Raking it in after retirement: Ex-BSP Gov Tetangco takes over as chairman of BDO’s biggest stockholder

The country’s longest-tenured central bank chief is taking over as chairman of the company which owns the biggest local bank.

SM Investments (SM) of the Sy family announced on June 16 the appointment of retired Bangko Sentral ng Pilipinas Governor Amando M.Tetangco Jr. as its new chairman and independent director.

The 70-year old Tetangco will replace Jose Sio who has retired after 18 years as chairman. The former SGV senior part has been named chairman emeritus.

Aside from being a chairman, Tetangco will also serve as a member of the board’s committees on audit, risk management and related party transactions.

SM owns 40.74 percent of BDO which rose to become the country’s biggest bank in 2008 after the bank swallowed Equitable PCIBank in a merger in 2007. BDO ranked only No. 7 to Equitable-PCIBank’s No.4 in 2006.

Previously, the bragging rights for the country’s biggest bank was a two-way battle between Metropolitan Bank and Trust Co. of the Ty family and Bank of the Philippine Islands of the Ayalas.

Tetangco was BSP Governor for two terms from 2005 to 2017.

Tetangco has had a lucrative post-retirement as a director of some of the biggest corporations in the country.

SM will be his third directorship in the group after SM Prime Holdings (SMPH) and Belle. Tetangco received the biggest compensation among SMPH’s board directors in 2022 with P6 million. Sio earned P5.4 million in compensation as SM chairman last year.

Tetangco also sits on the board of Converge ICT Solutions, Pilipinas Shell Petroleum, Manila Hotel, Toyota Motor Philippines and CIBI Information.

He is also a trustee in St. Luke’s Medical Center, Tan Yan Kee Foundation of ultra bilyonaryo Lucio Tan, and Foundation for Liberty and Property of former Chief Justice Artemio Panganiban.

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