Eusebio H. Tanco

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Eusebio H. Tanco is a stock broker, investment banker, property developer and educator. His business experience covers financial services, manufacturing, transportation and logistics, energy, property development and ICT-enabled education and services. He is the concurrent Chairman of the Systems Technologies Institute (STI) and a Director of the Philippine Stock Exchange (PSE). He is the son of a self-made textile tycoon.

Contents

Education

Eusebio Tanco finished A.B. Economics at the Ateneo de Manila University (ADMU) and later on earned his masters degree in Economics at the London School of Economics and Political Science.

Professional biography

Tanco has an extensive corporate experience. His business interests cover financial services, manufacturing, transportation and logistics, energy, property development and ICT-enabled education and services.

Financial services

For his financial service businesses, Tanco is the President of Philippine First (Phil First) Insurance Company and local stock brokerage firm Venture Securities, Inc. In 2009, when the local subsidiary of the American International Group (AIG), Philippine American Life Insurance and General Insurance Company (Philam Life) were divesting its non-core businesses, Tanco’s Phil First and Systems Technology Institute (STI) acquired the Philam Plans and Philam Care through a share sale agreement. The amount of the deal was not disclosed but Philam Plans Vice Chairman Jose Cuisia cited the “strong synergies between provider of educational plans and the provider of education services.”

He also owns the stock brokerage Venture Securities, Inc. of which he is the President. He also sits as Director College Assurance Plans (CAP) and Bank of Commerce (BOC).

Energy

For the energy business, Tanco’s investments include a four percent stake in Manila Electric Company (Meralco) and 3.12 percent stake in the publicly-listed Energy Development Corporation (EDC).

In 2010, the First Gen Corporation owned by the Lopezes, executed a call option agreement with Tanco’s Philplans First, Inc., Rescom Developers, Inc., Philhealthcare, Inc. and STI. The call option agreement allows First Gen the right but not the obligation to buy the group’s stake in EDC. Should they exercise the right, the agreed price was P5.67 per share for the first year, P6.19 for the second, and P6.76 per share for the third. The total investments are worth P2.92 billion.

In 2011, Tanco revealed that it is also willing to divest its interest in Meralco “if the price is right”. PhilPlans, Inc. holds four percent stake in Meralco which is valued at P10.01 billion at the time of the announcement.

Tanco has also acquired the Tiwi-Mikiling-Banahaw geothermal power plan from the National Power Corporation.

IT Education

Eusebio is the Chairman of the IT-premier school, STI. To date, it operates 74 tertiary campuses, 10 pre-schools, two grade schools and one high school with over a 64,000 student population.

In 2002, STI acquired the majority shareholding of the De Los Santos College for an undisclosed amount. The joint venture was STI’s first in a hospital. De Los Santos College was subsequently renamed DLS-STI College of Health Profession. The DLS-STI Medical Center would act as the base for other feeder hospitals. All acquired hospitals will be renamed under the STI-DLS brand.

In 2008, STI had plans to go public and list its shares in the Philippine Stock Exchange (PSE) but deferred its Initial Public Offering (IPO) due to the Global Financial Crisis.

Property Development and Real Estate

Tanco’s property development is handled by First Optima Realty Corporation, Rescom Developers, Inc., which he serves as President; and Agatha Builders Corporation and International Hardwood and Veneer Corporation, which he serves as Chairman.

Other investments

In 2002, Tanco founded the recruitment firm Global Resource for Outsourced Workers (GROW), Inc. which became a leader in recruitment of Filipino professionals. In 2010, Tanco’s Capital Managers and Advisors, Inc. acquired the publicly-listed race track operator JTH Davies Holdings for P153.75 million. After the acquisition, Tanco considered the possibility of putting the STI and its mining company Geogen Corporation, under JTH. Geogen Corporation teamed up with publicly-listed Geograce Resources Philippines, Inc. to extract nickel in Isabela Province.

Other designations

Tanco has been a Director of the publicyly-listed port operator Asian Terminal, Inc. since 1993 and became its Vice Chairman in 2001 and is also the company’s President. He also sits as Director of Manila Bay Spinning Mills, Inc. and United Coconut Chem Incorporated. He has been a Director of the PSE since 2007 and is also a member of the PSE’s building committee.

Affiliations

Tanco is a member of the Philippines-UAP Business Council, Philippines-Thailand Business Council, and the Philippine Chamber of Commerce and Industry.

References

Citation

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