New Hope, New Resolve, New Normal!

Volume 7 Issue No. 01 map.org.ph January 5, 2020

“MAPping the Future” Column in the INQUIRER

NEW HOPE, NEW RESOLVE, NEW NORMAL!

January 4, 2021

Mr. ANTONIO “Tony” T. HERENANDEZ

Year 2021 unfolds as the ‘unspoiled page in our book of time’ now at our disposal. It comes as our next chance to objectify past lessons learned, and hopefully avoid lapses/errors as we write out “Chapter-2021” of our journey called life!

The first month of the year --- January --- is aptly named after the Roman god Janus, the god of beginnings and doorways; of entrances and exits. Janus bears a double-faced head so he can look back to the past while at the same time look ahead to the future. It implies the ability to readily reflect on last year’s learning. At the same time, look forward with circumspection to address the year ahead.

New Resolve

During this month, the so-called “new year’s resolution” comes to mind. When taken seriously, it could gain traction in engaging the WILL to: (1) chart a fresh lease of life; (2) break away from habits that blot yesterday’s copybook; and (3) imbibe positive qualities --- virtuous not vicious --- to influence human nature’s natural driving forces [like ambition, impatience, self-concept, even selfishness... neutral forces essentially, writes international best-selling author Brian Tracy] and channel them to actions that edify not degrade, build not destroy, help not harm, and be a blessing to others!

In the good-old-days, “new year’s resolution” was often the subject of school compositions. Supposedly a healthy exercise to chart and attain --- with more determination each time --- “all those we aspired for but didn’t do; those we sought but didn’t find; those we wished but didn’t will; those we promised but didn’t fulfill, all the faith we claimed but did not have!” Yes, all those dreams which, as an old refrain goes: “… have been brought to your doorsteps, they just lay there, and they die there,” perhaps waiting to be revived by the magic of a mission-driven purpose! 1

But in today’s permissive society, do new year’s resolutions still matter? Or have they just become no-great-shakes fancies? For seemingly, today’s easy-going-spirit tends to drift along with the flow... thrilled by fluky short-cuts; excited by the flitting charm of “throw-away” technology; falling easily for anything popular, pleasurable and/or expedient!

The Pandemic

However, CY2021 is absolutely different! With the dreadful backdrop of Y2020’s life-threatening drama, it isn’t anymore for the mindless carefree souls. A virulent agent codename ‘COVID-19’ [slipping out from the wilds-of-nature disturbed by human indiscretion... hopefully not from the much-talk-about bold-stroke-of-science in the laboratories of evil geniuses] took Y2020 by storm --- full-tilt to out- do the plague-spot of the 1918-1920 Spanish-flu pestilence!

Bequeathed with Y2020’s broken lives and, calamities messing-up society’s ‘walk- of-life’, CY2021 packs a pestiferous threat that demands purposeful planning and strong self-discipline to follow health protocols, preserve order, and protect our vulnerabilities.

The only redeeming factor, if at all, is the lesson ‘COVID-19’ has etched onto the human psyche --- a game-changing blow awakening us to the realization: (1) how fragile life is.... a mere leasehold under severely-limited-terms not of our choice; (2) how important are the first-responders/front-liners [medical professionals, peace officers, handymen, etc.] in our lives; (3) how consumerism’s materialistic-values confused our wants and needs... lowering our regard of holistic ecology; (4) how chaotic and polluted a community of undisciplined citizens can be; and (5) how meaningless is wealth and fame in the end-time!

‘New Normal’

There is no better time than today to reckon what went wrong with humanity -- - with ourselves individually --- to merit, if not inherit this global tragedy... now exacting from one-and-all a stricter self-discipline and firmer resolve to champion the “new normal” and overcome the hovering insecurities and/or breakers ahead. Certainly, while breaking away from one’s “lovable idiosyncrasies” can be heartrending, adapting to well-advised conventions in the art of “better-be-sure- than-sorry” living may nonetheless be heart-warming!

But how do we begin? How else, but review/reassess, perhaps in quick broad-brush- stroke, how we acted in our respective spheres of interrelated human concerns, viz: (1) on environmental governance/disaster preparedness?... were we up to expectations or rather passive and neglectful? (2) on medicinal/business policies?... fair and considerate or exploitive and profiteering? (3) on leadership quality?... inspiring and responsible or arbitrary and corrupt? (4) on individual/personal disposition?... honest and compassionate or scheming and indifferent? In short, were we contributors to the crisis, that we must now reformat our lives’ hard-drives amidst a “new-operating-normal” struggling under a digital-bound economy?

Adjusting to the new normal, at least on the individual/personal sphere [building blocks collectively, of a community’s culture], means recognizing and having a goal to pursue; setting the norms and alarms; writing it down [as a resolve/plan that also fulfills a psychological need]; and getting started right off. In a nut shell, it may involve: (1) breaking-up the whole thing to manageable milestones or small victories; (2) checking progress frequently and, constantly asking oneself what could be done differently; (3) taking courage to ask help, or possibly do the task together; (4) finding new ways to do them that make the chore light and easy. “Psychologists have found that it is not the completion of a goal that matters, but the progress you make towards it”. (“The Happiness Equation” book).

Self-discipline

Discipline or “D-factor” is key to succeeding in all these. Sans D-factor one can hardly be in control... not even of one’s impulses, emotions and appetites, much less of one’s adherence to a “new-operating-normal.”

Take the case of the health protocol to curb the spread of ‘COVID-19’: “Wash hands, Wear mask, Observe social distancing” --- practices recommended to prevent spread of coronavirus and protect each others’ lives. But people simply didn’t have the mastery-of-self to follow health protocols notwithstanding the frightening death toll. You’ll have to call-in law-enforcers... risking possible frictions and counterblasts! And all because, in the pretext of freedom and human dignity, the self-discipline for the mind or curb for the passions are expediently sidelined.... unwittingly ushering in chaos, and soon, cunning and oppression of the weak hold sway in unwanted “free-for-all.”

“D-factor” internalized, is self-control --- a self imposition that translates to ‘Self- discipline’ over time, rendering external compulsion superfluous. [“Self-discipline functions like a muscle --- the more you exercise it the stronger it gets. You need to take small steps at the start and build up from there.”] As studies have demonstrated, “people with high self-control are less likely to turn into drugs, alcohol and crime and are more likely to manage their money/life well and get along better with others”. (‘The Happiness Equation’ book). Self-discipline is the hallmark of orderly, progressive societies!

Lamentable Narrative?

Somehow, this pandemic and the recent natural calamities served us a purpose, cruel they may be! A grim reminder of the consequences when humanity loses discipline and circumvents the Natural Law; when “political correctness” mutes moral principles; when self-interest blots out civic duties. Example is the undisciplined exploitation of natural resources to make money, creating settlements and cities... only to be devastated by floodwaters of a vengeful Nature!

Author Robert Green Ingersoll states: “In nature, there are neither rewards nor punishments. There are only consequences!” Obviously, those shocking tragedies are consequences of standing against the hard-wired-standards of co-existence that underpins human nature.

Shouldn’t therefore a: (1) strong self-discipline, (2) respect of holistic ecology, (3) obedience and faith in the great LAWGIVER who said “Behold I Make All Things New” [Rev.21:5], be among our compelling resolves in this “new operating normal”?

It would be a lamentable narrative of the actions and passions of our time if, in the end, we will no longer find the sense “...to celebrate the arrival of the new year but rather our survival of the old year!”

(This article reflects the personal opinion of the author and does not reflect the official stand of the Management Association of the Philippines or the MAP. The author is management and development finance consultant; former senior executive of Land Bank of the Philippines; past president and advisory council member of the Government Association of CPAs; and past director of PICPA. Feedback at and . For previous articles, please visit )

“MAP Insights” Column in BUSINESSWORLD

"New Tax Relief for Small Businesses"

January 5, 2021

Mr. RAYMOND “Mon” A. ABREA

On May 2, 2020, I published an open letter to all legislators and sent a copy to both Senate and House of Representatives. Basically, the message is urging our legislators to end injustice by legislating tax policy reforms to help all businesses adjust to the new normal.

It underscored the fact that 99.52% of businesses in the country are micro, small and medium enterprises (MSMEs) which employ 63.19% of total workforce. While we laud the government’s efforts to help MSMEs, here’s the list of proposed tax relief measures which can help address cash flow or liquidity issues of a lot of small businesses while encouraging the large taxpayers pay taxes with lower rate:

1. Implement a general tax amnesty to broaden tax base and collect without the need for an audit; 2. Lower corporate income tax from 30% to 20%; 3. Implement a tax holiday from business taxes which will eventually transition to a flat tax for self-employed and professionals (SEPs);

4. Provide wage or payroll subsidy which will benefit both employers and employees especially those who incurred significant losses and debts due to the pandemic; 5. No audit program (proposed to the Bureau of Internal Revenue).

GENERAL TAX AMNESTY

Still pending in Congress is the general tax amnesty which was initially vetoed by the President due to the absence of the provision lifting bank secrecy law on tax fraud cases. The same provision remains its major hurdle as legislators may not be keen in lifting the bank secrecy as it may backfire on them when they get audited in the future. Although the tax amnesty on delinquency has been extended until June 20, 2021, a general tax amnesty will help collect more taxes from taxpayers without the audit and investigation.

INCOME TAX CUT

After reading the 170-page Senate Bill No. 1357 or Corporate Recovery and Tax Incentives for Enterprise Act (CREATE), it felt like our legislators listened and considered our proposals seriously with the lowering of corporate income tax from 30% to 25% effective July 1, 2020 and just 20% for those with P5 million net taxable income (with total assets less than P100 million excluding land). This is indeed a welcome development and a good Christmas gift to all our small businesses.

However, I hope with the approval of the CREATE bill, the oversight committee of both Houses will revisit TRAIN law to align the tax relief extended to individuals owing to the fact that small businesses are mostly self-employed or sole proprietors registered with the Department of Trade and Industry (DTI) and BIR as individual taxpayers. The BMBE law may also need to be reviewed to address possible tax leaks by using annual gross revenues or net taxable income as basis instead of total assets to rationalize income tax exemption.

TAX HOLIDAY

Self-employed and professionals may not be getting any tax holidays but proprietary educational institutions and hospitals which are non-profit will get the biggest tax break from 10% to 1% income tax beginning July 1, 2020 until June 30, 2023, provided their gross income from unrelated trade, business or other activity does not exceed fifty percent (50%) of their total gross income.

PAYROLL SUBSIDY

Whether you earned small profit or incurred losses this year, the 13th month pay is a mandatory benefit of all employees due on or before December 24. Definitely, it should not be deferred despite the financial position of the company as most employees rely on it to celebrate Christmas with their families. The question is where will the fund come from if employers don’t have the available cash to release the 13th month pay? That’s why a payroll subsidy is needed either in a form of tax-free loan or partial subsidy to help small businesses release it without delay.

NO AUDIT PROGRAM

The Bureau of Internal Revenue has issued Revenue Regulation 21-2020 on the implementation of Voluntary Assessment and Payment Program (VAPP) for the taxable year 2018. This is very much similar to our proposed “No Audit Program” as the VAPP allows taxpayers to voluntarily pay their unpaid taxes so they will no longer be subject to BIR audit for taxably year 2018. Deadline to avail this been extended until June 30, 2021. Clarifications were also made in RMC 111-2020.

But the greatest tax relief was initiated by the Bureau of Internal Revenue. It is the ongoing digital transformation of the tax administration which resulted to 86% tax payments made through online platforms i.e., P1.241 trillion of P1.45 trillion between January and September, tax returns filed online hit 16.45 million or 94% of the total in the nine months. Some of the projects or programs introduced or completed during the quarantine period:

1. Internal Revenue Integrated System in April; 2. Electronic Audited Financial System in June; 3. E-appointment facility in October; 4. Online Application for Tax Clearance for Bidding Purposes in November;

And on December 21, 2020, an online program called BIR IN ACTION Live was launched to highlight the programs, accomplishments, new policies and regulations of the BIR, and to answer tax questions from netizens or taxpayers who will watch it via the Facebook Page of the Bureau of Internal Revenue Philippines every Monday at 3PM. The show was simulcast live on FYE Channel via Kumu and TaxWhizPH YouTube Channel.

You may also download TaxWhizPH mobile app for free to ask tax questions and use tax calculator to help you pay your taxes correctly and on time. Visit www.taxwhiz.ph for more information and www.acg.ph for tax assistance so you can stay out of trouble with the BIR.

(This article reflects the personal opinion of the author and does not reflect the official stand of the Management Association of the Philippines or the MAP.) ------The author is a member of the MAP Ease of Doing Business Committee, Co-Chair of Paying Taxes – EODB Task Force, Chair and Senior Tax Advisor of the Asian Consulting Group (ACG), founder of TaxWhizPH mobile app and the Center for Strategic Reforms of the Philippines (CSR Philippines) – the advocacy partner of the Bureau of Internal Revenue (BIR), Department of Trade and Industry (DTI), and Anti- Red Tape Authority (ARTA) on ease of doing business. [email protected] [email protected] http://map.org.ph

A Message of Thanks from MAP President FRANCIS LIM

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.

December 30, 2020 MAP Statement on what the government has done for business in 2020 and what it hopes can be done in 2021

December 30, 2020

“The enactment of Bayanihan 1 and 2, coupled with the controlled opening of the economy and the liquidity pumped in by the BSP to our economy, helped the business sector avoid a deeper downturn amidst the pandemic.

We hope to see the early enactment of the other stimulus bills, such as the CREATE and Bayanihan 3 bills, to further stimulate the economy.

The government should not leave any stone unturned to immediately acquire the vaccines and inoculate as many people as possible as this is essential to regain public confidence and hasten our economic recovery.”

FRANCIS LIM President Management Association of the Philippines (MAP)

MAP-commissioned UA&P Study on “THE COVID-19 OUTBREAK AND ITS IMPACT ON

BUSINESS ESTABLISHMENTS: A Study on Business Challenges and Strategic Approaches”

Update on the MAP Fund Drive for Disaster Victims and the Poor

FORTHCOMING EVENTS

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

1. “Gigi Montinola is MAP President for 2021” by Bernie Cahiles-Magkilat MANILA BULLETIN January 4, 2021

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 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.

2. “Montinola elected 2021 MAP President FEU CHAIR SUCCEEDS FRANCIS LIM” by Doris Dumlao-Abadilla PHILIPPINE DAILY INQUIRER January 5, 2021

Retired banker Aurelio Montinola III has been elected the new president of influential professional organization Management Association of the Philippines (MAP) for 2021.

Montinola, chair of Far Eastern University (FEU), is the 72nd president of MAP since its inception in 1950. He succeeds veteran lawyer and former Philippine Stock Exchange president Francis Lim.

Montinola chairs Amon Trading, East Asia Computer Center, Far Eastern College Silang, Nicanor Reyes Educational Foundation, FEU High School, FEU Alabang and Roosevelt College.

He also chairs the Ramon Magsaysay Award Foundation, WWF Philippines National Advisory Council and National Golf Association of the Philippines. He is also vice chair of the Philippine Business for Education.

He is currently a director of the Bank of the Philippine Islands (BPI) and independent director of Roxas and Company Inc., both publicly listed corporations. He is also a director of the BPI/MS Insurance Corp.

Montinola previously served as president of BPI and the Bankers Association of the Philippines.

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

He graduated with a Bachelor of Science in Management Engineering at the Ateneo de Manila University in 1973 and received his masters of business administration at Harvard Business School in 1977.

Emmanuel Bonoan, vice chair and chief operating officer of KPMG R.G. Manabat & Co., is vice president of MAP for this year.

Maria Victoria Españo, chair and CEO of P&A Grant Thornton, is treasurer, while CEO Advisors managing director Marianne Hontiveros is secretary. Romeo Bernardo, managing director of Lazaro Bernardo Tiu & Associates, is assistant treasurer.

The other MAP governors are: Danilo Concepcion (president of the University of the Philippines); Alfredo Pascual (lead independent director of SM Investments Corp.); Rogelio Singson (former Public Works and Highways secretary and president and CEO of Meralco Powergen Corp.); and, Wilson Tan (chair and country managing partner of SGV & Co.). — Doris Dumlao-Abadilla INQ

3. “Gigi Montinola is Management Association of the Philippines president for 2021” by Ralf Rivas RAPPLER January 4, 2021

MANILA, Philippines

Current FEU chairman Aurelio 'Gigi' Montinola III is the Management Association of the Philippines' 72nd president, taking over from Francis Lim

The Management Association of the Philippines (MAP) appointed Aurelio "Gigi" Montinola III as its president for 2021. 17

He is MAP's 72nd president and takes over the position previously held by Francis Lim, senior partner of Angara Abello Concepcion Regala and Cruz Law Offices (ACCRALAW) and former president of the Philippine Stock Exchange and the Securities Clearing Corporation of the Philippines.

Montinola is currently the chairman of Far Eastern University. He is also a former president of Ayala-led Bank of the Philippine Islands and the Bankers Association of the Philippines.

He has a degree in Management Engineering from the Ateneo de Manila University and received his masters in business administration from Harvard Business School.

MAP is a management organization with over 1,000 members, including chief executive officers and other management practitioners from the largest local and multinational companies operating in the Philippines. (WATCH: The 18th MAP International CEO Web Conference)

The other MAP officers for 2021 are:

• Vice president - Emmanuel Bonoan, vice chair and chief operating officer of KPMG RG Manabat & Co • Treasurer - Maria Victoria Españo, chair and CEO of P&A Grant Thornton • Assistant treasurer - Romeo Bernardo, managing director of Lazaro Bernardo Tiu & Associates • Secretary - Marianne Hontiveros, managing director of CEO Advisors

The other MAP governors are:

• Danilo Concepcion, president of the University of the Philippines • Alfredo Pascual, lead independent director of SM Investments Corporation • Rogelio Singson, president and CEO of Meralco PowerGen Corporation • Wilson Tan, chair and country managing partner of SGV & Co

– Rappler.com

4. ‘Gigi’ Montinola is MAP President for 2021 THE MANILA TIMES January 5, 2021

Aurelio “Gigi” Montinola 3rd, chairman of Far Eastern University (FEU), is the president of the Management Association of the Philippines (MAP) for 2021, the group announced on Monday.

In a statement, MAP said Montinola is the 72nd President since its inception in 1950. He is presently chairman of Amon Trading, East Asia Computer Center, Far Eastern College Silang, Nicanor Reyes Educational Foundation, FEU High School, FEU Alabang and Roosevelt College.

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

Montinola is currently a director of the Bank of the Philippine Islands (BPI) and independent director of Roxas and Company Inc. and is also a director of the BPI/MS Insurance Corp.

He served previously as president of BPI and the Bankers Association of the Philippines. 18

Montinola 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 lawyer Emmanuel Bonoan, vice chairman and chief operating officer (COO) of KPMG R.G. Manabat & Co., as vice president; Maria Victoria Espano, chairperson and chief executive officer (CEO) of P&A Grant Thornton, as treasurer; Romeo Bernardo, managing director of Lazaro Bernardo Tiu & Associates, as assistant treasurer; and Marianne Hontoveros, managing director of CEO Advisors, Inc., as secretary.

The other MAP governors are lawyer Danilo Concepcion, president of University of the Philippines; Alfredo Pascual, lead independent director of SM Investments Corp.; Rogelio Singson, president and CEO of Meralco Powergen Corp.; and Wilson Tan, chairman and country managing partner of SGV & Co.

5. MAP names 2021 officers by Raffy Ayeng DAILY TRIBUNE January 5, 2021

The Management Association of the Philippines, among the country’s influential business organizations, announced its new set of officers for 2021 who were elected in its Joint Meeting of the 2020 and the 2021 MAP Boards of Governors via a virtual meeting on Monday.

Elected as the new MAP president for this year is Far Eastern University Group of Companies chair Aurelio “Gigi” Montinola.

In a statement, MAP announced that Montinola is the 72nd president of the business group since it was established in 1950.

Montinola is also the chair of award-giving body Ramon Magsaysay Award Foundation, the World Wide Fund for Nature Philippines National Advisory Council, and the National Golf Association of the Philippines, as well as vice chair of the Philippine Business for Education.

He is likewise a current director of the Bank of the Philippine Islands and independent director of Roxas and Company Inc., both listed corporations, and a director of the BPI/MS Insurance Corporation.

He also served as president of BPI and the Bankers Association of the Philippines.

Among the citations garnered by Montinola include the 2005 and 2010 Asian Banker Leadership Award for the Philippines and the 2012 “MAP Management Man of the Year.”

MAP likewise announced the members of the new set of officers for 22021, which include: vice chair and COO of KPMG R.G. Manabat & Co. Atty. Emmanuel “Noel” P. Bonoan as vice president; Maria Victoria. Espano, chair and CEO of P&A Grant Thornton, as treasurer; Romeo Bernardo, managing director of Lazaro Bernardo Tiu & Associates, as assistant treasurer; and Marianne B. Hontiveros, the managing director of CEO Advisors Inc., as secretary.

While the new MAP governors are Atty. Danilo L. Concepcion, president of the University of the Philippines; Alfredo Pascual, lead independent director of SM Investments Corporation; 19

Secretary Rogelio “Babes” Singson, president and CEO of Meralco Powergen Corporation; and Wilson P. Tan, chair and country managing partner of SGV & Co.

Articles/Papers from MAP Members

1. “A word on 2020, a wish for 2021” from MAP President 2019 RIZALINA G. MANTARING’s “Business Matters” Column in the PHILIPPINE DAILY INQUIRER on January 2, 2021

I have run out of words to describe 2020 — sweeping the globe is a pandemic which actuaries consider a one-in-forty-year event, but is actually the fourth in the last 16 years. People found themselves locked in their homes overnight, at first for a few weeks, then a few months with no end in sight. Our once booming economy is in deep recession, with year-end contraction projected to be up to 9.5 percent and recovery forecast to be the slowest among peers. A World Bank survey of businesses at the start of Q3, with 74,000 respondents, showed that 15 percent had permanently closed down, 40 percent had temporarily suspended operations, and close to half had laid off workers. The latest SWS surveys showed that 48 percent of families now consider themselves poor from the record low 38 percent in March 2019, and hunger is at a record 21.1 percent for the year.

Yet despite the gloomy numbers, we found rays of light over the past year. One of them is the private sector, which has come through with flying colors with the massive efforts undertaken to help with pandemic response. Field hospitals, COVID-19 wings, quarantine facilities and test laboratories were built and equipped overnight, millions of PPEs were sourced and donated, housing was provided for health care workers by schools and other institutions, and at least one university even opened its doors to the homeless who had nowhere to go. Landlords deferred or outright waived lease payments, financial institutions waived interest, and utilities and credit card companies deferred payments. Many companies continued to pay or give subsidies to employees and even casual workers while nonoperational.

While companies in other countries did the same, the cost of such was usually borne by their governments through subsidies and payments. Here, these costs were borne by the private sector.

We also saw companies retooling their production lines to manufacture what was needed—an electronics firm producing ventilators, a distillery producing alcohol for sanitizing, clothing manufacturers shifting to producing PPEs.

And corporate social responsibility programs were stepped up as companies provided food, clothing and shelter to communities devastated by the pandemic and natural calamities.

As a UNDP rep said at an MBC webinar, he had never seen the private sector involved to the extent he has here in the Philippines. Of course, the government also did its part in building facilities and providing aid, but the fact that the private sector can move much more quickly was invaluable, particularly in the early months of the pandemic.

Another ray of light has been the surprising resilience of the twin engines of the economy: the BPO sector and OFW remittances. BPO revenues are expected to hold despite being hampered by employees working from home, while OFW remittances have declined only slightly.

While the pandemic has brought a lot of pain, it has also accelerated the shift to digitalization, with online commerce growing sharply and new businesses and business models springing up.

One in three Filipinos used an online service for the first time during this pandemic, and 94 percent say they intend to continue using it even after the pandemic. Businesses have found ways to do online what they thought required physical presence, such as turning over a condominium unit to buyers, medical consultations, selling life insurance, etc. From crises spring innovations, and thankfully we saw that here.

As we close the book on 2020, what do we have to look forward to in 2021? Will the economy fare any better?

From such a low base, growth is expected to rebound with projections of 5-6 percent growth from most analysts. However, there are downside risks.

Domestic consumption comprises 70 percent of GDP, and business and consumer confidence remain low. Witness the empty restaurants and tourist spots, and the continuing hesitation of people to go out and spend. Businesses continue to hold back on investments, and government spending has been lackluster. It is difficult to see these trends reverse in the next two quarters. Added to this is the risk to OFW remittances as countries lock down repeatedly.

We all agree it is important to reopen the economy, but people need to believe it is safe for them personally. So my new year’s wish for all—have a vaccinated new year!

* * *

Rizalina “Riza” G. Mantaring is a trustee of the Makati Business Club and former country head of Sun Life Financial Philippines.

Business Matters is a project of the Makati Business Club ([email protected]).

2. “World Bank: PH economy to start bouncing back by 2021” by Rex Remitio CNN Philippines December 9, 2020

Metro Manila (CNN Philippines, December 9) — The economy is seen to grow again in 2021 after experiencing a deep recession this year, according to the World Bank.

The multilateral lender on Tuesday said the Philippines would register an economic growth of 5.9% next year and 6 percent in 2022. 21

The 2021 and 2022 forecasts, however, are below the government’s target of 6.5-7.5% and 8-10% respectively.

World Bank senior economist Rong Qian said their forecasts are based on the expectations that private consumption will pick up.

Their study assumed the government will slowly allow more industries to resume operations, which will revive jobs.

The Washington-based lender is also seeing “continuing improvements” in bringing down virus transmission in the Philippines.

“While addressing the pandemic, the country needs to sustain focus on the structural reform agenda,” Qian said on their latest Philippines Economic Update or PEU. “Speeding up reforms that improve the business environment, foster competition, and strengthen resilience against natural disasters will support the economic recovery and boost productivity growth in the long term.”

World Bank’s PEU also hinge on China’s early recovery, alongside the expected rebound in the global economy in 2021.

The PEU said this will allow for export growth to recover, and larger remittance inflows to stimulate domestic demand.

It added pre-election activities leading to the 2022 national election will give more boost to demand as early as 2021.

2.7 million more poor Filipinos The World Bank report said the economy is expected to contract even deeper at 8.1% for the entire 2020.

In October, the bank's forecast was -6.9%, not yet factoring in the series of typhoons that hit Luzon

Typhoons Quinta, Rolly, and Ulysses battered Luzon, destroying agricultural lands and enterprises between October and November.

“The series of natural disasters that hit the country while we are battling the pandemic highlights the importance of mainstreaming disaster risk reduction and climate change adaptation into policy and planning,” said Ndiame Diop, World Bank Country Director for Brunei, Malaysia, Thailand and the Philippines. “While the Philippines is financially resilient, stronger coordination, execution and implementation will help further improve social and physical resilience to frequent shocks.”

This also brings them to believe that 2.7 million more Filipinos will plunge into poverty at least in the next two years.

The World Bank is basing its poverty line on a $3.2 or roughly ₱150 daily per capita income for middle-income countries.

The bank’s economists said the COVID-19 pandemic, subsequent lockdowns, and the typhoons’ impact are causing job losses.

Fewer cash remittances from Filipino workers abroad are also making the situation harder for their families in the country.

The multilateral lender is seeing poverty to increase from 20.5% in 2019 to 22.6% in 2020.

More emergency cash aid for the poor The World Bank suggested the government embark on more cash transfer programs for the poorest of the poor.

Qian said this will help families living in poverty sustain their food and other daily necessities in the time of crisis.

“This needs strengthening social resilience to ensure that households and society can cope with shocks when they do happen,” said Qian.

The government earlier initiated a series of Social Amelioration Programs for the poor by giving families P5,000 to P8,000.

The international bank is also cautioning policymakers to watch out for the possible second wave of COVID-19 pandemic.

Diop said this is what’s happening at the moment in the United States, European countries, and other nations.

He also said everyone must ensure government agencies are properly spending the 2021 budget on COVID-19 response.

“It is crucial that we all maintain vigilance and sustain improvements in collective efforts to test, trace, quarantine and practice social distancing,” added Diop.

3. “Was Rizal wrong about the mother tongue?” from MAP Tax Committee Chair ALEXANDER B. CABRERA’s “As easy as ABC” Column in THE PHILIPPINE STAR on January 3, 2020

Of all of Rizal’s timeless statements, none provokes the nationalist sentiment more than his adage: “Ang hindi marunong magmahal sa sariling wika, masahol pa sa hayop o malansang isda.” (He who knows not to love his own language, is worse than beasts and putrid fish.)

It was also the most confusing for me when Rizal, as a subject, was taught during my college. For how could one, I thought, who was fluent in 22 languages (plus dialects as many as there are Philippine provinces), suggest that we should be loyal to our own? Rizal also names Tagalog as the national language, equal to Latin, Spanish and English. 23

Rizal may have made a biblical reference to the Tower of Babylon where our angered God punished, yet gifted, people with different languages. In the case of the Philippines, too many languages indeed.

The most undeniable rationale, however, for Rizal’s regard for the mother tongue is that it is salient to the country’s identity. And to have and preserve that identity, the country must be free. This business of nationalism for our country would prove enduringly complex. Because it is not only a foreign power or foreign policy issue, but also a national vs regional issue.

It was easy for Rizal to rally Filipinos towards nationalism using the national tongue as a torch. But he seemed to have held back, careful not to offend sensitivities about regional languages – the kernel of our own national Babylon.

Regionalism is a matter of consequence in our country. It did take the garrote on the Gomburza priests in Bagumbayan for Filipinos to feel oneness in pain and shame. Freedom did little politically on regionalism, and we are still in need of a politician that would sacrifice the interest of their kababayans for the interest of the country.

Maybe we need this backdrop to shift from something almost unsolvable to something which potentially can be, because this issue is supposed to be apolitical. It is the use of the local dialect as the medium of instruction in schools during the very formative years of the student: from basic, and in some instances, even up to high school.

If this system of education was unofficial before, it had since earned support and legitimacy. The Department of Education (DepEd), we understand, conducted a study and determined that a “Mother Tongue-Based Multilingual Education” will help the education program. Based on the DepEd website, this program in 2016 mandates the use of the language that students are familiar with to allow them to grasp basic concepts more easily. Thus books and materials used would also be in the mother tongue.

Currently, DepEd uses 19 languages in this program: Tagalog, Kapampangan, Pangasinan, Iloko, Bikol, Ybanag, Sinugbuanong Binisaya, Hiligaynon, Waray, Bahasa Sug, Maguindanaoan, Maranao, Chavacano, Ivatan, Sambal, Akianon, Kinaray-a, Yakan and Sinurigaonon.

Different mother tongues are used respectively as a medium of instruction in all learning aspects. Students are also educated on their mother tongue in speaking, reading, and writing from Grades 1 to 3. Education in the Filipino language comes next, we understand, from Grade 2 to Grade 6. English is probably taught with more or less rigidity in high school.

With all due respect, I submit that this method needs to change, regardless of whether it creates more difficulty for the students and teachers in the beginning. The wakeup call came late in 2019, but it’s a wakeup call nonetheless. The Philippines ranked last among 79 countries in Reading comprehension (and for Science and Math as well), bested even by our neighbors in Southeast Asia in the United Nations Programme for International Students Assessment (PISA).

This result comes from a country that boasts itself as having English as its second language. What these tests show is that a large part of our student population, 15 years of age, can read English but not necessarily understand it. Grammar and sentence construction proficiency comes into play.

So what if we are poor in English? Data that our firm, PwC Philippines, further studied show that those countries that do well in PISA also enjoy a higher GDP rate per capita. Fact is, after school, business communications are in English. As an internationally used language, we use that to talk to all investors, and we file all our financial and government reports in English.

As one hands-on in our human capital, I have personally observed that if the English issue is not corrected in high school, the student will carry the deficiencies to the workplace. Lack of proficiency in English is a barrier to success, especially in a professional environment. Communication is key to delivering great ideas, crucial to leadership, and influencing change. The ability to communicate well deserves no handicap: from a laborer who needs to understand and fill up forms, to a professional who needs to express what he thinks in public.

The mother tongue program would do well to be tempered and adjusted because it would help the student and the nation more in the long run. A new vertical, such as a national association of English teachers, should be organized and funded because the trainors are the best place to start and also the best group to get ideas from.

The fireworks were subtle, the noise much less when we welcomed 2021, but there is nothing that lights our hopes more than a passionate resolve to improve. Here’s to those who went ahead, those who remain to fight on, and those, as a student would, who strive to learn again.

* * *

Alexander B. Cabrera is the chairman and senior partner of Isla Lipana & Co./PwC Philippines. He is the chairman of the Integrity Initiative, Inc. (II, Inc.), a non-profit organization that promotes common ethical and acceptable integrity standards. Email your comments and questions to [email protected]. This content is for general information purposes only, and should not be used as a substitute for consultation with professional advisors.

4. “A year to forget” from former MAP Governor PETER WALLACE’s “Like it is” Column in the PHILIPPINE DAILY INQUIRER on December 31, 2020

Finally we end the worst year the world has experienced since the world wars, and in some ways beyond maybe.

The impact on our lives has been, quite simply, horrendous. The impact on national economies disastrous. It has led to widening inequality as the have-nots have even less, and the haves have even more.

The little guy is hurt the most. Small businesses have been decimated, while the new, a scant 20 years in existence, IT giants have grown to astronomical numbers. Amazon’s revenues reached $233 billion in 2018 from about $34 billion in 2010. In 2020, the budget for the whole of the Philippine government was one third of that, $85.2 billion, to support 108 million people. COVID-19 has changed our lives in unimaginable ways, and will continue to do so. We’re entering a “new normal.”

The Philippines entered 2020 in good shape. Its finances were strong thanks to a competent economic team led by Finance Secretary Sonny Dominguez. Growth approaching 7 percent was assured. Data from the Philippine Statistics Authority (PSA) show that 16.6 percent or about 17.6 million Filipinos were poor in 2018, lower than the 23.5 million in 2015. Unemployment was a low of between 5 and 6 percent. Businesses were confident of a healthy year. Then COVID-19 struck and health went out the window. The economy followed. Our expected forecast of up to 7 percent GDP growth for 2020 turned into a -10 percent decline in the first three quarters.

Hardest hit were the ones we’d least like to see suffer: the small guys. And those sectors where interaction of people is a major part of their business: retail, tourism, hospitality, restaurants, travel, malling. All the things we like to do are no longer possible due to physical distancing.

Lockdowns (they call them quarantines, but as they restrict movement, lockdown seems a far better word to me) have gone on at sporadic levels for 10 months now. And it still remains in our capital to a degree that limits our activities—and will into next year. A most notable impact has been on us being able to move around. Traffic in Manila is worse than in our normal years, because public transport has been greatly reduced. People are using one-passenger cars instead of multi-passenger trains, buses, and jeepneys. This lack of public transport has meant that businesses cannot fully recover the way they’d like to.

Much of our problem in conquering COVID-19 is that we can wear masks, and mostly do, but can’t maintain physical distance. The poor, and even the not so poor, are crammed together in what can only be called slums. There’s no possibility of standing one or two meters apart. Inches would be a better measure.

Government after government has promised solutions, but never done them. The Singaporean public housing scheme would seem to be the way to go—but it has to be done, not endlessly promised.

COVID-19 has exposed the wounds, the weaknesses in the health system. Hospitals are inadequately equipped. Too many doctors and workers have fled overseas to where they can make a decent living. PhilHealth has been mired in fund-stealing scandal. On the positive side, COVID-19 could be the impetus to now make the changes the health system needs. But it’s hard to see how that can happen when Congress cuts the health budget, instead of expanding it. One can’t blame Congress, as the Department of Health (DOH) couldn’t spend the money given it last year, so why would it next year? The DOH needs to improve its act.

Many industries have now restored their operations to 70 percent. But others, specifically those engaged in tourism, travel, leisure, and recreation dining, and much of boutique 26

shops, hardly improved from their depressed state. Notably, in the second quarter, tourism-related industries like hotels, resorts, tours and travel services had nearly zero sales.

On the positive side, what this disaster has done is to accelerate the shift to an IT world. It’s a rocket ship of change.

Working from home has proved amazingly successful (I’m WFH writing this, and have been since March), made possible by Zoom and webinars. No longer do you sit an hour or two on Edsa to get to a meeting. You spend one minute entering a Zoom conference. But we’ve lost the camaraderie that the office, the mall, the restaurant provide, and that people desire.

Filipinos are an optimistic people, but you can’t be optimistic after what COVID-19 did to the world. The glass is three-fourths empty. Where a level of optimism exists is 2021. But it will still be a dislocated world struggling to understand what’s happened. This year is the year we shifted from the physical to the virtual world.

All of us have been hurt by 2020. It’s been a year we’d like to forget, but certainly never will.

Email: [email protected]

MAP Videos on Facebook

https://web.facebook.com/map.org.ph/videos

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

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

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

4. 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.

5. November 20, 2020 First MAP NextGen Web Conference

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

7. November 23, 2020 (Monday) MAP Online Annual General Membership Meeting and “MAP Management Man of the Year 2020” Awarding Ceremony 27

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

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

10. 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 11. June 9, 2020 MAP 4th Online GMM on “MAYORS ENVISION A POST-COVID FUTURE”

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

13. 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

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

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

6. October 13, 2020 (Tuesday) MAP Online General Membership Meeting on “ESG and its Linkage to Long-term Value Creation” 28

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

8. 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

9. 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

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

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

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

Video Recordings of MAP Webinars

13. 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)

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

15. 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

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

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

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

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

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

MAP Legacy Series 2019 on ANC featuring the following:

21. MMY 1996, Mr. DAVID M. CONSUNJI

22. MY 1998, Gov. GABRIEL C. SINGSON

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

24. MMY 1967, Mr. WASHINGTON Z. SYCIP

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

26. 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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