Board of Trustees

  Chairman

Alfredo B. Parungao is the Chairman of the Board of Directors of Philtown Properties, Inc., Chairman of the Board of Trustees of the Capital Markets Development Foundation, Inc., and President of Ligaya Management Corporation. He is a member of the Board of Directors of Philippine Ratings Corporation, DSRealty, Inc. and Swift Foods, Inc.

He started his professional career at Procter & Gamble Philippines. Subsequently, he was President and Chief Executive Officer of Philippine Global Communications, Inc. , Chief Finance Officer of the Fort Bonifacio Development Corporation, Vice Chairman, Board of Trustees, of Insular Life Assurance Company and member of the Board of Directors of UBIX Corporation and the PDS Group of companies.

After retiring from the private sector, he became the Executive Vice President and Chief Operating Officer of the Philippine National Oil Company and the Chief of Staff of the Office of the Chairman of the Social Security Commission.

He was past President of the Financial Executives Institute of the Philippines, past President of the Rotary Club of Makati, past President of the Shareholders’ Association of the Philippines and past Secretary of the International Association of Financial Executives Institutes. He is a Fellow of the Institute of Corporate Directors. 

He graduated from the Far Eastern University with a degree of Bachelor of Science in Commerce (Summa Cum Laude), and has taken post-graduate courses at the Harvard Business School. He is a Certified Public Accountant. He was a member of the faculty of the Institute of Accounts, Business and Finance of the Far Eastern University. He was a Director and Treasurer of the Harvard Business School Association of the Philippines.

He was awarded the “Most Outstanding CPA in Management” by the Philippine Institute of Public Accountants. 

He is married and has three children. He lives with his wife, Milagros, in Ayala Alabang Village, Muntinlupa City.

  Vice Chairman

Jose Jerome Pascual III serves on the Advisory Council of Prime Energy Resources Development and was the 2020 president of the Financial Executives Institute of the Philippines (FINEX), 2021 chairman of the FINEX Research & Development Foundation, Inc. and 2022 chairman of the FINEX Academy, Inc. He also currently serves as Treasurer of the Integrity Initiative and is a Board member on a number of academic institutions.

He was CFO, Vice President - Finance & Treasurer and Chief Risk Officer of Pilipinas Shell Petroleum Corporation and has held various senior positions in the Shell group of companies both locally and overseas.

Among the awards and citations he received are: the CFO of the Year from ING and the Financial Executives Institute of the Philippines in 2014, the Professional Degree Award for Industrial Engineering from the University of the Philippines College of Engineering and U.P. Alumni Engineers in 2015, and the Global Management Accounting Hall of Fame Award from the Institute of Certified Management Accountants (Australia) in 2017.

President  

Eduardo V. Francisco heads the Investment Banking Group of BDO Unibank, Inc. and holds several positions in BDO - as President of BDO Capital & Investment Corporation, Chairman of BDO Securities Corporation, and Chairman of Averon Holdings Corporation. 

He sits on several non-profit boards such as the Capital Market Development Foundation (formerly CIBI Foundation Inc.) as President, Shareholders Association of the Philippines (SharePhil) as Vice Chairman, Development Center for Finance, FINEX Foundation, International School of Manila, UP College of Business Alumni Association, Makati Sports Club, Inc. and Valle Verde Country Club, Inc. and Chartered Financial Analyst (CFA) Society of the Philippines Board of Adviser. He is also a member of Makati Business Club (MBC), and the POLO Triathlon Team. 

He is the former Chairman of BDO Nomura Securities Inc. and Chairman for the International Association of Financial Executives Institutes (IAFEI). He was the Co-Chairman of the Capital Market Development Council (CMDC) of the Philippines, Vice Chairman of the Integrity Initiative, and has been the President of the Management Association of the Philippines (MAP), Financial Executives Institute of the Philippines Institute (FINEX), Wharton-Penn Club, BDO Securities Corporation, Makati Sports Club, Inc., Federation of Valle Verde Associations and First Valle Verde Association Inc.

Mr. Francisco has worked with other financial institutions in New York and Hong Kong. He holds an MBA from the Wharton School of the University of Pennsylvania and Bachelor’s degree in Business Administration from the University of the Philippines. 

He recently received a lifetime achievement award for his contribution the Local Capital Markets from the Alpha Southeast Asia. He is a recipient of Financial Management Excellence from the University of the Philippines and the Distinguished Alumnus Award from the U.P. College of Business Administration. 

He was honored by BizNewsAsia as one of the Nation Builders and Financial Management Excellence. He was also an Asia Leaders Awards’ Mentor of the Year finalist.

 Vice President 

• Management Consultant , (Areas of Focus : Capital Markets, Strategy, Audit, Risk Management, Debt Restructuring)
• Columnist, The Daily Tribune ( The Eagle’s Nest )
• Executive Coach, International Coach Federation, Philippines Chapter
• Director, Center for Excellence in Governance
• President, Rotary Club of Makati (2023 -2024)
• Chairman, Makati Rotary Club Foundation Inc. (2024-2025)
• Director, FINEX (2024-25)
• Member, MAP
• Vice Chairman, Institute of Corporate Directors (President, 2024-25)

Other Professional Directorships and Consultancy Engagements

• Yuanta Savings Bank, Independent Director and Audit Committee Chairman
• (Previous) Personal Collections, Chairman, Audit Committee
• ( Previous) Scholars’ Dormitory Inc., Director (Student dormitory developer, UP - LB
• (Previous) Clean and Green Energy Solutions Inc., Board Advisor ( R/E developer)
• (Previous) AIB Asia Asset Management Inc, Director
• PhilGuarantee Corporation, Independent Director and Audit Committee Chair
• Figaro Coffee Group, Independent Director and Audit Committee Chair (PSE listed)
• (Previous) President , Vicsal Investment Inc. / AB Capital Investment Inc.

Recent Experience

• ADB/DOF Consultant for Package IV
• President and Director, Vicsal Investment, Inc. 2007 -2017
• Concurrent:
• President and Director, AB Capital and Investment Corporation
• President , PSE Nominee and Director, VSec. Com, Inc.  
• Director, Vicsal (SPV-AMC), Inc.

Education

• MBA, Dean’s List:  Asian Institute of Management, 1973
• Bachelor of Science in Business Administration, University of the Philippines, 1969
• Ateneo de Manila, HS’64, GS’60

Past Experiences

Bank of the Philippine Islands (BPI) 1978-2007

• SVP, Head, Unibank Asset Recovery and Management Group, (2003-2007)
• President and Chairman of the Board, BPI Securities Corp.(1999 – 2003)
• Vice Chairman & Director, BPI Capital Corp. (2002 – 2003)
• Executive Director, BPI Capital Corporation, (1995 – 2002)
• SVP Corporate Banking, Relationship Management Division,(1992 – 1995)
• VP Merchant Banking Division,(1986 – 1992)
• Executive Director P.T. Indo Ayala Leasing Corporation (Jakarta, Indonesia),(1984 – 1986)
• VP, Trade Banking Unit 1983 -1984
• Executive Director BPI International Finance Ltd. (HK), (formerly Ayala Finance (HK) Ltd.),(1978 - 1983)
• Executive Director Corporate Planning & Development , Ayala International (HK) 1982-82

Filcapital Development Corporation

• Senior Vice President, Head Corporate Finance, (1975-1977)

Past Directorships

• Phil. Dealing & Exchange Corp. (PDEX), Phil. Depository & Trust Corp. (PDTC), Phil. Securities. & Settlement Corp. (PSSC)
• Holcim Mining and Development Corporation and Subsidiaries
• President / Director, Investment House Association of the Philippines (IHAP)
• Trustee/Treasurer, Makati Rotary Club Foundation, Inc.
• EVP / Director, FINEX Financial Executives Institute of the Philippines
• Chairman/Treasurer, Alabang Country Club, Inc. (ACCI)
• President, Philippine Association of Securities Brokers & Dealers, Inc. (PSBDI) 
• Cebu Holdings Inc. ( CHI ) / Cebu Property Ventures & Development Corp. (CPVDC)
• Ayala Properties Ltd. (HK) 
• Mabuhay Vinyl Corporation ( MVC )
• COO, Prudential Bank / President, Prudential Investments Corp. 
• Batangas Asset Corp.
• Tosoh Polyvinyl Corp .

Contributions to a Corporate Board

• Extensive experience in Corporate Finance, Mergers & Acquisitions, Corporate Banking, Trust and Fund Management and Stock Brokerage 
• Expertise in fund raising : IPO’s, Private Equity, Bank Loans , Private Placements
• Advise on Corporate Restructuring / Rehabilitation

Contributions to Capital Markets Advocacies 

• Actively participated as Finex representative in the preparation, drafting, and intensive discussions with industry stakeholders regarding the Securitization Act. Including advocacy for the passage of the bill with legislators.
• Actively participated in the discussions with legislators and regulators regarding various capital market related bills such as PERA and the SPV laws.
   

Trustee/Incorporator

Arsenio M. Bartolome III has over five decades of experience in banking and finance and general management. He served as the first Chairman and President of the Bases Conversion Development Authority (BCDA) in 1992-1994 and 1st Chairman of the Clark Development Corporation (CDC) in 1993- 1994. He also became the President and CEO of the Philippine National Bank (PNB) and the Chairman of Century Bank in Los Angeles, California, PNB International Finance in Hongkong, and PNB in Europe.
 

At present, he is the Chairman and President of the AMBER Properties; Chairman Emeritus of Enterprise Capital Bank; Director of the Coal Asia Holdings, Inc. and Capital Markets Dev. Foundation Inc.
 

Mr. Bartolome also held several positions in the private sector. He founded Urban Bank in 1980. He served as Chairman of H&Q Philippine Ventures, Inc., and First Philippine Fund in New York. He also held several key positions in other private companies such as the Rizal Commercial Banking Corporation, Multinational Investment Bancorporation, Citibank - Manila, Bancom Development Corporation, and Wells Fargo Bank in San Francisco, California and Bank of America, Manila branch.
 

Mr. Bartolome was awarded as one of the Outstanding Young Men(TOYM) in Development Banking, Most Outstanding Alumnus by the University of the East, Most Outstanding Rotary Club President by the Rotary District 381, Most Outstanding Real Estate Banker by CREBA, and Outstanding Manilan Award for Banking by the City of Manila.

Mr. Bartolome is a Past President of the Management Association of the Philippines, of the Financial Executive of the Philippines, of the Asian Pacific Bankers Club, of the Development Bankers Association of the Philippines and of the Money Market Association of the Philippines.

He is also an outstanding civic leader and a member of different community and charitable institutions. President of the Rotary Club of Manila, a Covenanted member of the Ang Ligaya Ng Panginoon Community and a Fellow of Upsilon Sigma Phi fraternity.
 

Mr. Bartolome obtained his Bachelor of Science in Business Administration from the University of the East (Manila) in 1962. Completed the Advanced Banking Program from the American Institute of Banking (San Francisco Chapter) and the Top Management Program from the Asian Institute of Management.

Married to Nenne Reyes-Bartolome, blessed with 4 accomplished children and 12 joyful and ambitious grandchildren.

Treasurer

 EJ A. Qua Hiansen is the Senior Vice President, Chief Financial Officer (CFO) of PHINMA Corporation. He is also a Director of PHINMA Property Holdings Corp., PHINMA Prism Property Development Corporation, PHINMA Community Housing Corp., PHINMA Insurance Brokers Inc., and PHINMA Solar Energy Corp. He is concurrently the CFO of Song Lam Cement Joint Stock Company. 

 He is the Chairman of the FINEX Foundation and was the 2025 President of the Financial Executives Institute of the Philippines (FINEX). Mr. Qua Hiansen is also an Independent Director of ATR Financial Advisory and Management, Inc.; a member of the Board of Advisors of the PHINMA-DLSU Center for Business and Society; and a Trustee of the FINEX Academy, Capital Markets Development Foundation Inc., Mariposa Foundation Inc., and Assumption College, Inc. 

 Mr. Qua Hiansen holds a Bachelor of Science degree in Finance from Butler University where he was recognized as one of the Top 100 Outstanding Students in 2005 and a Master’s degree in Global Finance from HKUST-NYU. 

Trustee/Incorporator 

 Carmelita G. Salgado has a B.S.B.A degree at the University of the Philippines in 1959, M.B.A., University of Melbourne, Australia in 1965, International Teachers Program (Certificate) Harvard University Graduate School of Business, 1970.

At present, she is the Vice-President, Vice-Chairman, Board of Trustees at Philippine Foundation for Cultural & Educational Development Inc., Capital Markets Development Foundation Inc. (CMDFI) Member, Board of Trustees and Treasurer and Member, University of Asia & the Pacific Foundation Inc.

Past Positions:

• University of the Philippines, College of Business Administration
• Chairman, Department of Accounting (1965 - 72)
• Officer-in-charge, Master of Business Administration Program (1965- 70)
• Director of Undergraduate Studies (1966 - 72)
• Chairman, Department of Financial Management (1973 - 75): Stephen Fuller Professorial Chair, Senior Professorial Lecturer (2007-2008)
• Asian Institute of Management Professorial Lecturer (1991-2; 2006)
• Union Bank of the Phil. Director/Chairman, Board Audit Committee (1981 - 89)
• Economic Development Foundation Consultant, Management Dev’t Dept. (1967 - 70)
• SGV &Co. Manager, Professional Dev’t. Dept., Management Services Div. (1970 -76)
• Professional Regulations Commission Examiner, Board of Accountancy (1975 - 77)
• Laya, Mananghaya & Co., CPA’s Partner ( 1986- 98)
• Foundation for Professional Training, Inc. (FPTI) Chairman/President (1982 –97)
• Chemical Industries of the Phils., Inc. and The Chemphil Group of Companies 1976 - 2005): Member, Board of Directors, Senior Executive Vice-President, Chief Financial & Administrative Officer
• Cuyapo Rural Bank, Inc. Member, Board of Directors, Vice Chairman,
• Vision Insurance Consultants, Inc. Member, Board of Directors, Treasurer
• Parents for Education Foundation, Inc. April 2008- April 30, 2017: Executive Vice President, PAREF Central Office, EVP-Treasurer/ Member, PAREF Board of Trustees, Member, Board of Trustees; Member of the Board Executive Committee School Boards:
• Country Builders Bank, Inc. Director, Chair, Corp. Governance Committee, 2018-2022

Membership in Professional Societies:

• Philippine Institute of Certified Public Accountants (PICPA)
• Financial Executives Institute of the Philippines (FINEX)
• Harvard Business School Alumni Association of the Phils.
• Melbourne University Business School Alumni Association (Australia)

Trustee

A certified Public Accountant and Lawyer, Atty. Rosario S. Bernaldo has significant professional experience in tax and management consulting, corporate and legal services, business and financial management, investment banking, insolvency and receivership, auditing and training and research. 

She was the recipient of the Philippine Institute of Certified Public Accountants (PICPA) Metro Manila’s Outstanding CPA in Public Practice in 2003. Awarded in 2015 the highest recognition of Lifetime Achievement Award by the Association of Certified Public Accountants in Public Practice (ACPAPP), and most recently in March 2023, she was honored as one of the top 100 CPAs in the Philippines by the Professional Regulation Commission- Board of Accountancy. 

Trustee

Michael Arcatomy H. Guarin has over 20 years of experience in due diligence (buy side and sell side), M&A, valuation and audit services. Mike provides commercial due diligence, feasibility studies or market studies to new entrants in the Philippine market. He has extensive experience in providing financial due diligence services across different industries such as financial services, financial services, industrials, healthcare, retail, energy, and media. He is an accredited KPMG valuation professional with extensive due diligence, model review, and impaired loan advisory experience. He is active in M&As and project advisory transactions in the Philippine market. He regularly supports the PSE and Philippine companies with their capital markets requirements. Mike has also provided support to government on selected privatization and infrastructure mandates.

He was the 2022 President of the Financial Executives Institute of the Philippines (FINEX), a trustee of FINEX Foundation and currently the Chairman of the FINEX Academy, Director of KPMG Foundation, a Trustee of Capital Markets Development Foundation Inc. (CMDFI), a Trustee of the UP College of Business Administration Alumni Association (UPCBAAA), a member of Management Association of the Philippines (MAP), and Rotary Club of Manila.

He is a Certified Public Accountant (CPA), BS Business Administration and Accountancy, University of the Philippines – Diliman, Cum Laude, Executive Masters in Business Administration Programme at Asian Institute of Management (Scholar and Dean’s Lister), KPMG Chairman’s 25 Programme, INSEAD Singapore campus.

Trustee

Carlo Enrico B. Lazatin started his professional career as a Management Trainee at Nestle Philippines, where he received multinational corporate training in discipline, operational standards, and institutional management practices. He later moved through various assignments across the Philippines, taking on leadership roles in distribution, operations, planning, sales, and sales strategy. 

 He pursued real estate studies and obtained his license in real estate, later building his early finance experience in real estate-backed consumer lending, contract-to-sell financing, and consumer loans through Argosy Finance. He was also involved with Home Funding (SPC), Inc., one of only two registered Special Purpose Corporations in the Philippines focused on the securitization of real estate receivables, where he gained exposure to various receivables-backed securitization structures. Through Argosy Advisers and CEOs, Inc., he also gained experience in advisory work, mergers and acquisitions, corporate finance, and deal structuring. 

 Mr. Lazatin is currently the President and Chief Executive Officer of DES Financing Corporation. He has also served as President of DK Financial, DES Holdings Company, and previously, the ESMA WG Group of real estate companies. His professional experience spans non-bank financing, consumer lending, pension-based financing, real estate finance, securitization, corporate strategy, governance, and institutional development. 

 He is the President of the Philippine Finance Association (PFA), an industry association established more than 50 years ago and historically involved in the development of the financing company regulatory framework under R.A. 5980 and its later amendment, R.A. 8556, the Financing Company Act of 1998. He has served on the Board of PFA for over five years and continues to advocate for the role of non-bank financing and lending institutions in expanding access to credit, supporting MSME development, advancing alternative financing structures, and promoting digital transformation, including online lending platforms. 

 Mr. Lazatin is the 2026 President of the Financial Executives Institute of the Philippines (FINEX), Vice Chairman of the FINEX Research and Development Foundation, Inc., and a Trustee of FINEX Academy. He is a member of the Institute of Corporate Directors (ICD) and sits on various boards, including the Capital Markets Development Foundation, Inc. 

 He also serves as Treasurer and member of the Board of the Association of Lending Investors for Pensioners (ALIP), one of the oldest and one of the largest associations serving lending institutions focused on AFP military pensioners. 

 Across his corporate and association leadership roles, Mr. Lazatin regularly engages regulators, policymakers, financial institutions, and industry stakeholders on matters involving consumer finance, MSME credit, digital lending, compliance, governance, and capital market development. His work is focused on strengthening responsible credit access, institutional credibility, and confidence in the Philippine financial system. 

 As part of his broader advocacy, he supports partnership-driven initiatives that assist select military units and military retirees through institutional support, practical assistance, and programs that recognize their service to the country. 

Trustee

 Atty. Eleanor Bacungan-Rivera, a CPA-lawyer, has significant professional experience in the financial markets area covering specific areas of banking and securities regulation including compliance, corporate governance, anti-money laundering, rule-making and enforcement and financial markets advocacy.
 
 She is currently one of the Independent Governors for the Market Governance Board, Market Policy Committee and the Market Compliance & Enforcement Committee of the Philippine Dealing & Exchange Corp. and a trustee of the PDS Academy for Market Development. She is also currently an Independent Director of University Savings Bank, Inc., a thrift bank and is a Lecturer at the UP Virata School of Business.  
 
 She was previously the Chief Compliance Officer of the East West Banking Corp. and Managing Director-Head of the Market Regulatory Services Group of the Philippine Dealing & Exchange Corp. As a securities market consultant, she provided technical expertise and assistance on different capital markets issues and legislation including the Securities Regulation Code.
 
 Atty. Rivera earned both her academic degrees in Business and Accountancy (BS Business Administration and Accountancy, cum laude) and in Law from the University of the Philippines. 

Trustee

Edmundo S. Soriano is Senior Credit Executive and a member of BDO Unibank’s Executive Committee and Management Credit Committee. Prior to this, he was Executive Vice President and Deputy Group Head, Institutional Banking Group of BDO where he headed The International Desk, Financial Institutions, Multilateral and Export Credit Agencies and International Operations (overseas offices of BDO). He was also EVP and Head of Corporate Banking Group of BDO where he managed BDO’s large corporate relationships and orchestrated the Bank’s corporate loan portfolio growth from P37B in 2004 to about P800B in 2017 through traditional commercial banking structures and project finance, structured finance and asset acquisitions.

Mr. Soriano managed a team of banking professionals under General Industries in Hong Kong and China for JP Morgan Chase with focus on multinational corporates where the Asia/Pacific Regional Headquarters were based in Hong Kong. As a Senior Deal Manager in the Asia Pacific Region, he was exposed to doing transactions in China, Hong Kong, Malaysia, Indonesia, Australia, Malaysia, Singapore, South Korea and the Philippines. He was also a member of the Senior Management Teams of Chase Hong Kong and China.

His other prior work experiences were with First Chicago Leasing, Far East Bank and Trust Company, Commercial Bank of San Francisco and United Coconut Planters Bank.

Mr. Soriano was President of the Financial Executives Institute of the Philippines (FINEX) in 2014, a former Chairman of FINEX Foundation and member of the Board of Trustees of Integrity Initiatives, Inc., Development Center for Finance and CIBI Foundation (now Capital Markets Development Foundation, Inc.). 

He has an AB Economics (Honors) degree from the Ateneo de Manila University and an MBA (With Distinction) from Adelphi University, New York, U.S.A. where he was a Rotary Foundation International Fellow. He attended continuing education programs at INSEAD (Euro-Asia), University of California, Berkeley, American Institute of Banking, Export-Import Bank of the United States, Chemical Bank. The Chase Manhattan Bank and JP Morgan Chase. He graduated in the top of his class for the four (4) months Intensive Credit and Corporate Finance Training Program at First National Bank of Chicago.

Trustee

Eusebio V. Tan focuses his practice on the areas of investments; business law; mergers, acquisitions and divertitures; franchises and franchising; construction law; leases and leasing; banks and banking; and public-private-partnership and privatization projects. He has advised senior managements, boards of directors, independent committees of boards, and major stockholders of both public and private corporations on strategies to be applied in major transactions and projects and in the implementation thereof. He has represented international and domestic banks (lenders) and various corporations (as borrowers) in major loan transactions. He acts as a member of the Board of Directors and/or as an officer (including, in certain cases, as Corporate Secretary) of several large corporations. 

Mr. Tan obtained his Bachelor of Arts degree, major in Economics, summa cum laude, from the De la Salle University in 1971 through its Liberal Arts Accelerated Honors Program and was awarded the General Excellence Gold Medal and the Dr. Jose Rizal Honors Society ring. He obtained his Bachelor of Law Degree from the Ateneo de Manila University School of Law in 1975 and was awarded the Second Honors Silver Medal. He obtained his Master of Laws degree from the Columbia University School of Law in 1979. He is a member of the Integrated Bar of the Philippines, the Philippine Bar Association, the International Bar Association, the Inter-Pacific Bar Association, the ASEAN Law Association, LAWASIA, the Management Association f the Philippines (the MAP), the Makati Business Club, the Financial Executive Institute of the Philippines Inc. (FINEX), the Philippines-Japan Economic Cooperative Committee Inc. (PHILJEC), the Philippines-Japan Society, Inc. (PJS), and MERITAS Law Firms Worldwide (MERITAS), an integrated alliance of more than 70 independent commercial law firms located in over 70 countries with approximately 7,000 experienced lawyers worldwide. 

He served as the Managing Director of Angara Abello Concepcion Regala and Cruz Law Offices (ACCRALAW) for 11 years and as President (for Rotary year 2015-2016) of the Rotary Club of Manila, the first Rotary Club in Manila.

Trustee

 CFA Society Philippines is the local member society of CFA Institute, the global association of investment professionals that sets the standard for professional excellence, ethics, and education in the investment industry.

Established to advance the standards of investment practice in the Philippines, CFA Society Philippines has served CFA® charterholders, CFA Program candidates, and the broader finance community since 1997. Its members include portfolio managers, research analysts, investment advisers, corporate finance professionals, and other practitioners committed to integrity, competence, and service to the investing public.

The Society promotes the highest ethical standards and professional excellence within the Philippine investment community through continuing education, professional development programs, industry forums, advocacy initiatives, and awareness-building activities around the CFA designation. It also provides a platform for members and candidates to connect, share insights, and contribute to the development of stronger, more credible, and more resilient capital markets.

Guided by its mission to improve the quality and standards of the financial profession, CFA Society Philippines works to foster a community where investors’ interests come first, markets function effectively, and finance professionals create lasting value for the benefit of Philippine society.