Loyalty pays: Henry Sy rewards Amando Tetangco with juicy board seat in Belle
Henry Sy-led leisure estate developer and gaming firm Belle Corp. has appointed former Bangko Sentral ng PIlipinas governor Amando Tetangco Jr. on its board as an independent director.
In a regulatory filing, Belle said Tetangco’s appointment was pursuant to the recommendation of the Corporate Governance Committee. Former Social Security System president and CEO Emilio De Quiros Jr. was also elected as non-executive director .
They will assume vacant positions in the board.
Tetangco – the third governor of the BSP, has served for two consecutive six-year terms from July 2005 until July 2017. Under his leadership, the BSP initiated bank regulatory reforms such as on risk management, capitalization increase, asset quality among others.
During his term, the Sy family’s BDO Unibank Inc. became the country’s largest lender, mainly through the acquisition of other banks and the opening of new branches. Among its major acquisitions were those of Equitable-PCI Bank and the Philippine subsidiary of United Overseas Bank in the mid-2000s.
Belle’s principal assets include land and buildings located at the Pagcor Entertainment City which are being leased on a long-term basis to Macau casino giant Melco Crown. Most of this property is the site of the City of Dreams Manila gaming and resort operations.
The company also owns significant real estate assets in and around Tagaytay City.