Top management executives are leaving Lucio Tan-owned Philippine Airlines, Inc. Amando Tetangco Jr. and Estelito Mendoza have tendered their respective resignations from the premier company.
Tetangco, the former governor of the Bangko Sentral ng Pilipinas of two terms, and recognized as one of the most efficient of central bankers around the world, is now leaving Philippine Airlines. Following him is Mendoza, a renowned lieutenant of the taipan. He’s also one of the Philippines’ finest legal minds, garnering several awards throughout his career.
Speaking with the Philippine Star, Mendoza said that his resignation was made weeks ago already, on November 20 to be exact. He, however, decided to keep mum about the precise reasons. Mendoza preferred to say it’s a long story to share. Tetangco himself has not divulged his reasons for leaving. Star tried to get a comment from his camp to no avail.
Both Tetangco and Mendoza were part of PAL’s Corporate Governance Committee, which Tetangco chaired in prior to this resignation. It is expected that both resignations will be officially accepted by PAL on the next board meeting even though the esteemed company is yet to make an official announcement or statement with regard to it.
Tetangco and Mendoza have built their careers steadily through the years before joining the PAL Board.
Tetangco served as the third governor of the BSP and was lauded for serving on the position for two consecutive years. He was at the helm between 2005 and 2017. In September 2016, Tetangco was awarded with an “A” grade by the New York-based Global Finance magazine, for his capacity as a central bank governor in managing the country’s economy. An Ateneo de Manila graduate of Economics, his achievements garnered him an outstanding alumnus recognition.
Conversely, Mendoza is also reputable for his legal prowess. A solicitor general back in the Marcos era, former president Ferdinand Marcos lauded him himself as a man who fought many of his battles at the Supreme Court using unmatched intelligence and tenacity. He was also recognized by his alma mater, the University of the Philippines as a Professional Awardee in Law.
The two are not the first key officials and consultants to leave the celebrated and colorful company. Before them, there were already Angelito Alvarez, Siegfred Mison, Datuk Bernard Francis, and Ismael Gozon.
Whether or not these movements signal anything bad within the company remains to be seen. Lucio Tan, Philippines’ sixth richest man, according to Forbes, took charge of the company way back n 1993 and was one of its driving forces towards expansion and success. Even though the 1997 Asian Financial Crisis affected its financials, nearly bringing it into the brink of bankruptcy, the Tan-lead company survived and thrived.
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