Beyond the balance sheet
MANILA, Philippines — 'A company should never be defined solely by its revenues, profits, or balance sheet. At the heart of every successful organization are its people.'
For more than 30 years, Ramoncito S. Fernandez has worked alongside Manny V. Pangilinan, serving in key leadership roles across the MVP Group before taking the helm of Maynilad Water Services.
Looking back, Fernandez says the most enduring lesson he learned from his mentor had little to do with financial performance.
"The most valuable lesson I have learned from MVP is that a company should never be defined solely by its revenues, profits, or balance sheet," he says.
"At he heart of every successful organization are its people."
That lesson became clear early in his career when Pangilinan faced a difficult business decision involving one of the Group's companies.
Fernandez remembers how Pangilinan deliberately avoided visiting the plant beforehand because he knew meeting the employees would make an already difficult decision even more personal.
"That stayed with me because it showed that, for him, a company is not simply a collection of assets," Fernandez recalls. "It is a community of people whose lives are affected by the decisions we make."
It is a philosophy that has shaped Fernandez's own leadership at every organization he has led.
One assignment, in particular, tested that philosophy.
During Smart's push to become the country's leading mobile operator, Fernandez was tasked with leading the supply chain and finding ways to make mobile phones and SIM cards significantly more affordable.
"It was a demanding target because it required us to rethink our sourcing strategy, challenge established assumptions, and find efficiencies across the supply chain," he says.
The team ultimately achieved its objective.
"That experience taught me that an ambitious vision becomes achievable when it is translated into clear operational challenges and people are trusted to find solutions."
Fernandez believes Pangilinan looks for three qualities when developing leaders: integrity, humility, and passion.
For Pangilinan, he says, integrity extends beyond financial stewardship. It means presenting facts honestly, confronting problems early and practicing sound governance.
Humility means remaining open to better ideas, while passion reflects genuine ownership of the work entrusted to every leader.
Rather than dictating solutions, Pangilinan encourages executives to think more deeply.
"When you bring him a challenge, he asks questions that make you examine the issue from different angles," Fernandez says. "Have you considered this option? Are you relying too heavily on one solution? Have the assumptions changed?"
Those conversations, he says, have made him a more disciplined and confident decision-maker.
Even during difficult times, Fernandez has admired Pangilinan's composure.
"He remains calm and composed," he says. "Rather than dwelling on blame, he focuses on understanding the situation and determining what must be done."
Beyond the boardroom, however, it is Pangilinan's thoughtfulness that has left the deepest impression.
Fernandez recalls how Pangilinan would occasionally send flowers to his wife, Cecile, on Valentine's Day — a gesture his family never forgot.
"It may seem like a small thing," he says, "but it reflected his thoughtfulness and his awareness that behind every executive is a family whose support makes it possible for us to carry our responsibilities."
Those moments have shaped Fernandez's view of the man behind the business leader.
"Over the years," he says, "I have come to regard him not only as a mentor, but also as a second father."
As Pangilinan marks his 80th birthday, Fernandez hopes the leaders he has mentored will continue carrying forward the values he instilled in them.
"You have shaped not only my career, but also the kind of leader I continue to strive to become," he says.
"Your influence extends across generations of executives and, through the organizations you have built, to millions of Filipinos."
