, and Oxford and Haver point to our worst recession ever.

ASEAN Analysts GDP growth expectations for the Philippines went from one of the highest at the start of the year to the lowest in ASEAN by end year.

Worse, the Economist, in its December 15 issue, opined that the Philippine economy will be “the most vulnerable to Covid-19’s long term effects from 2019 to 2025.”

Fortunately, thanks to the able stewardship of Secretary Sonny Dominguez and Bangko Sentral Governor Ben Diokno, we remain FINANCIALLY STRONG as a country. In fact, Fitch Ratings reaffirmed today the Philippines BBB Investment Grade rating with Stable outlook.

Who would have thought that EBITDAC (Earnings before Interest, Depreciation, and Coronavirus) would become an appropriate accounting measurement in 2020?

We had and have an ENVIRONMENTAL Crisis.

Cries for Climate Change have been upgraded to Climate Crisis and even Climate Emergency, as we enter a Critical Decade to reverse carbon emission deterioration or face an Unliveable Planet. Unfortunately, the Philippines is ranked third worldwide in Disaster Vulnerability, and the yearend floods of Typhoons Rolly and Ulysses were living testaments of the effects of climate change on our country. Appropriately, the MAP selected Federico “Piki” Lopez as its “Management Man of the Year 2020” for his role as a Clean Energy champion.

We had and have an EDUCATION Crisis.

We are facing a Learning Crisis that threatens the growth trajectory of the nation. Pre- pandemic, our students were already falling behind in reading, math, science, and 21st century skills. Three outside international assessors ranked us last (PISA 2018, 78 economies, and TIMMSS 2019, 64 economies) or bottom half (SEA-PLM 2019, 6 participating ASEAN countries). What more in pandemic 2020, when schools were downgraded to remote learning, unequal WIFI, and 2.7 million unenrolled students?

We had and have a SOCIAL JUSTICE Crisis.

The Social Weather Stations (SWS) reported that in a nationwide poll conducted from November 21 to 25, 48 percent, or 12 MILLION FAMILIES rated themselves as “POOR”, and another 36% “Borderline Poor.”

Unfortunately, INEQUALITY reigns, as the POOR and the SMALL BUSINESSMEN have been hit hardest by the Health, Economic, Environmental, Education and Social Justice Crises described earlier.

LOOKING FORWARD TO 2021

Fortunately, our Silver Lining is that we have a strong and smoothly functioning Management Association of the Philippines Board, committee chairmen, and 1,000+ members.

MAP’s 2020 Board led by the dynamic and articulate Atty. Francis Lim had a superlative output-driven year:

- more ACTIVITIES, more MEMBERS, more FUND RAISING, more NATIONAL ISSUE STATEMENTS, and MORE INFLUENCE in the business and national community.

Your 2021 Board’s Mission and Vision is to take this to the next level with a main theme of “The GREAT RESET: LEADING for the COMMON GOOD”.

In keeping with the five crises mentioned earlier, our main thrusts will be to:

SAFELY REOPEN the ECONOMY, ESG (ENVIRONMENTAL, SOCIAL JUSTICE, AND GOVERNANCE), and MEMBER BENEFITS via BEST PRACTICE SHARING.

We have organized ourselves with 9 capable and dedicated Governors handling 26 Committees clustered into three main groups - Safely Reopen the Economy with 11 committees Shared Prosperity and ESG with 3 committees Internal/Member Benefits with 12 committees.

Our Committee Chairs are a carefully chosen mix of some experienced, some fresh thinking Chairpersons who will Lead for the Common Good.

Before proceeding, please allow me to introduce the current 2021 Board that you Members have elected to head the MAP in 2021

Atty. NOEL BONOAN - Vice President - Vice Chair/ COO of KPMG RG Manabat & Co, and a former Department of Finance (DOF) Undersecretary Mrs. MARIVIC ESPAÑO - Treasurer - Chair/CEO of P & A Grant Thornton, and 2020 PICPA awardee Mr. ROMY BERNARDO – Asst. Treasurer - Managing Director of Lazaro Bernardo Tiu and Associates, and former DOF Undersecretary Ms. MAAN HONTIVEROS - Secretary - Managing Director of CEO Advisors, Inc, and Founding President and former CEO of Philippines Air Asia Atty. DANICON CONCEPCION - Governor - President of University of the Philippines, and former Assemblyman and Congressman Mr. FRED PASCUAL - Governor - Lead Independent Director of SMIC, and former UP President Mr. BABES SINGSON - Governor - President/CEO of Meralco Powergen Corporation, and former Department of Public Works and Highways (DPWH) Cabinet Secretary Mr. WILSON TAN - Governor - Chair/Country Managing Partner of SGV & Co, and 2009 PICPA awardee Mr. GIGI MONTINOLA - President - Chair of Far Eastern University, and former President of the Bankers Association of the Philippines (BAP)

As you can see, you have elected a proven representative set of the competence and track record of MAP members in general, and we Governors hope that we will be able to live up to your expectations.

2021 Activities will revolve around

- 12 monthly General Membership Meetings and Three Major Conferences on Diversity, Annual CEO, and Next Generation themes

- As needed, National Issue statements, coordinated with former Presidents Francis Lim and Riza Mantaring, and where appropriate, co-signed with other Business Associations.

- Committee-initiated Education Webinars to share Best Practices

- Membership and Fellowship events to encourage Networking and Camaraderie

We would like to start on time, and keep all activities at two hours maximum.

We foresee a first semester of mostly Zoom meetings, but hope to return to limited face to face events, particularly for the Major Conferences in the second half of the year.

As always, our indefatigable Executive Director Arnold Salvador and his hardworking MAP Secretariat will be managing the logistics and communication for MAP events.

INITIAL 2021 MAP POLICY DIRECTIONS

As we are eager to hear our Guest Speaker and Inducting Officer, allow me to close with a few initial thoughts on some policy prescriptions that we will push.

HEALTH is WEALTH, and we thank Secretary Dominguez and the Government for significantly funding Vaccinations for our front-liners and the less fortunate.

To help our Members SAFELY Reopen their Businesses and the Economy, MAP itself will focus on how best to Secure Vaccines for its (smaller) Member companies who are not included in the current Government Priority lists.

We will also advocate PUBLIC TRANSPORTATION that provides Mobility that is ESSENTIAL for the economy and society to function properly and be productive.

For ECONOMIC, our main immediate goal is push for the passage of the CREATE Bill which will reduce Corporate Income Taxes to 20% for smaller businesses , establish 10 year sunset periods for specific incentive industries, and provide a much needed P250 billion stimulus to safely REOPEN THE ECONOMY.

MAP is joining at least 30 business organizations in signing within this week the Joint Statement of Support for CREATE and the Joint Letters to House Speaker LORD ALLAN VELASCO and Senate President VICENTE SOTTO urging them to act quickly on the enactment of CREATE.

For the medium term, we will push certain policy recommendations of a MAP - UAP (University of Asia and the Pacific) study commissioned in 2020. In particular, we wish to 4 promote Ease of Doing Business government digitisation efforts and improved Public Information Communications and Technology (ICT) Connectivity.

For ENVIRONMENTAL, we will work towards an appropriate Policy Prescription. MAP supports the development of a Natural Capital Accounting bill to measure physical units of terrestrial and marine resources of the country, as well as three environmental projects in Occidental Mindoro, Laguna, and Batangas.

We shall also balance these with data-based analysis of our Energy Security and Water Security situation.

For EDUCATION, we will collaborate with PBED (Philippine Business for Education Development) to highlight the LEARNING CRISIS that the Philippines is in today, particularly at a time of unequal access among our learners, and the lack of a clear Plan to bring our students back to school safely. If not urgently addressed, we may end with a South African university message that closes with the sobering words, “The collapse of education is the collapse of a nation.”

But most of all, we should push out of our comfort zone, and pay equal attention to SOCIAL JUSTICE issues, and to LEAD for the COMMON GOOD.

We need JOBS - Wholesale and Retail Trade, Agriculture and Fisheries, and Construction make up 50% of total Jobs, and we have to reopen and revive these sectors to alleviate poverty.

We need FOOD - particularly for the 48% self-perceived Poor families, either through public sector Bayanihan Act stimulus programs for the Poor or private sector revival of business, economic, and payroll activities.

We need VALUES FORMATION - We need to work on changing attitudes and behaviors of Filipino Youth and the Common Man on the Street, in order to achieve a meaningful and sustainable change in society.

CONCLUSION

In closing, I would like to appeal to the 1,000 + strong MAP membership to support your Board, and to SHARE Member BEST PRACTICES to HELP EACH OTHER and our National Community.

We are a vibrant, purposeful, and well-meaning national private sector association, and together, we can make a significant impact on the Health, Economic, Environmental, Education, and Social Justice Front. We are also a constructive partner of government, and a helpful supporter of value-adding non-governmental organization causes.

Gloomy forecasts pave the way ahead, but let’s prove our critics wrong, and BET on OURSELVES, the MAP, and the Country!

Let’s embrace our MAP 2021 Theme of “The GREAT RESET: LEADING for the COMMON GOOD.”

We need your collective wisdom and proven execution skills to help us to SAFELY REOPEN the ECONOMY, to push ESG (Environmental, Social Justice, and Governance) initiatives, and to generate MEMBER BENEFITS through Best Practice Sharing.

Mabuhay ang Bayanihan MAP!!!

Many thanks, and good luck to all of us in 2021!!

“MAPping the Future” Column in the INQUIRER on January 11, 2021 and “MAP Insights” Column in BUSINESSWORLD on January 12, 2021

CREATE is the only choice!

Atty. BENEDICTA “Dick” DU-BALADAD

At the forthcoming legislature’s bicameral conference on corporate tax reform, it should only be a choice between CITIRA (House Bill 4157) and CREATE (Senate bill 1357). CITIRA is the House version of Package 2 of the comprehensive tax reform. CREATE, on the other hand, is the Senate Version. Both are good packages, each complete and balanced on its own, worthy of our support.

There should be no third choice – no hybrid of the two, no massive ‘picking and choosing’ of favored provisions and combining them to form the third version of Package 2. Of course you can, legally, but you destroy the holistic framework of the package, in effect incapacitating it from addressing the very purpose of pursuing a tax reform. You also destroy the revenue mix, hence creating an imbalance that results to either overtaxing the people or lacking in funds to meet the needs of the country. You cannot, for example, retain CITIRA’s proposed 10-year annual 1% corporate tax reduction from the current 30% to 20%, yet keeping CREATE’s proposed 10-year incentive status quo because the resulting revenue loss would be substantial.

When Congress designed CITIRA, or in the case of Senate, the CREATE, each was meant to be a whole package by itself, each component carefully designed in relation to the other parts and to the totality of the package.

With all the lobbying by groups with varied interests, each House labored tirelessly to balance and re-balance those interests, adjusting every provision to eventually form a corporate tax package that, in totality, will best achieve the objective of having a simple, fair, competitive, and fiscally prudent tax system that can sustain the revenue needs of the government for a considerable long period of time. Tinkering with these packages at the bicameral level when there is limited time to do a full impact study of such changes, would not at all be safe and desirable.

Both are good packages, but with COVID-19 and post, CREATE is the only choice left for us. I explain why.

CITIRA and CREATE were conceptualized under two different time periods with completely different conditions. CITIRA was crafted pre-COVID when the country’s economy was at its best, promising brighter days ahead. CREATE, on the other hand, was crafted right in the middle of a pandemic, a hurting economy, a worldwide slump where chaos is the order of the day and survival of the fittest is the game. That made the big difference between the two.

CITIRA was meant to support an already blossoming economy pushing it further and faster forward, CREATE was meant to revive a heavily hurting economy, save businesses, restore consumer confidence, and give the country a fresh restart. It was meant to trigger the ‘great restart’ after a pandemic, a perfect example how tax can be used as a powerful tool to build an economy.

Thus, as structured, CREATE is not simply a tax reform meant to provide a simple, equitable and a competitive tax system.

CREATE is, more than anything else, a fiscal response for the survival of our economy, our businesses especially the micro, small and medium enterprises (MSME) employing more than 60% of our workforce. It is a fiscal response to mitigate widespread involuntary hunger now experienced by more than 4 Million families, and counting. It is a fiscal response, the most direct and cost-efficient stimulus to revive a once considered fastest growing economy in the region.

CREATE is well-crafted and targeted to address COVID priorities by first giving relief to small businesses (MSMEs), lowering outright their tax rate from 30% to 20%, an equivalent subsidy of 10% of net income effective July 2020 and every year onward. This savings could be used to retain employees or to cope with the required facilities of working under a new normal. The MSME’s entitled to this relief are those with taxable net income not exceeding P5Million and total assets (excluding land) not exceeding P100Million.

CREATE also provides immediate relief to MSMEs to recover quickly. Provisional reduction in taxes for a period of 3 years from July 2020 up to June 2023 were granted. The 3% business tax collected on every one peso of sales was reduced from 3% to 1%, and the Minimum Corporate Income Tax (MCIT) from 2% to 1%. Both these taxes are not net-income based, hence are paid regardless of income. Both are based on gross – one on gross sales, the other on gross profit. The equivalent savings therefore is measured as a percentage of sales (not income), addressing the criticism that reducing income tax rate has no benefit to businesses during this pandemic as there is no taxable income to speak of.

The bigger companies (those with net taxable income exceeding P5Million and with total assets exceeding P100Million) are not to be left behind. Their income tax rate was likewise reduced from 30% to 25%. This brings the country’s corporate income tax nearer the ASEAN average at 21.65%. With strong demographic and sound financial fundamentals, such reduction will foster the country’s potential as an

7 attractive site for investment and makes our local products more competitively priced in international markets.

Tax hindrances to business reorganizations on a wider scale were removed to empower businesses to expand, grow, innovate, and come up with creative solutions for recovery and responding to the challenges of a new normal. Such taxes include income tax and VAT. Administrative red-tapes such as a request for BIR ruling prior to such reorganizations were likewise removed.

Foreign-sourced dividends was exempted from tax for as long as these are remitted back home and invested here. Likewise, the 10% improperly accumulated earnings tax (IAET) imposed on excessive retention of income was repealed. All these are meant to encourage more investments to prompt the economy. Support by way of additional deduction for training expenses for on-the job trainees was also provided.

Direct subsidy to CONSUMERS by way of granting VAT exemption on COVID- related basic health needs were likewise given under CREATE. COVID vaccine, supplies, facilities, equipment, PPEs as well as prescription drugs, medical supplies and devices shall become cheaper by 12% at the hands of consumers as the government picks up the cost of the 12% VAT.

All the above features are lacking in CITIRA. So I say again, CREATE is the only choice we are left with.

As an end note, the rationalization of incentives will be covered in a separate issue for lack of space. But as a general statement, CREATE’s version of the incentive is a well-balanced modernized incentive system that is performance-based, transparent and targeted, yet flexible, and with sufficient safeguard to exercise fiscal prudence.

(The author is Chair of the Management Association of the Philippines (MAP) Tax Committee for 2021 and the Founding Partner and CEO of Du-Baladad and Associates (BDB Law). Feedback at and . For previous articles, please visit )

FAREWELL MESSAGE of MAP 2020 President FRANCISCO “Francis” ED. LIM delivered at the 72nd MAP Inaugural Meeting on

January 12, 2021

Secretary Sonny Dominguez, friends from the government, the diplomatic community, the civil society, the academe and the media, 2020 and 2021 governors, fellow MAP members, guests, ladies and gentlemen, happy New Year and good afternoon to all of you!

It has been my honor and privilege to have served as the 71st President of this very prestigious organization. Thank you very much for your trust and confidence.

I will not bore you with a detailed report as I have already presented it in our our last GMM. Besides, our Secretariat has uploaded the 2020 Annual Report in the MAP website which is map.org.ph.

The pandemic had made 2020 a challenging and tough year but with our resolve to work hand in hand, our organization had not only successfully navigated its waves of uncertainty but had performed beyond expectations.

The MAP continues to be the association of choice of the Philippine business community. We inducted 108 new members and increased our membership to 1,060 despite the pandemic. We vigorously conducted activities and introduced new programs for the benefit of our members and countrymen. Not only have we kept our organization financially afloat but we had ended the year with around 280% higher in net income, all-time high cash position and all-time high assets. More importantly, we have shown that the MAP truly cares for society through our various donations to our less fortunate brothers and sisters. We have likewise helped influence and shape national policy through our positions and recommendations on various issues.

As some have aptly observed, the MAP is a force to reckon with in the business community.

But none of what we had accomplished last year would have been possible without the dedication and hard work of all the chairs, vice chairs and members of the various committees. I would like to reiterate my profuse thanks the Secretariat led by our indefatigable Arnold Salvador for going beyond the call of duty to make our programs and projects under our L.E.A.D. agenda happen amidst Covid 19. Let me express by profuse gratitude to all of you for your support and dedication throughout my term.

I would also like to extend my special appreciation to the 2020 MAP Board of Governors and officers, namely: Gigi Montinola as Vice President, Dick Du-Baladad as Treasurer, Noel Bonoan as Assistant Treasurer, JP Orbeta as Secretary, and Governors Danny Concepcion, Marivic Españo, Tito Ortiz and, Say Tetangco. I would like to specially thank Gov. Say and past President Riza Mantaring for helping me and the MAP address national issues. Your guidance and insights proved invaluable in helping me steer our beloved organization during this challenging period of our nation’s history.

I am very happy that I am turning over the leadership of MAP to Gigi Montinola. I have known and worked with Gigi for years. For one, President Gigi is our “MAP Management Man of the Year 2012” awardee. He served as president and CEO of the Bank of the Philippine Islands for 8 years and President of the Bankers Association of the Philippines for 4 years.

Gigi is an example of a Filipino professional manager who has an excellent track record of unblemished integrity, professional competence and strong leadership qualities.

Undoubtedly, with Gigi at the helm, the MAP is in better hands and we should have no doubt that our organization will soar to greater heights under his leadership.

May I reiterate my request to all the members to support President Gigi and his administration with the same zeal as you have supported my presidency. Please help them in their programs and projects under the 2021 theme “THE GREAT RESET: LEADING for the COMMON GOOD”.

In closing, on behalf of the board of governors and MAP members, / let me thank Secretary and MAP member Sonny Dominguez for your continuing support to the MAP and more importantly, for your selfless dedication and hard work in helping the country weather the storm that has been battering it since last year. The country would not have achieved what it had been able to do under the pandemic/ without your able and firm stewardship of the economy. We in MAP are proud of you.

Again, thank you to you all and may 2021 be a lot better for all of us.

Mabuhay ang MAP! Maraming salamat sa inyong lahat!

January 4, 2021 News Release entitled “GIGI MONTINOLA is MAP President for 2021”

NEWS RELEASE

January 4, 2021

GIGI MONTINOLA is MAP President for 2021

Mr. AURELIO “Gigi” R. MONTINOLA III, Chair of Far Eastern University (FEU), is the President of the MANAGEMENT ASSOCIATION OF THE PHILIPPINES (MAP) for 2021. Mr. Montinola is the 72nd President of the MAP since its inception in 1950.

He is presently Chair of Amon Trading, East Asia Computer Center, Far Eastern College Silang, Nicanor Reyes Educational Foundation, FEU High School, FEU Alabang and Roosevelt College.

He is Chair of the Ramon Magsaysay Award Foundation, the WWF Philippines National Advisory Council, and the National Golf Association of the Philippines. He is Vice Chair of the Philippine Business for Education (PBEd).

He is currently a Director of the Bank of the Philippine Islands (BPI) and Independent Director of the Roxas and Company Inc., both listed corporations. He is also a Director of the BPI/MS Insurance Corporation.

He served previously as President of BPI and the Bankers Association of the Philippines (BAP).

He was awarded the 2005 and 2010 Asian Banker Leadership Award for the Philippines, and the 2012 “MAP Management Man of the Year”.

He graduated with a BS Management Engineering at the Ateneo de Manila University in 1973 and received his MBA at Harvard Business School in 1977.

The other MAP officers for 2021 are Atty. EMMANUEL “Noel” P. BONOAN, Vice Chair and COO of KPMG R.G. Manabat & Co., as Vice President; Ms. MARIA VICTORIA “Marivic” C. ESPAŇO, Chair and CEO of P&A Grant Thornton, as Treasurer; Mr. ROMEO “Romy” L. BERNARDO, Managing Director of Lazaro Bernardo Tiu & Associates, as Asst. Treasurer; and Ms. MARIANNE “Maan” B. HONTIVEROS, Managing Director of CEO Advisors, Inc., as Secretary.

The other MAP Governors are Atty. DANILO “Danicon” L. CONCEPCION, President of University of the Philippines; Mr. ALFREDO “Fred” E. PASCUAL, Lead Independent Director of SM Investments Corporation; Sec. ROGELIO “Babes” L. SINGSON, President and CEO of Meralco Powergen Corporation; and Mr. WILSON P. TAN, Chair and Country Managing Partner of SGV & Co.

List of MAP Governors-in-Charge, Committee Chairs and Vice Chairs for 2021

FORTHCOMING EVENTS

Articles/Papers from MAP Members

1. “The MAP ‘Management Man of the Year’” from MAP Member MICHAEL “Mike” T. TOLEDO’s “Mike about town” Column in THE PHILIPPINE STAR on January 12, 2021

The “Management Man of the Year” award bestowed by the Management Association of the Philippines or MAP is arguably the most prestigious award given for managerial excellence, and we look towards managerial and leadership excellence for both the private and public sectors in the new year and under the new normal.

For 52 years the award has been given only 44 times, and for those 44 times, I was able to host the awarding ceremony for a record 14 times.

Last year’s awarding ceremony, however, was a first as it was done virtually. Hopefully, it will be the last as there is much excitement and prestige, much pomp and circumstance when it comes to the awarding ceremonies held live or face-to-face in the splendor of a grand ballroom. The author hosts the virtual awards rites.

The award is given by the MAP to recognize outstanding achievements of any individual who has exceptionally distinguished himself or herself in the practice of management, whether he or she be a MAP member.

It was first given out in 1967 to the late, great Washington SyCip, an icon in Philippine business and corporate finance.

The awards were again given out in 1977, and the list of distinguished awardees reads like a who’s who list in Philippine business and government: Washington SyCip, Geronimo Velasco, Henry Brimo, Jose Soriano, Cesar Virata, Jaime Ongpin, Vicente Paterno, Dante Santos, Cesar Buenaventura, Roberto Villanueva, Jaime Zobel de Ayala, Ramon del Rosario Sr., Jose Fernandez Jr., Raul Concepcion, Oscar Hilado, Alfonso Yuchengco, Juan Santos, David Consunji, Rizalino Navarro, Gabriel Singson, Delfin Lazaro, Henry Sy Sr., Oscar Lopez, Tony Tan Caktiong, Jesus Tambunting, Rafael Buenaventura, Manuel V. Pangilinan (MVP), George S.K. Ty, Jaime Augusto Zobel de Ayala II, Jose Cuisia Jr., Antonio Aquino, Jesus Estanislao, Lilia de Lima, Ramon del Rosario Jr., Erramon Aboitiz, Aurelio Montinola III, Edgar Chua, Albert del Rosario, Amando Tetangco Jr., Tessie Sy-Coson, John Gokongwei Jr., Fernando Zobel de Ayala and Nestor Tan. The illustrious roster of MAP’s 44 awardees for ‘Management Man of the Year.’

There are father-and-child tandem awardees, too, like the following: Henry Sy Sr. (1999) and Tessie Sy-Coson (2016); Ramon del Rosario Sr. (1988) and Ramon del Rosario Jr. (2010); and the trio of Jaime Zobel de Ayala (1987), Jaime Augusto Zobel de Ayala (2006) and Fernando Zobel de Ayala (2018).

To this father-and-child tandem we now add Oscar Lopez (2000) and MAP Management Man of the Year 2020 awardee Federico “Piki” Lopez, chairman and CEO of First Philippine Holdings Corp. (FPH).

First Philippine Holdings Corp. is the flagship corporation of the Lopez family, a management and investment company whose major business is power generation and distribution, with strategic initiatives in manufacturing and property development.

The award was given to Lopez for, among others, “passionately pushing for the country’s transition to a low-carbon economy through his various advocacies to proactively address the irreparable damage of climate change; for championing the power industry’s deregulation, and for steering the Lopez Group to the forefront of energy security and sustainability and clean technologies for renewable energy and natural gas.”

In his very inspiring speech, Lopez acknowledged how his father, Oscar, had received the same award 20 years ago and of how much influence his father has on him and on FPH, on “his values, discipline, love for nature, zest for learning, his passion for social justice and his zeal for health and wellness.”

Lopez also spoke about his insights on business, management, governance, leadership, and likewise made an impassioned plea for the environment and climate change, for taking care of the earth and its people.

He mentioned that he has felt for some years now that “the unprecedented times we’re living in have been begging for a new narrative and a new paradigm for how we live, work, do business, and even how we measure success and progress.”

Lopez forecast that, “these next 10 years (the decade of the 2020s) will determine whether we are able to halt the climate crisis in time, or watch it run away from us irreversibly.”

“The COVID-19 pandemic is just a mere ‘fire-drill’ for what’s coming and demonstrates the scale at which things need to change,” he said, adding, “We are living in a time that calls for great paradigm shifts, and businesses that seek to thrive in this era must be able to reimagine and redesign themselves for this new world.”

He echoed the call that “businesses need to align themselves, their resources, and their capabilities towards a mission that seeks to elevate everything they touch – their customers, employees, suppliers, contractors, the environment, communities, and, of course, their investors.”

For Lopez, there is “an urgency for all of us to go beyond incremental sustainability and transform into regenerative forces that align our profit engines with the need for a better, more just world and a safer planet.” MAP 2019 president Riza Mantaring and other MAP members.

Truly inspiring and challenging words (I urge you to read the whole speech available online) that should guide us into the new year and beyond.

The Management Man of the Year 2020 Search Committee was composed of MAP 2019 president Riza Mantaring as chairman; MAP 2018 president Mon Fernandez as vice chairman; with past MAP presidents Popoy del Rosario, Ed Francisco, architect Jun Palafox, Perry Pe, and Marife Zamora as members.

The 2020 judging committee was composed of past awardee Ed Chua as chairman; Atty. Lilia De Lima as vice chairman; with Montxu Aboitiz, Mon Paterno, Cora De La Paz- Bernardo, Johnny Santos, Joey Cuisia, Ambassador Jesus Tambunting, Ramon del Rosario, and former Prime Minister Cesar Virata as members.

Congratulations once again for a well-deserved award, Piki!

2. “Climate change worse than pandemic” from MAP Member ELFREN S. CRUZ’s “Breakthrough” Column in THE PHILIPPINE STAR on January 10, 2021

It seems that humankind is the victim of unnecessary catastrophes and the world is doomed to continuing this in the future. People like Bill Gates have been warning us about the possibility of pandemics during the last few years. When the epidemic started in China, it was kept a secret and most countries did not take the necessary preventive steps until the crisis worsened.

At the beginning there was no global effort to combat this epidemic; and even today the calls for a global approach is not being heeded. For example, “vaccine nationalism” is still the nationalist cry even in the richest countries as everyone scrambles to order some vaccines.

During this crisis, the world has set aside the concern for a much greater and longer lasting crisis. This is climate change. According to Gideon Rose, Executive Editor of Foreign Affairs Quarterly magazine: “Climate change is also a crisis. It is unfolding more slowly than its pandemic cousin but will have even vaster consequences. The world had a chance to tackle it early but blew that through decades of denial. Much future damage is baked in already. Yet wise public policy can still limit the scale of the eventual disaster – if everybody takes the challenge seriously across the board now…”

There have been many proposals to address the climate change crisis. International climate change agreements need to be reduced incentives for free riding. This means that industries like the fossil fuel and coal mining industries must also bear the burden of reducing future temperature increases and stop lobbying against efforts to combat climate change.

For the past three to four decades, policy makers and activists, like Greta Thurnberg, have kept calling for urgent action to address climate change. However, the climate has only grown worse.

In an article written by Michael Davidson, Jesse Jenkins, et al: “The benefit of climate change lies mostly in the future, and they will accrue above all to poor populations that do not have much voice in politics, whether in those countries that emit most of the world’s warming pollution or at the global level. The costs of climate action, on the other hand, are evident here and now and they fall on well organized groups with real political 19 power. In a multipolar world without a responsible hegemon, any collective effort is difficult to organize. And the profound uncertainty about what lies ahead makes it hard to move decisively.”

The only good news in the battle against climate change is that while political obstacles are difficult to bring down, technological progress can make it easier by driving down the cost of action against global warming.

Electric power

Many articles have been written that the way to decarbonization is by shifting to electric power. For example, transportation accounts for 27 percent of global energy use and nearly all of it relies on oil. This is the reason there is so much interest in electric cars. In fact, with much improved batteries, heavy duty vehicles like trucks and buses could soon run also on electric power.

However, the use of electricity does not increase or reduce emissions on its own. It will still depend on whether the electricity that is the source of the energy may or may not be clean, depending on how it was generated. An electric car, for example, will not reduce global warming if all the electricity comes from conventional coal plants.

Once the world is able to convert the pollution-producing coal plants to clean energy plants, then it can focus on electrification of tasks that still rely on fossil fuels. Aside from transportation, heating is another process that can be electrified.

Davidson and Jenkins write: “Besides transportation, the most important electrification frontier is heating – not just in buildings but as part of industrial production, too. All told, heating consumes about half the energy that people and firms around the world use. Of that fraction some 50 percent goes into industrial processes that require very high temperatures such as the production of cement and steel, the refining of oil (including for plastics).”

Renewable energy will play the central role in the drive for clean energy. Thanks to the decreases in cost of wind and solar power equipment – together with a mature hydroelectric power industry – renewable energy already accounts for one quarter of global electricity production. In the US, the cost of electricity from large solar farms has gone down by 90 percent since 2009 and wind energy prices have fallen by nearly 70 percent. It is expected both will continue to drop.

Business sector

Most business leaders pay lip service to combating climate change, but there is still resistance to taking any steps that will negatively affect profit margins in the short term.

More than a third of global invested capital – about $19 trillion – is controlled by the world’s largest asset owners. These companies are now realizing the long-term risk of climate change to their investments. These investment companies are now starting to push companies, where they have significant ownership share, to address climate change.

For example, Unilever came under pressure to stop using palm oil, the cultivation of which contributes to deforestation. Paul Polman, the company’s CEO, was able to persuade many of his fellow consumer goods CEOs to purchase palm oil which is covered by sustainability agreements. A group of more than 300 investors who control nearly half of the world’s invested capital formed Climate Action 100+ whose goal is to persuade top private sector carbon emitters to take action to reduce gas emissions in their companies and suppliers.

Together, the public and private sectors can still save humankind’s future from the ravages of global warming.

* * *

An invitation to young writers:

Young Writers’ Hangouts via Zoom will resume on Jan. 16 and 30, 2-3 p.m. Contact [email protected]. 0945.2273216

Email: [email protected]

3. “Urgent need for effective agriculture roadmaps” by MAP Agribusiness Committee Member ERNESTO “Ernie” M. ORDOÑEZ’s Opinion Column in the PHILIPPINE DAILY INQUIRER on January , 2020

With our agriculture in crisis and the dangerous environment created by COVID-19, it is urgent that our agriculture roadmaps with their inadequate formulation and implementation be addressed immediately.

On his first day in office on Aug. 5, 2018, Agriculture Secretary William Dar recognized this deficiency. He announced roadmap development as one of the eight paradigms in his “new thinking” for agriculture. He said: “The roadmap should actively involve the private sector. It should have a value-chain approach to level up Philippine agriculture, while making sure the small holders get a fair share along the value chain.”

The majority at the Department of Agriculture (DA) is made up of very competent and committed people. Unfortunately, some officials have not been following Dar’s roadmap paradigm. Only one commodity roadmap (the prior version was done 10 years ago) has been completed. However, private sector leaders do not believe the last version is useful. This is because they were not sufficiently involved in the roadmap formulation, as Dar had instructed.

At the Department of Trade and Industry, the private sector leads the roadmap formulation, with the government guiding them. Together, there is public-private approval and commitment. In addition, there is a dedicated public-private roadmap team that monitors roadmap implementation and recommends improvements as new conditions arise. So aside from talk, there is also action.

The DA should follow this procedure, which more closely adheres to Dar’s direction of private sector involvement. Since there was no guiding outline for the agriculture 21

roadmaps, the five-coalition Agrifisheries Alliance (AFA) recommended one. It is a summarized consolidation of the DTI roadmap outline that is used by DA for some sectors. DA approved this outline as a guide to follow.

It contains the following key elements: 1. Objectives; 2. Industry Situation; 3. Analysis of farm income, supply/ value chain; competition and comparative advantage in both the local and global dimensions; (4) market trends and prospects; (5) strengths, weaknesses, opportunities and threats (SWOT); (6) target-setting, and most important, (8)recommended policies, strategies and programs, with accompanying Key Result Areas (KRAS) and Key Performance Indicators (KPI).

Added to this is an appendix for roadmap Implementation. This is absolutely essential. It is a work plan that identifies the key issues in priority order. For each issue, there are budgets, timetables, and accountable officials.

Given the uncertainty of the pandemic, the urgency of action needed, and the limited resources, the Pareto Principle should be used. The Dec. 25, 2020 Investopedia definition states: “The Pareto Principle specifies that 80 percent of the consequences come from 20 percent of the causes.” When an urgent situation arises, several managers desire a complete 100 percent analysis before they take action. This often ends in too late a response and dismal failure. Often, addressing 20 percent of the most critical factors is enough to make urgent decisions that will yield desirable results. This is what we need today, before our agriculture deteriorates further. In addition, we have to form the public-private sector roadmap implementation teams to contribute to roadmap formulation, which they are responsible for in the execution phase.

It has been one year and five months since Dar directed the development of a roadmap. But too little has been done. Our time is running out. The essential 20 percent needed for roadmap formulation should be identified and the appendix specifying key issues and proposed actions decided within three months. It will be adjusted and improved until a 100 percent completion is attained.

Meanwhile, we must immediately take the action needed to avert the worsening of our agriculture crisis. The DA Banner Program directors with their counterpart private sector chairs from the Philippine Council of Agriculture and Food (PCAF) can help start this process with agreed priority actions before it is too late. Only then can we see true agriculture development take place in the midst of this pandemic.

MAP Videos on Facebook

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1. January 12, 2021 72nd MAP Inaugural Meeting and Induction of 2021 MAP Board of Governors

2. Adeste Fideles Christmas Concert at the PICC Plenary Hall streamed on December 22, 2020 22

3. December 21, 2020 December 21, 2020 MAP Online Panel Discussion on “A YEAR OF COVID: Gloom or Boom?”

4. Adeste Fideles Christmas Concert at Santuario de San Antonio streamed on December 16, 2020

5. A Flavor of Vienna Concert, a first-ever tribute to 50 years of “MAP Management Man of the Year” awards, reprised on November 26, 2020 as MAP’s Thanksgiving Day offering.

6. November 20, 2020 First MAP NextGen Web Conference

7. September 15, 2020 MAP International CEO Web Conference on “A WHOLE NEW WORLD: Reigniting the Stalled Global Economy”

8. November 23, 2020 (Monday) MAP Online Annual General Membership Meeting and “MAP Management Man of the Year 2020” Awarding Ceremony

9. October 13, 2020 (Tuesday) MAP Online General Membership Meeting on “ESG and its Linkage to Long-term Value Creation”

10. September 8, 2020 (Tuesday) MAP-PMAP Joint Online General Membership Meeting (GMM) on “Deepening the Bench for Future Business Leaders”

11. July 14, 2020 MAP 5th Online GMM on “Landscape and Control Mechanisms for Business Crimes and Fraud” with Mr. ALEX TAN, Partner for Consulting of PwC Malaysia 12. June 9, 2020 MAP 4th Online GMM on “MAYORS ENVISION A POST-COVID FUTURE”

13. June 26, 2020 MAP Webinar on “DIVERSITY & INCLUSION AGENDA: Does it Matter during the Pandemic?”

14. June 24, 2020 MAP 2nd Webinar on the Anti-Terrorism Bill with Senator PANFILO “Ping” M. LACSON, Chair of Senate Committee on National Defense and Security, Peace, Unification and Reconciliation

MAP Talks on Youtube

https://www.youtube.com/user/TheMAPph

Festival of Concerts

1. Adeste Fideles Christmas Concert at the PICC Plenary Hall streamed on December 22, 2020 23

2. Adeste Fideles Christmas Concert at Santuario de San Antonio streamed on December 16, 2020

3. A Flavor of Vienna Concert, a first-ever tribute to 50 years of “MAP Management Man of the Year” awards, reprised on November 26, 2020 as MAP’s Thanksgiving Day offering.

Video Recordings of MAP GMMs

4. January 12, 2021 72nd MAP Inaugural Meeting and Induction of 2021 MAP Board of Governors

5. December 21, 2020 (Monday) MAP Online Panel Discussion on “A YEAR OF COVID: Gloom or Boom?”

6. November 23, 2020 (Monday) MAP Online Annual General Membership Meeting and Awarding Ceremony for “MAP Management Man of the Year 2020”

7. October 13, 2020 (Tuesday) MAP Online General Membership Meeting on “ESG and its Linkage to Long-term Value Creation”

8. September 8, 2020 (Tuesday) MAP-PMAP Joint Online General Membership Meeting on “Deepening the Bench for Future Business Leaders”

9. August 18, 2020 MAP 6th Online General Membership Meeting on “The Urgent Need for a Future-Ready Board” with Ms. ALIZA KNOX, Mr. REY LUGTU and Dr. JUSTO “Tito” A. ORTIZ

10. July 14, 2020 MAP 5th Online General Membership Meeting on “Landscape and Control Mechanisms for Business Crimes and Fraud” with Mr. ALEX TAN, Partner for Consulting of PwC Malaysia

11. June 9, 2020 MAP 4th Online General Membership Meeting (GMM) on “MAYORS ENVISION A POST-COVID FUTURE”

12. May 20, 2020 MAP 3rd Online GMM on “Leveling the Playing Field amid the COVID-19 Pandemic” with PCC Chairman ARSENIO M. BALISACAN

13. April 14, 2020 MAP 2nd Online GMM on "Leading Through COVID-19"

Video Recordings of MAP Webinars

14. September 25, 2020 MAP Sustainable Development Committee Webinar on “MOVING FORWARD WITH OUR MANA TOWARDS A SUSTAINABLE BLUE ECONOMY” to Celebrate September as MANA Mo (Maritime & Archipelagic Nation Awareness Month)

15. June 26, 2020 MAP Webinar on “DIVERSITY & INCLUSION AGENDA: Does it Matter during the Pandemic?” 24

16. June 24, 2020 MAP 2nd Webinar on the Anti-Terrorism Bill with Senator PANFILO “Ping” M. LACSON, Chair of Senate Committee on National Defense and Security, Peace, Unification and Reconciliation

17. June 17, 2020 MAP 1st Webinar on the Anti-Terrorism Bill with former Supreme Court Senior Associate Justice ANTONIO “Tony” T. CARPIO

18. May 8, 2020 MAP Webinar on “Helping the MSMEs Survive the Pandemic”

19. April 24, 2020 MAP Webinar on "Developing Health Protocols for Workforce Re-Entry"

20. April 17, 2020 MAP Webinar on "Managing the Workforce Today and Preparing them for the New Normal"

21. April 2, 2020 MAP Webinar on “Responding to COVID-19”

MAP Legacy Series 2019 on ANC featuring the following:

22. MMY 1996, Mr. DAVID M. CONSUNJI

23. MY 1998, Gov. GABRIEL C. SINGSON

24. MMY 1999, Mr. HENRY SY, SR.

25. MMY 1967, Mr. WASHINGTON Z. SYCIP

26. MMY 2006, Dr. GEORGE S.K. TY

27. MMY 1992, Amb. ALFONSO T. YUCHENGCO

The MAP Lifestyle Masters on Living Well and Aging Well

Happy Birthday to the following MAP Members who are celebrating their birthdays within January 1 to 31, 2021

January 1 1. Mr. ADOR A. ABROGENA, EVP, BDO Unibank, Inc. 2. Usec. ROWENA CRISTINA “Gev” L. GUEVARA, Undersecretary for Research and Development, Department of Science and Technology (DOST) 3. Mr. MANUEL “Manny” L. WONG, General Manager, Acer Philippines, Inc. January 3 4. Mr. LAURENT P. LAMASUTA, President and CEO, Ayala Properties Management Corporation (APMC) January 4 5. Mr. ALLEN L. LEE, President and General Manager, MESCO, Inc.

6. Mr. NELSON C. PAR, Chair, Pascal Resources Energy, Inc. 7. Ms. TITA D. PUANGCO, CEO, Ancilla Enterprise Development Consulting, Inc. January 5 8. Mr. RAYMUND “Ray” T. AZURIN, Chief Executive, Zuellig Pharma Corporation 9. Mr. FRANCISCO “Paquito” A. DIZON, Chair and President, Pacific Northstar, Inc. 10. Mr. FERNANDO “Fern” O. PEÑA, President, MOF Company (Subic), Inc. 11. Engr. TELESFORO “Porsche” E. PEÑA, Founder, T & D Design Consultancy, Co. 12. Dr. TONY TAN CAKTIONG, Chair, Jollibee Foods Corporation January 6 13. Mr. JOSE JEROME “Jeng” R. PASCUAL III, CFO, VP for Finance and Treasurer, Pilipinas Shell Petroleum Corporation 14. Ms. LOLY NGO UY, CFO, San Roque Supermarket Retail Systems, Inc. (SRS) January 7 15. Mr. ARMANDO “Armand” S. NG, General Manager, Asia Cargo Container Line Inc. 16. Mr. BENJAMIN “Ben” R. PUNONGBAYAN, Founder, P&A Grant Thornton January 8 17. Mr. RICO T. BAUTISTA, President and CEO, Etiqa Life and General Assurance Philippines, Inc. 18. Mr. JOSE “Jomie” S. FRANCISCO, President, Wire Rope Corporation of the Philippines (A DMCI Holdings, Inc. subsidiary) 19. Dr. JAIME “Jimmy” C. LAYA, Chair, Philtrust Bank 20. Mr. BERNIDO “Bernie” H. LIU, CEO, GOLDEN ABC, Inc. 21. Atty. RICARDO “Dick” J. ROMULO, Senior Partner, Romulo Mabanta Buenaventura Sayoc & de los Angeles January 9 22. Ms. LORRAINE “Rain” BELO CINCOCHAN, President and CEO, Wilcon Depot, Inc. 23. Mr. JEFFREY JOHNSON, SVP for Human Capital Resource Management, Teleperformance 24. Mr. RICHMOND D. LEE, Founder and Director, ATLASOFFICE, INC. January 10 25. Ms. MARIA NOEMI “Noemi” G. AZURA, President and CEO, Insular Healthcare Inc. 26. Dr. ROBERTO “Bobby” F. DE OCAMPO OBE, Chair and CEO, Philippine Veterans Bank 27. Mr. FREDERIC “Ricky” C. DYBUNCIO, President, SM Investments Corporation 28. Mr. SEBASTIAN “Baste” C. QUINIONES JR., Executive Director, Pilipinas Shell Foundation, Inc. January 11 29. Mr. ELMER FRANCISCO “Elmer” U. SARMIENTO, President and CEO, Royal Cargo Inc. January 12 30. Cong. HARRY C. ANGPING, President, AP Genco North Services, Inc. 31. Mr. DANILO “Danny” VALENTON FAUSTO, President, DVF Dairy Farm, Inc. 32. Mr. WILSON P. TAN, Chair and Country Managing Partner, SyCip Gorres Velayo & Company (SGV & Co.) January 13 33. Mr. MANUEL “Manny” U. AGUSTINES, Chair, Ramcar, Inc. January 15 34. Mr. FRANCISCO “Frankie” C. EIZMENDI JR., Chair, Dearborn Motors Company, Inc. January 16 35. Mr. OSCAR B. BIASON 36. Mr. KASIGOD “Kas” V. JAMIAS, President and CEO, The Zuellig Corporation 37. Dr. EDWARD “Moi” M. MOISES, Dean - School of Management and IT, De La Salle - College of St. Benilde January 17 38. Mr. RICARDO “Ric” G. LIBREA 39. Mr. ANTONIO “Tony” A. TURALBA, Chair, President and CEO, Active Group, Inc.

January 18 40. Mr. VICTOR “Vic” Y. LIM JR., President, Banco Mexico Inc. 41. Mr. ROBERTO “Bert” G. MANABAT, Chair Emeritus, KPMG R. G. Manabat & Co. January 19 42. Mr. LUIS “Louie” M. CAMUS, Chair and President, L. M. Camus Engineering Corporation 43. Ms. MA. BELEN “Bel” B. LIM, General Manager, Golden Press January 20 44. Dean RODOLFO “Rudy” P. ANG, Dean, Ateneo de Manila University Graduate School of Business 45. Mr. ROBERTO “Dondi” D. BALTAZAR, EVP, Philippine National Bank (PNB) 46. Ms. MARICRIS “Cris” MEDINA CAMPIT, President and CEO, Airfreight 2100 Inc. (AIR21) 47. Mr. SANTIAGO “Santi” F. DUMLAO JR., Secretary-General, Association of Credit Rating Agencies in Asia (ACRAA) 48. Ms. ANNA GREEN, CEO, Australia and New Zealand Banking Group January 21 49. Mr. RAMON “Mon” L. JOCSON, EVP, Bank of the Philippine Islands (BPI) January 22 50. Dean PASCUAL “Al” SAYO GUERZON, President, Melior Realty Services January 23 51. Mr. RABBONI FRANCIS “Bong” B. ARJONILLO, President, First Metro Investment Corporation 52. Mr. VICENTE “Ting” R. AYLLON 53. Ms. JEANETTE “J'net” BAUTISTA ZULUETA, Chair, ZMG Ward Howell, Inc. January 24 54. Mr. YU MING “Yu Ming” CHIN, Executive Director, Viventis Search Asia 55. Mr. FELIPE ANTONIO “Felipe/ Poopi” P. ESTRELLA III, President, Volkswagen Philippines 56. Atty. ROBERTO “Bobby” P. LAUREL, President, Lyceum of the Philippines University (Manila, Makati, Cavite) 57. Mr. ALFREDO “Fred” B. PARUNGAO, President, Ligaya Management Corporation January 25 58. Mr. NESTOR E. CONSTANCIA, Marketing and Sales Manager, Gardenia Bakeries (Phils.), Inc. January 26 59. Mr. ROMEO “Romy” G. DAVID, Chair and President, BNL Management Corporation 60. Gen. JOSE “Joemag” P. MAGNO, Chair, Citra Metro Manila Tollways Corporation 61. Mr. ROMUALDO “Boyet” V. MURCIA III, Partner for Audit and Assurance, Punongbayan & Araullo 62. Ms. ELIZABETH “Beth” G. RABUY, General Manager and Director, FPD Asia Property Services, Inc. 63. Mr. ALFREDO “Fred” C. RAMOS, Chair, The Philodrill Corporation 64. Mr. RODOLFO “Jun” B. STA. MARIA JR., Chair and CEO, Paxforce Corporation 65. Atty. SYLVETTE Y. TANKIANG, Senior Partner, Villaraza & Angangco (V&A) The Firm January 27 66. Atty. FABIAN “Fame” K. DELOS SANTOS JR., Partner and Head of Tax Services, SGV & Co. 67. Mr. ANGELITO “Lito” VILLANUEVA, EVP and Chief Innovation and Inclusion Officer, Rizal Commercial Banking Corporation (RCBC) January 28 68. Mr. VIRGILIO “Vio” O. CHUA, President, SB Capital Investment Corporation January 29 69. Amb. FRANCISCO “Toting” V. DEL ROSARIO 70. Mr. JOSE EMMANUEL “Joel” P. GUILLERMO, President and CEO, JPGlobal Ventures Corporation 71. Mr. CARLOS MA. “Caloy” G. MENDOZA, Country Head, JP Morgan Chase & Co. 72. Mr. HILARIO “Larry” C. MURILLO JR., President, Grandcatch, Inc. January 30 73. Atty. SERAFIN “Jun” U. SALVADOR JR., Managing Partner, Salvador Llanillo & Bernardo, Attorneys- at-Law 74. Ms. EVELYN R. SINGSON, Vice Chair and President, Dusit Thani Philippines, Inc.

75. Mr. JESUS “Jess” G. TIRONA January 31 76. Mr. EMMANUEL “Noel” D. BAUTISTA, Executive Director, Head of ASEAN, LF (Philippines), Inc. 77. Mr. MANUEL “Karim” GONZALEZ GARCIA, VP for Business Development, Metro Pacific Investments Corporation (MPIC)

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