Author(s) Yoshihara, Kunio
Citation 東南アジア研究 (1984), 22(3): 307-315
Issue Date 1984-12
URL http://hdl.handle.net/2433/56178
Right
Type Departmental Bulletin Paper
Textversion publisher
Kyoto University Southeast Asian Studies, Vol. 22, No.3, December 1984
A Note on Information Sources on Philippine Business History
Ku nio YOSHIHARA*
Studies on Philippine industrialization is necessary. usually focus on overall performance, structural change, and other statistically Company History. When I started my study comprehensive aggregates. If non-statistical in the early 1970s, the only substantial matters are dealt with, they are largely company history available was that of San confined to government policy. These Miguel Corp., which was published 111 aspects are undoubtedly important, but 1940 to celebrate its 50th anniversary (San hardly any studies deal with participants Miguel Brewery, Inc., Golden Jubilee, in industrialization (the only exception is 1890-1940, 1940).Il In the past 10 years John Carroll, The Filipino Manufacturing or so, several company histories have been Entrepreneur: Agent and Product of published. In 1973, Aboitiz & Co. pub Change, Ithaca, Cornell University Press, lished a company history (Aboitiz & Co., 1965). This is said to be due to the The Story of Aboitiz & Co., Inc., and the limited availability of company histories, Men behind It, Cebu, 1973), and it was biographies, and other micro data. But probably around this time that the history for the Philippines, such information is of Smith, Bell, & Co. appeared (Under more abundant than generally thought. I Four Flags: The Story of Smith, Bell, & describe below the sources of information Co. in the Philippines, n. d.). I could use for my research on major Then in 1975, Manila Cordage put out manufacturing companies in the early a company history (Ma. Theresa Colayco, 1970s. Since I was primarily concerned The Ropemakers: The Story of Manila with tracing their history, this note might Co rdage Co., 1975), and in the following be of interest to those who want to trace year so did Manila Electric Co. (Manila business history from more recent times, Electric Company: A Brief History, 1976). but might be of limited use to those In 1978, three more came out: Ma. Theresa who are concerned with companies which Colayco, Seeds and Suds: The History of existed at one time but have since disap Philippine Refining Company, 1978; Ed. C. peared. Especially for those who are con de Jesus, The Amon Story, 1978; and Ed. cerned with Japanese companies before the C. de Jesus, Benguet Consolidated, Inc. 1903-
Pacific War, an entirely new search method 1) If the name of a publisher is missing for a work cited, it was privately printed. If the * 5JJ.¥.:~t*=, The Center for Southeast Asian place of publication is omitted, 1t was pUb Studies, Kyoto University lished in Metro Manila.
307 1978, 1978. Two years later, two more scope, it is comparable with a major company histories were issued: Ed. C. de company history in any industrial country Jesus, Fit at Fifty: 1931-1981 Engineering and appears to be the most comprehensive Equipment Inc., 1981 and Emili Raventos, company history in Southeast Asia. It La Compania Gene ral de Tabacos de Fili seems that the Spaniards' love for history, pina, 1881-1981, Barcelona, 1981. Finally, especially the Philippines' Spanish heritage, in the near future, the Bank of the made this possible. Tabacalera not only Philippine Islands will publish a history kept records on its Philippine operation (the manuscript has been completed by but also collected materials on Philippine Ma. Theresa Colayco). history and, when the time came to Compared with the company history in celebrate its centennial, decided to make an industrial country (say Japan), most major efforts to record its footprints in of the Philippine company histories are the Philippines. short. They are about 100 pages long (some a little shorter and others a little Biography. Earl Carroll is an American longer), whereas it is not unusual for the businessman whose name is closely asso Japanese company history to be several ciated with Philippine-American Life In hundred pages long. One problem in surance. His biography came out a few publishing a more detailed history is the years ago (Ed. C. de Jesus and Carlos lack of relevant records. In particular, it Quirino, Earl Carroll: Colossus ofPhilippine is unusual for a Philippine company to Insurance, the Underwriters Publications have prewar records, since most were Co., 1980). destroyed during the Pacific War. Until The biography of Jose Yulo by Baldo recently, it was possible to make up for mero Olivera (Baldomero Olivera, Jose this by interviewing people who used to Yulo: the Selfless Statesman, The U. P. work for the company, but this is now Jorge B. Vargas Filipiniana Research difficult. Even when it was possible, the Center, 1981) deals mainly with his career executives were foreigners who had retired as a civil servant and politician, but because to their home countries and were difficult of his acquisition of Calamba Sugar Estate, to get in touch with. This problem could it is of some interest to those interested be partly overcome if there were sufficient in Philippine business history, particularly funds available for the history project, the part dealing with how he came to but most companies could not afford to acquire the sugar estate. allocate a large enough sum. This financial Guillermo Guevara may be better known constraint tended to favor a short history as an authority on criminal justice than as even if enough information for a longer a businessman, but in early postwar years, one was available. he and his sons were pioneers in Philip The only exception is the history of pine industrialization. His autobiography Tabacalera. In terms of both length and (Guillermo Guevara, Across Four Genera-
308 K. YOSHIHARA: A Note on Information Sources on Philippine Business History tions, United Publishing Co., 1973) traces Pacific Banking Corp. A few years after his life from the late 19th century up to his death a book came out containing his the early 1970 s. Compared with other biographical data (Tsai Wen-Hua Hsien biographies, which tend to emphasize the Sheng Chi-Nien Chi, Don Antonio Roxas political side of life, this gives a personal Chua Foundation, 1980). This is not a account of how he got involved in business biography in the usual sense, but it and the problems he faced in his manu gives a great deal of information on his facturing ventures. life, and because of this, is valuable to Oscar Lopez has published a Lopez family those interested in business history. In tree (Oscar Lopez, The Lopez Family, Vol. Southeast Asia, the Chinese dominate I, Eugenio Lopez Foundation, 1982). His business, but biographical information on is a big family, so relationships within it them is extremely scarce. This book on were difficult to determine. The central Antonio Roxas Chua, being about 500 business figure in the family in the 1950s pages long (though with many pictures), and 1960s was Eugenio Lopez. With this is a welcome addition to the present state book, it is now possible to say how he of knowledge on Chinese entrepreneurs in was related to other Lopez who owned the region. sugar centrals in Negros and to Lopez A biography of Claus Spreckels (Jacob daughters who married prominent Filipino Adler, Claus Spreckels: The Sugar King leaders in Manila. in Hawaii, Honololu, University Press of There is also an autobiography by Hawaii, 1966) deals with the period before Teofilo Reyes, Sr., in Tagalog (Teofilo the Spreckels got involved in the Philip Reyes, Taginting ng Kampana, 1<.• P. Garcia pines, but it is useful as background read Publishing Co., 1973). He began his career ing. Theo Davies is another American as a professor at Far Eastern University, company which came from Hawaii to the and later became a dean at the University Philippines. A family history of the Davies of Manila. Then he went into business. has been written by Edwin Hoyt, and is of Among the companies he established, the more direct relevance to those interested best known is Reyes Auto Supply (a in Philippine business history, but unfor manufacturer of "Triple A" batteries). He tunately, it has not come out yet. 2l then went into politics and left business to A few family histories have been written his wi fe and sons. So, he was not directly by a Filipino historian, Carlos Quirino, involved in the more substantial businesses commissioned by the families concerned. the family founded later (such as Overland These are The Cojuangco Family (1968), Department Store and Overland Hosiery The Ayala and the Zobel Families (1975), Mills), but his autobiography is still useful and Philippine Tycoon: The Life and Times as a background reading. 2) Correspondence with Marsha Kitagawa, Antonio Roxas Chua is known for sugar Communications Coordinator for Theo Davies trading and as the major architect of (August 6, 1982).
309 of Vicente Madrigal (1967). Unfortunately, Silverio group of companies (September none of these have been published. The 30, 1969), Prudential Bank (December 7, first two are difficult to get hold of, but 1969), the Marcelo group of companies the third is available in manuscript form (April 5, 1970), Pacific Banking Corp. at the American Historical Collection in (June 24, 1970), and China Banking Corp. Manila. (August 16, 1970).
Newspaper. There are a number of news Directory. A number of directories have papers published in the Philippines, some been published on people and companies of which began before the war, which in the Philippines. A book published in contain bits and pieces of information, and England entitled Seaports of the Far East sometimes in-depth news, on companies (London, Allister Macmillan, 1907) is not and entrepreneurs. The trouble with exactly a directory, but contains the newspapers as a source of information is, profiles of leading Philippine companies however, that it is very time-consuming in the early 1900s (for example, Alhambra to go through them. and Ayala). It is not clear exactly when More readily accessible are the supple directories began to be published in the ments of The Manila Chronicle. It seems Philippines, but the oldest one I have on that these were paid for by the people and my list is Rodrigo Lim, ed., Who's Who companies which were featured, to be used in the Philippines (Chinese edition) (Uni for public relations purposes, so their use versity of the Philippines Press, 1930). fulness for business historians is limited, Another directory published around this but they nevertheless offer information time is George Nellist, ed., Men of the which cannot be found elsewhere. The Philippines (Sugar News, 1931). Then, following business leaders were featured in the last 1930s, several directories were from 1966 to 1970: Andres Soriano (Sep published: The Commercial and Industrial tember 30, 1966), Gonzalo Puyat (May 31, Manual of the Philippines, 1940-41 (Pub 1967), Albino Sycip (December 17, 1967), lishers, Inc.), Cornejo's Commonwealth Manuel Elizalde (January 31, 1968), Directory of the Philippines (1939), S. H. Nicanor Jacinto (June 15, 1968), Antonio Gwenkoh, ed., Distinguished 100: The de las Alas (October 15, 1968), Gerald Book of Eminent Alumni of the University Wilkinson (November 29, 1968), Carlos of the Philippines (APO Book Co., 1939), Palanca, Sr. (December 31, 1968), Jose Pioneers of Philippine Businessmen: 1935 Yulo (March 31, 1969), Francisco Ortigas, (Rojadi Publishing Co., 1934), Eliseo Sr. (October 24, 1969), Jesus Cabarras Quirino, ed., NEPA Handbook (National (March 10, 1970), Carlos Palanca, Jr. Economic Protectionism Association, 1938), (September 6, 1970), and Earl Carroll and Franz Wissblatt, ed., Who's Who in the (September 27, 1970). The companies Philippines (Ramon Races, Inc., 1937). which were featured are as follows: the The first postwar directory seems to be
310 K. YOSHIHARA: A Note on Information Sources on Philippine Business History
Demetrio Flaviano, ed., Business Leaders to get information on them from directories and Executives: Inspiring Biographies of published there, but if they did not, this Men and Women who Became Successful (Fal is not possible. In such cases, it is worth Service and Trading Co., 1950). Several trying directories and biographical dic years later, another directory was published tionaries published in the United States. (Tableau: Encyclopedia of Distinguished In my study, I could not find anything in Personalities in the Philippines, National directories published in the Philippines Souvenir Publications, 1957). In the early on Alfred Ehrman, who organized Calamba 1960s, one more was published (Olimpio Sugar Estate, but he was covered in Na Villasin, Tops in Philippine Business, Su tional Encyclopedia of American Biography perprom, 1962). Then in the late 1960s, (New York, James T. White, 1945). Reader's Digest published a small directory of Filipino businessmen. In the past few Company Publication. All companies listed years, a few more have appeared: Corporate with the stock exchanges of Makati and Profile (Business Day, 1981), The Out Manila issue annual reports. Individually, standing Leaders of the Philippines, 1980 they are of not much use, but if they are (Asia Research Systems, Inc. and Press available over a long period, they become Foundation of Asia), and D. H. Soriano a valuable source of information. For and Isidro Retizos, ed., The Philippines some companies which have been listed Who's Who (2nd ed.) (Who's Who Publish since prewar years, though annual reports ers, 1981). E. Arsenio Manuel's Dictionary may not go that far back, they are available of Philippine Biography (Filipiniana for at least the past three decades. Even Publications, 1955 [Vol. 1J and 1970 [Vol. in the case of a company which has not 2J) deals mostly with political leaders, issued annual reports for long, it may be educators, and men of letters, but contains useful to go through them since they a few business leaders (such as Margarita sometimes give a good historical profile. Roxas de Ayala). For example, the 1980 report of A. Soriano For companies and entrepreneurs out Corporation gives a good profile of Andres side Manila, it might be helpful to look at Soriano, Sr. provincial directories, of which there are Many large corporations have pamphlets at least two: Pampanga Directory (1933) describing their historical evolution. They and Macapio Landicho, The Mindoro are usually brief, but give more accurate Yearbook, 1901-1951 (1952). These contain information than available in other sources information on sugar haciendas and cen (such as magazines). The only way to trals. find out which companies have such write There are a number of American ups is to contact them individually. businessmen whose names often appear Some large companies issue newspapers in historical papers. If they stayed in the to their employees. As in the case of Philippines for a long time, it is possible annual reports, if they are available over
311 a long period of time, they can become There are two prewar journals one an important source of information. In should not overlook, Philippine Journal of prewar years when company newspapers Commerce and Commerce and Industrial were not so common as now, the American Journal, which often published articles on trading company, Pacific Commercial, Filipino businesses and entrepreneurs. In periodically issued newspapers. Some are its September 1933 issue, Philippine kept in the American Historical Collection Journal of Commerce published an article in Manila. on prominent Filipino business leaders (Leopolido Aguinaldo, Luis Yangco, Magazine. There are several magazines Teodoro Yangco, Ramon Fernandez, and worth going through. The three major Toribio Teodoro). ones are Industrial Philippines, American Until the early 1970s, when martial Chamber of Commerce Journal, and Sugar law was declared, newspaper companies News. The first, which was started by published periodicals (mostly weekly) and the Philippine Chamber of Industry, gives annual supplements. These sometimes profiles of people and companies which published articles on companies and people were active in postwar industrialization. in business, so it is desirable to go The other two started publication in the through as many as possible, but since it early 1920s, and have a history of about is time consuming to do so, one has to 60 years. They also have articles on be selective. For my research, Chronicle businessmen and individual companies. Magazine and Progress were particularly Sugar News is concerned primarily with useful. the sugar industry but, to some extent, Foreign magazines have sometimes it covers people who are linked to the published articles on Philippine companies industry through buying and selling. In and entrepreneurs. One such article is some old issues, one can get a good John Osborne, "The Business Passions of glimpse of people who were normally Andres Soriano," Fortune Magazine, March publicity-shy. In the June 1940 issue, for 1956. There may be other articles worth example, there is a good profile of Ysidra reading, but Osborne's is the only one Cojuangco, the major architect of the which is often referred to. For bits and Cojuangco empire. pieces of information on the prewar period, American Chamber of Commerce Journal it is worthwhile to look at foreign maga is an important source for those interested zines, especially those published in other in American businesses in the Philippines. Asian countries (for example, Hong Kong). Sometimes, however, it also covers Filipino people and companies. In the August 1938 Securities and Exchange Commission (SEC) . issue there is a good write-up on Gonzalo A company is required to file with the Puyat, and in the February 1965 issue, SEC an annual financial statement, minutes a good profile of Joaquin Miguel Elizalde. of the stockholders' meeting, minutes of
312 K. YOSHIHARA: A Note on Information Sources on Philippine Business History the board meeting, and a general informa Private Sources. It is impossible to know tion sheet which gives a breakdown of about all unpublished works on family outstanding shares by nationality and and corporate history. Apparently, some the names of the top 20 stockholders (by wealthy families and large companies have nationality) . If all companies met these commissioned historians and journalists to requirements, the SEC would be an write their histories, but they were often invaluable source of information, but for internal consumption and not for unfortunately many companies ignored publication. Those unpublished works them, without, until 1978, being liable to which I was able to read are listed above, any penalty. Yet, since all records at but there seem to be many others. I the SEC are open to public inspection, it know, for example, that Binalbagan-Isabela would be useful to see what is available Sugar commissioned a company history,3) on a company one is interested in. and that the Garcias of Chemical Industries The SEC does not have prewar records of the Philippines commissioned a family since all of them were destroyed during history.4) I was not, however, allowed to the Pacific War. However, for companies see them. which were set up before the war, there Banks usually keep files on their bor are some prewar documents, such as the rowers. They may only have recent records, articles of incorporation. These were recon having destroyed old ones. In such cases, stituted in the early postwar years, based what they have is not of much use. But on the testimony of a person who knew the large government banks (PNB and DBP) company's prewar operation well. A copy seem to be better at keeping records. of the testimony is sometimes kept in Prewar records were unlikely to be the company file, and from that, it may be available, for it is most likely that they possible to learn about its prewar activities. were destroyed during the war. DBP's Ownership data are often better than records start from right after the war. any others. This is probably because Unfortunately, however, it has begun to companies that applied for loans at a destroy the records of early postwar years government financial institution, foreign because of a storage problem. Corporate exchange, tax exemption, etc., needed a and personal records are also kept by certificate of nationality from the SEC. credit reference companies. One of these While examining Chinese companies, one was set up before the war, and though it sometimes encounters a certificate of does not have prewar records, its records naturalization, which was filed at the SEC start from early postwar years. The trouble to ask for a change of nationality or to with these records (those at banks in prove Philippine citizenship. From this certificate we can discover the date of 3) Conversation with Carlos Quirino (March 10, 1982). naturalization and family background for 4) Interview with Antonio Garcia (March 23, some Chinese. 1982).
313 particular) is that they are confidential (Samuel Seidman, Enterprise and Entre and have been rarely used for academic preneurship in the Philippine Republic 1949 research. 59, Ph. D. Thesis, New York University, 1963) . This contains a great deal of Thesis. Some graduation theses are another information on Filipino entrepreneurs useful source of information. If one is a (such as Salvador Araneta, Tuasons, and perfectionist, all universities have to be Ramon del Rosario) who played an active covered, but this is difficult because there role in the 1950s. He also discusses the are so many of them in the Philippines. Chinese entrepreneur James Huang and To cover the major universities in Metro the American businessman Harry Stonehill. Manila would be adequate for most There are several Ph. D. dissertations practical purposes. Some of these have a on the Chinese in the Philippines. These Filipiniana section in the library where are useful in understanding how the theses on the Philippines are kept. Chinese community operates, but they Some theses, especially those by under rarely deal with Chinese companies and graduates, are not up to the standard, businessmen. One, however, gives in the but they cannot be completely ignored appendix short profiles of Chinese business because those writing on business leaders leaders (for example, David Sycip and Yao or companies have personal contacts and Shiong Shio) (James Blaker, The Chinese can get information which is not available in the Philippines: A Study of Power and to outsiders. Marietta Jayme's thesis on Change, Ph. D. Thesis, Ohio State Uni Andres Soriano, Sr., for example, are versity, 1970). useful for those interested in him or his companies (Marietta Jayme, "Andres Book and Other Secondary Sources. Some Soriano, Sr.," MBM Thesis, De La Salle books, reports, and scholarly articles con University, 1972). Some theses are on tain information on Philippine companies Chinese entrepreneurs and companies. For and the people behind them. Parker Lewis' example, Mariano Marante's thesis gives article on the Philippine National Bank an inside look at a Chinese family engaged deals with its formative period (Parker in cigarette production (Mariano Marante, Lewis, "The Philippine National Bank," "Corporate Strategy for Associated Anglo Journal of Political Economy, May ] 917). American Tobacco Corporation," MM Mamoru Tsuda's article (in Japanese) Thesis, Asian Institute of Management, focuses on Ricardo Silverio (Mamoru 1979). Since Chinese entrepreneurs and Tsuda, "Firipin ni okeru Kindaiteki companies are little known, even bits and Kogyo no Hatten to Shinko Zaibatsu no pieces of information are helpful. Keisei," in Teiichi Ito, ed., Tonan Ajia ni A Ph. D. dissertation submitted to an oke ru Kogyo Keieisha no Seisei, Tokyo, American university essentially pioneered Institute of Developing Economies, 1980). the study of Philippine entrepreneurship Renato Emata's report on coconut pro-
314 K. YOSHIHARA: A Note on Information Sources on Philippine Business History cessing gives the historical evolution of Carmelo and Bauermann, 1975; Lewis major companies in the industry (Renato Gleeck, The Manila Americans (1901-1964), Emata, Coconut Processing, Vol. II, United Carmelo and Bauermann. 1977; Abraham Coconut Association of the Philippines, Hartendorp, History of Industry and Trade April 1971). A report prepared for the of the Philippines, American Chamber of Japan External Trade Organization Commerce of the Philippines, 1958; and (JETRO) entitled The Zaibatsu in the Abraham Hartendorp, History of Industry Philippines (August 1977) discusses major and Trade of the Philippines: The Mag business families. It has a number of saysay Administration, Philippine Educa errors and is, in general, shallow III tion Co., 1961. coverage, but if one can get access to it, There are a number of academic journals, it would be worth going through it at but they are rarely concerned with business least once. history or deal with materials related to Carlos Quirino's study on the sugar it. The only exception is Bulletin of the industry (Carlos Quirino, History of the American Historical Collection. Philippine Sugar Industry, Kalayaan Above, I have summarized the sources Publishing Co., 1974) has bits and pieces of information which can be useful for of information on sugar planters and research on business history. Necessary centrals, and Donna Roney' book on information is scattered, and it is almost successful Filipinos, which was written for impossible to deal with all the sources. the general public, contains information What I have attempted here is to share on some Filipino business leaders which the information I discovered in the course cannot be found elsewhere. of my research, for which I had no guide,
On American companies and businessmen with those who have similar interests, III
in the Philippines, the following sources the hope that it will be useful to them III are useful: Lewis Gleeck, American Busi some way. ness and Philippine Economic Development,
315