Former Bangko Sentral ng Pilipinas Governor Amando M. Tetangco has been elected as Independent Director and Chairman of the Board of SM Investments Corporation following the retirement of 33-year SM veteran Jose T. Sio.
In a disclosure to the Philippine Stock Exchange, SMIC said its Board of Directors has accepted the retirement of Sio as Chairman and Director and designated him as Chairman Emeritus as of June 16, 2023.
Sio, 83, has served SMIC for 33 years, having started his career in the firm as the Chief Finance Officer in 1990 and steered the company towards its listing as the biggest initial public offering at the Philippine Stock Exchange of its time.
He was appointed as Chairman of the Board of SM Investments Corporation in 2017.
Sio has over six decades of experience as a certified public accountant. Prior to joining SM, he was a former Senior Partner of SyCip Gorres Velayo & Co. (SGV).
As CFO of SM, he was voted CFO of the Year in 2009 by the Financial Executives of the Philippines and also awarded as Best CFO (Philippines) in various years by several Hong Kong-based publications.
In 2022, he received the Parangal San Mateo Award, the highest award bestowed to a CPA from the Philippine Institute of Certified Public Accountants (PICPA) Foundation, Inc.
Early this year, he was honored by the Professional Regulatory Board of Accountancy with the Accountancy Centenary Award of Excellence.
Sio obtained his Bachelor of Science in Commerce Major in Accounting from University of San Agustin, Iloilo City. He completed his Master of Business Administration Major in Corporate Finance and Management in New York University, New York, USA.
Tetangco, 70, was a career central banker for over four decades and served as the Governor of the BSP and Chairman of the Monetary Board for two consecutive terms (July 2005 – July 2017).
As Governor, he held other government positions, such as Chairman of the Anti-Money Laundering Council, the Financial Stability Coordination Council and the Philippine International Convention Center.
Overseas, he served as Alternate Executive Director of the International Monetary Fund in 1992 – 1994.
He also chaired various international groups such as the Bank for International Settlements Asian Consultative Council, Financial Stability Board Regional Consultative Group for Asia and the Alliance for Financial Inclusion Steering Committee.
Prior to joining the Central Bank in 1974, he worked at the Management Services Division of SGV and Co. in 1973 -1974.
Tetangco is also Vice Chairman of SM Prime Holdings, Inc., and is currently, an independent director of Belle Corporation, Converge ICT Solutions, Inc. and Shell Pilipinas Corporation.
He also sits on the board of Toyota Motor Corporation, CIBI Information, Inc. and The Manila Hotel. He is a Trustee of the St. Luke’s Medical Center, Tan Yan Kee Foundation, Inc., and Foundation for Liberty and Prosperity.
Tetangco is also a member of the international advisory board of the Graduate Institute for Policy Studies in Tokyo, Japan and the Asia School of Business in Kuala Lumpur, Malaysia.
He is the recipient of various awards, among which are the Order of Lakandula with the rank of Bayani conferred by the President of the Philippines in 2009 and the Order of the Rising Sun, Gold and Silver Star given by the Emperor of Japan in 2019.
He also received multiple recognition from a number of international organizations as one of the world’s best central bank governors and was chosen as MAP Management Man of the Year in 2015.
Tetangco graduated from the Ateneo de Manila University with an AB Economics degree and obtained his Master’s in Public Policy and Administration (Development Economics) from the University of Wisconsin-Madison, USA.
He attended various training programs at different institutions including the Harvard Business School and the New York Institute of Finance.
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The article was originally published in Manila Bulletin and written by James A. Loyola
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