Aranas in PSE

Lawyer Jesus Clint Aranas has joined the boardroom of the Philippine Stock Exchange (PSE) as a nonbroker director, representing state-owned pension fund Government Service Insurance System (GSIS), which is among the shareholders of the local bourse and a quintessential institutional investor in the capital market.

Aranas—a former Bureau of Internal Revenue (BIR) executive who had a falling out with BIR chief Cesar Dulay over the investigation of the “anomalous reduction” of Del Monte Philippines Inc.’s 2011-2013 tax liabilities (he reportedly initiated the investigation) to just P65.4 million from P30 billion—was appointed general manager of GSIS last November.

He was elected to the 15member PSE board on Jan. 10, taking effect immediately to cover the unexpired term of

Francisco Duque III, who had resigned upon his appointment as health secretary. The unexpired term is until May this year when the next PSE holds its next annual stockholders meeting.

Aranas received his law degree from Silliman University and his BS Commerce degree, major in Business Administra- tion, from the Philippine School of Business Administration. He had worked as a legal assistant to the late Sen. Raul Roco and received extensive experience in tax and corporate consultancy from the SGV & Co.