Flor G. Tarriela l August 6, 2024 l Manila Bulletin
“SKR passed away; please come at Bancom‘s celebration of SKR’s life,” the text of Nenette Zapanta Lee, Bancom’s former Corporate Affairs and Communications officer. So, who is SKR?
Sixto K. Roxas, or SKR, was a brilliant economist, a trailblazer, and the founder of Bancom Development Corporation. The first and the premier investment bank in the country, which started in mid 60’s to early 80’s. Bancom played a significant role in developing Treasury Bills, the money market, and the underwriting of securities. SKR was the visionary architect with his young team behind these achievements. He saw an opportunity in the gap , when banks then offered a high rate for overdraft funding for those needing the money while the central bank didn’t pay any interest for banks with excess funds. The “Bancom bill“ was born, attractive to both lenders and borrowers.
Bancom was a “magnet” for talent. Young Filipinos graduating in the ’60s to ‘70s from local and foreign universities were attracted to Bancom, an innovative, pioneering company, versus the alternative of the “conventional“ financial institutions. SKR said Bancom was like a “post graduate university”, a “University of Experience.”
SKR’s obsession is development, and he called himself a “sustainable development practitioner.” He was passionate about eliminating involuntary poverty. He joined labor groups and organized labor unions but later realized the “social ills were greater than the individual ills.” Poverty is the root cause. For every 150 employed, there are thousands more unemployed.
At the wake, Bancom alumnus Tirso Santillan, former Alsons Power Group CEO, paid tribute to SKR’s development mindset, which drove Bancom to extend its reach beyond investment banking. SKR envisioned integrating the financial markets with the real operating economy. The organization ventured into direct lending through a finance company to cater to small and medium-sized enterprises; to develop the countryside by making available agricultural equipment and the provision of related equipment finance; also into lending to provincial and rural utilities; and into real estate development for mass housing. Among other initiatives were Bancom Insurance, foreign currency trading, Bancom Audiovision, and Union Savings and Mortgage Bank, which played a crucial role in transforming Bancom into Union Bank of the Philippines. All these were part of SKR’s grand vision to contribute to the country’s growth and development.
This also led to adopting an innovative matrix organization to implement this plan. The idea is to provide beneficial services to society while maintaining profitability, similar to today’s social entrepreneurship, inclusiveness, and sustainability. Dusit President Evelyn Singson and Financial Adviser Josue Camba talked of this “integrated area development,” which Josue said no one really understood at that time except SKR himself. Evelyn said it is the new developments /buzzwords and what we are trying to achieve now. Truly, SKR was way ahead of his time.
Among the alumni present and speaking at SKR’s wake, aside from Tirso, were Eduardo Yotoko, who reminisced on SKR’s humanity, former Security Bank President Rafael Simpao, former Metro Pacific CEO Ricardo Pascua, and Josue.
The “Bancomites”, known movers and shakers, almost a who’s who: Manny Pangilinan, Jose Pardo, Ramon Del Rosario, Luis Villafuerte, Rolly Gapud, Philip Ang, Mandy Eduque, Francisco del Rosario, Francis Estrada, Francisco Licuanan, Dicky Gonzalez, Fernando Balatbat, Joey Bermudez, Art Aguilar, Mel Alonzo, Cynthia Picazo, Violet Luym, Susan Figueras, Lito Manahan, Noel and Ernest Escaler, Ramon Ilusorio, and former PNB Chairman Paquito Dizon, etc. Incidentally SKR worked in PNB Research as an Economist. When I was Chairman of the PNB Board, he generously donated the first handwritten board minutes of PNB. Thank you, SKR!
“SKR’s life and legacy, his expansive vision, and dedication to development have left an indelible mark on all of us. Let us continue to nurture and uphold the values and principles he championed throughout his remarkable journey,“ concluded Tirso, echoed by the Bancomites.
“I am the VINE; you are the branches. Apart from me, you do nothing.” At his 86th birthday celebration and the book launch of “Bancom Memoirs,” SKR humbly stated his feeling of inadequacy and that this Bible verse taught him the greatest lesson in his life ‘s journey . Without God, we are like a branch detached from the Source, the VINE. Farewell dear SKR, you are now well connected to the Vine and in a better place.
Ms. Tarriela is a Bancom alumna, former Chairman of PNB, formerly Undersecretary of Finance, and the first Filipina Vice President of Citibank N.A. She is currently a Director of LTG, Nickel Asia, Finex, and the Philippine Bible Society. She founded Flors Garden in Antipolo, an events destination in Antipolo.
The views and opinions expressed above are those of the author and do not necessarily represent the views of FINEX. Photo from Google and ateneo.edu