Vindication
Just recently, the Rizal Commercial Banking Corp. (RCBC) accepted the resignation of Lorenzo Tan as president and CEO. Lorenzo left the bank to give the board a free hand in directing the course of the bank’s future.
RCBC cleared Tan of any wrongdoing in connection with the $81-million money laundering issue, saying that an internal investigation into the coffer had cleared him of any breach of bank rules and policies.
It will be recalled that RCBC Jupiter Street branch manager Maia Deguito implicated Tan in the issue saying the bank president asked her to take care of casino junket operator Kim Wong whose Chinese client is said to be part of the group that stole funds from the Bangladesh central bank’s account in the United States.
Tan’s clearance by the bank is indeed a vindication. People who have closely followed Tan’s illustrious career were silently rooting for him to have his name cleared. After all, he is a respected banker, having been elected president of the influential Bankers Association of the Philippines for the third time in 2015, with his term ending just last March
All throughout his 29 years as a top-notch bank executive, his co-workers and other industry professionals look and up to him for his integrity and professionalism. It did give his believers a big sigh of relief when news reports finally carried the story that the SGV-led internal investigation of the case yielded negative results on Tan, reaffirming he had nothing to do with the money laundering case – and that he remains an honorable man.
I, too, never doubted the multi-awarded banker’s non-involvement even as he was seen on TV uncomfortably being grilled by members of the Senate Blue Ribbon Committee that was looking into the money laundering case. I have known Tan since his days as president of UCPB back in 2000. His capabilities are easily evident from his many sterling achievements. A banker ahead of his time, Tan boosted UCPB’s performance by making the bank compete through technology-backed innovations.
He then joined PNB in 2002, where he turned around the ailing bank ahead of its scheduled rehabilitation, earning for himself the monicker “Miracle Man.”
Done with his mission there, he joined Sunlife Financial Philippines in 2005 and began the century-old institution’s aggressive ascent to life insurance leadership.
Tan joined RCBC in 2007 and realized for the bank some of its biggest wins. For instance, during his nine-year watch, RCBC’s total assets more than doubled. He also led the bank in expanding its customer base by almost 10 times, its branch network by over 60 percent, and its number of ATMs by almost six times.
It no longer came as a surprise, therefore, when I was told that the “branded” CEO immediately received a call from overseas for a job offer only a day after news of his resignation from RCBC broke in the media. I was told Tan also has standing offers from local firms (and the offers just keep coming) but he has yet to make any firm commitment. For now, Mr. Yay (as his good friends call him) would rather take a much-needed break and visit places (like India, Russia and Brazil) where he can learn new things for his next “mission.” No place in government
Incoming president Rodrigo “Rody” Duterte is enjoying unprecedented political goodwill from the people. Proof of that is the huge voter turnout during the recent election and his more than six million lead over his closest opponent in the presidential race.
This political goodwill wields such great power for the new Duterte government to effect meaningful change that the people who supported him in the last election and the rest of the nation will likely rally behind it.
But duplicating his success in Davao in the rest of the country is no small feat. It is a daunting task, even for a man like Duterte. He needs a good team to bring about the change that he promised to the Filipino people – a society free of crime and drugs and corruption.
While we understand that he wants certain people who are close to him to work in his government, it is important that his appointments be based on merit and that these not be a form of reward to those loyal to him. We just came from six years of presidency where the standard for appointment to government is KKK and the appointees where either “kaklase (classmates), kabarilan (shooting buddy), or kaibigan (friend). That is why we had a Cabinet that some people compared to a student council.
Duterte must not commit the same mistake so as not to disappoint the people who have pinned their hopes on him.
A number of people have been mentioned as likely to occupy key positions in the Duterte government. These include lawyer Salvador “Bimbo” Medialdea who will be named Executive Secretary, DPWH Secretary Rogelio Singson who will likely retain his post, Jesus Dureza as presidential adviser for the peace process, Arthur Tugade, Perfecto Yasay, Duterte’s executive assistant Bong Go, the chief of the Davao police who most probably will become PNP chief, Carlos “Sonny” Dominguez, former AFP Chief Gen. Hermogenes Esperon, to name a few.
However, there is one name that has raised not a few eyebrows. Salvador “Sal” Panelo, Duterte’s lawyer in the BPI bank account issue, reportedly is eyeing appointment either as palace spokesperson or a member of the cabinet.
Panelo was said to be a left-leaning student activist. In 1986, he was among the die-hard loyalists who supported the late dictator Ferdinand Marcos. In 1992, Panelo ran under the Imelda Marcos ticket as a Kilusang Bagong Lipunan (KBL) candidate for senator and lost.
He is also a lawyer for high profile clients such as convicted Calauan Mayor Antonio Sanchez and Andal Ampatuan Sr.
Some observers say Panelo’s loyalty is questionable at best and that he is a political mercenary. They add Panelo has a tendency to drop clients after the cases become difficult or lose their media novelty.
We don’t really know Panelo from Adam, so we do not know if these reports are true or not. Let us hope, however, that Duterte expands the coverage of his executive search instead of limiting it to Davaoenos or people he has worked with.
Enough of rehashes and has beens. He might also want to take a look at career executives in government, those who have spent the best years of their lives doing public service and who are not there for money or glory.
Duterte has only one shot at making a difference in the lives of Filipinos so he better improve his aim by creating a team that is beyond reproach, both in their professional and personal lives, people who are capable of helping him deliver on his promise.