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

Edwin B. Villanueva is currently the President of ABV Inc. and Chairman of VFL Advisors Inc. He is the Director and Treasurer of DFNN Inc and the IWave Group of companies. He is presently the Vice-Chairman of the Capital Markets Development Foundation Inc., a non-profit advocacy group supporting projects in aid of capital markets development in the country. He is also Adviser to the board of PhilRatings Inc. as well as Adviser to the board of Credit Access Finance Co. also known as One Puhunan. He currently holds directorships in the Makati Supermart Group of companies and Testech Inc. and subsidiaries. 

He has served as board director in companies in various industries in banking (CTBC Bank), financial services (Credit Access Finance Co., H&Q, and Argosy Advisors Inc.), property development (CDC Holdings), manufacturing (Fuji Haya Inc.), media (SkyCable) and telco (Digitel). In 1998, Mr. Villanueva was the President of Financial Executives Institute of the Philippines (FINEX), an industry association of finance professionals. From 1998 to 2001, he served as Chairman of the Capital Markets Development Council, the policy coordinating body composed of representatives from the capital market participants and regulators. 

Mr. Villanueva served as President/CEO of Vickers Ballas Securities Philippines Inc., from 1997 to 2001 and President/CEO of Sun Hung Kai Securities Philippines from 1990 to 1997. He was with SGV & Co from 1976 to 1990, where he was a Principal and served in various capacities as division head of the Project Development Services (Corporate Finance Services) Division, Member of the Management Committee, and Managing Director of the SGV Group Hong Kong member firm. He started out his career in the consulting division of Arthur Andersen & Co. in Detroit, Mi. USA from 1974 to 1976. 

Mr. Villanueva received his Bachelor of Science degree in Management Engineering (cum laude) from the Ateneo de Manila University in 1972. He received his Master of Business Administration from Wharton Graduate School, University of Pennsylvania in 1974. He is also a Fellow of the Philippine Institute of Corporate Directors (ICD) after having completed the Directors Training Course of the Australian Institute of Company Directors in 2002.

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.

Secretary 

 Roberto T. Borromeo is currently the Director/Board Advisor of BPM Vision Philippines, Inc. He is likewise a Trustee- Corporate Secretary of the CIBI Foundation, Inc. (now Capital Markets Development Foundation, Inc.), an Independent Director of Wilcon Corporation and a Financial Advisor / licensed Investment Solicitor with Sun Life of Canada Philippines Inc.
 

Mr. Borromeo had over 30 years of extensive experience with various financial institutions particularly in the areas of Consumer / Retail Banking, Corporate Banking, Correspondent Banking, Product Development, Foreign Exchange, Trade and Investment Advisory/Consultancy and Lease Financing. Apart from the Philippines, his market exposures have been in the financial centers of Singapore, Europe, Middle East and the United States. Mr. Borromeo was the 2009 President of the Financial Executives Institute of the Philippines (FINEX) and the 2010 Chairman of the FINEX Research and Development Foundation. Mr. Borromeo graduated from the Ateneo de Manila University with a Bachelor of Science degree in Management Engineering and completed his MBA course at the University of the Philippines. 

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/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/Incorporator 

Santiago F. Dumlao , Jr. was an incorporator of Credit Information Bureau Inc., (CIBI), later renamed CIBI Foundation ,Inc ., now called CMDFI. At one time he was both chairman and president of the organization with which he has continuously worked as Trustee or officer from inception up to the present.

He is currently Chairman of the Market Governance Board of Philippine Dealing & Exchange Corp. and Secretary General of the Association of Credit Rating Agencies in Asia (ACRAA), which keeps him immersively involved in the capital market space as amicus advocatus.

He is a past president of the Management Association of the Philippines (MAP) and of the Financial Executives Institute of the Philippines (FINEX).

Trustee

Benedicta Du-Baladad is a distinguished expert in tax law and corporate legal services, and recognized for her leadership as the visionary Founding Partner and CEO of Du-Baladad and Associates (BDB Law). An accomplished accountant-lawyer, she earned a joint Master's degree in Law and International Taxation from Harvard University, solidifying her expertise in the field.

Prior to establishing BDB Law, Dick led the tax department of a prominent auditing firm and served with distinction at the Bureau of Internal Revenue (BIR), where she was instrumental in the establishment of the Large Taxpayer’s Service (LTS). Her commitment to advancing the financial landscape in the Philippines is highlighted by her tenure as Co-Chairperson of the Capital Market Development Council (2019–2022), contributing significantly to the 2019–2025 Capital Market Development Blueprint.

A recognized leader, Dick has held several prestigious positions, including Immediate Past President of the Management Association of the Philippines (MAP) in 2023, President of the Financial Executives Institute of the Philippines (FINEX) in 2017, and President of the Tax Management Association of the Philippines (TMAP) in 2004.

In 2024, she was named one of Asia’s Top 15 Female Lawyers by Asian Legal Business, highlighting her influence and success within the legal community.

Outside of her legal practice, Dick is the founder of the BDB Law Foundation, established in 2015, which aims to address critical gaps in education, livelihood, and public health. She is also a multifaceted individual with passions that include writing, painting, fashion design, and gardening, and is a proud mother of four sons.

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

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.

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

Jaime E. Ysmael is the President & CEO of Healthway Philippines, Inc., the holding company of Ayala Healthcare Holdings, Inc. for its hospital and clinics portfolio. He was formerly Chairman, President & CEO of Ortigas Land Corporation. He served as Group Chief Financial Officer of Ayala Land, Inc., and director of various Ayala Land subsidiaries and affiliates. He was also Managing Director of Ayala Corporation. 

He is a Trustee and was formerly President of Shareholders Association of the Philippines; Trustee of Capital Markets Development Foundation; Liaison Trustee of the Committee on CFO Competency Program of FINEX Academy; formerly President of Financial Executives Institute of the Philippines; formerly Chairman of FINEX Research and Development Foundation; and formerly President of Asia Pacific Real Estate Association. He is a Fellow of the Institute of Corporate Directors. 

Mr. Ysmael holds a degree in Business Administration, Major in Accounting (Summa Cum Laude) at the University of the East and is a Certified Public Accountant. He earned an MBA, Major in Finance, at The Wharton School and an MA in International Studies at The School of Arts and Sciences of the University of Pennsylvania, as a fellow of The Joseph H. Lauder Institute of Management and International Studies. He also attended The Executive Program of the University of Michigan. 

He was the recipient of the 2011 ING-FINEX CFO of the Year Award and the 2014 Triple A CFO of the Year Award of The Asset magazine. He was awarded by Corporate Governance Asia as Best CFO for Investor Relations in 2015. He was also named by Finance Asia magazine as Best CFO for two years in a row in 2015 and 2016. He won as Best CFO (Overall and Sell-Side) at Institutional Investor's 2016 All-Asia Executive Team Awards.