Manuel V. Pangilinan, the long-serving chairman and CEO of Metro Pacific Investments Corp. (MPIC) and PLDT Inc., has confirmed that both companies are facing significant succession issues as he approaches the twilight of his career. Speaking at the Management Association of the Philippines’ General Membership Meeting, Pangilinan, who will turn 79 in July, acknowledged the need for a leadership transition but revealed that previous efforts to establish a successor had not gained the necessary traction.
“Yes, well, I’m 78 and approaching the twilight of my career,” Pangilinan candidly remarked when asked about succession plans at MPIC and PLDT. “I’d like to deny it, but it is true.” Despite stepping into the spotlight in the late 1990s when First Pacific Co. Ltd. acquired PLDT, Pangilinan has struggled to implement a stable leadership transition at both companies, with earlier candidates either resigning or being reassigned within the conglomerate.
Pangilinan’s tenure at MPIC, which oversees assets in tollways, hospitals, and water utilities, as well as his continued role at PLDT, remains pivotal. His leadership has helped shape the companies into dominant players in the Philippine market, though questions about long-term continuity have emerged as he nears retirement age.
“The succession issue has been raised many times over the years, and it’s something I really have to think about, not only for the group as a whole, but also for each of the individual companies,” Pangilinan said, emphasizing the complexity of the transition process.
In addition to his roles at MPIC and PLDT, Pangilinan serves as managing director and CEO of First Pacific, the Hong Kong-based investment firm he co-founded with Indonesian tycoon Anthoni Salim. The company has a wide-reaching portfolio across the Asia-Pacific region, further highlighting Pangilinan’s deep involvement in corporate governance at the regional level.
Reflecting on his career, Pangilinan recounted his unexpected 22-year tenure in Hong Kong, where he initially planned to stay for only five years. “When I saw the opportunity to invest in PLDT, I felt an obligation to manage that investment for the group and make it successful,” he said, noting that his return to the Philippines was both a professional and personal milestone.
As MPIC and PLDT navigate the challenges of leadership succession, the corporate world will be watching closely to see how Pangilinan’s eventual transition unfolds, particularly given the scale and complexity of the businesses he has built over the past several decades.
