Still bankable at 89

Octogenarian still actively runs and oversees his family's businesses after spending seven decades in banking

“Three decades ago, I was told to retire and forget about working, so I went to the US again. But I got offers from other banks.”

MOST executives who have worked all their lives look forward to retirement so they could enjoy the fruits of their labor and simply go on a much-deserved R&R (rest and recreation) away from the humdrum of the corporate grind.

Not 89-year-old banker Enrique “Toti” Herbosa, who still actively runs and oversees his family's businesses after spending seven decades in banking.

“I've been in banking all my life,” said Herbosa, chairman emeritus of Amalgamated Development Corp. “So many banks.”

“I remember, in my college days, we had a savings bank project, and we had to put up a 'bank' in the school library, staffed with a teller, a bookkeeper and an auditor,” recalled Herbosa.

“That started me to get into banking. My father (Estanislao) also wanted one of us to get into banking as early as that time.”

Herbosa took up Banking and Finance, minor in Accounting at San Beda College, where he studied since high school.

After college, Herbosa went to the United States where he was fortunately accepted at Stanford University in California where he took up Master of Business Administration and graduated in 1958.

“I left the Philippines after I worked for nearly two years at Equitable Bank which later merged with PCI Bank. That was owned by the Go family.”

Herbosa was in Stanford for two years after which he got his “MD (marriage degree)” in 1959. He married his girlfriend, Pacita.

“We tied the knot in San Francisco,” Herbosa disclosed. “I was allowed to work in the US after I graduated. Under the rules [of Stanford University], I was allowed 18 months of managerial training. I completed that.

“But my first wife (Pacita) was on the family way and she didn't want to deliver in the US, unlike others who were the opposite to give their children an option.”

Herbosa came home with his wife to give birth in the Philippines to their firstborn Antonio in Christmas of 1959.

Herbosa retired in 1993 as president of United Coconut Planters Bank (UCPB), also known as Cocobank, which recently merged with the Land Bank of the Philippines.

“Three decades ago, I was told to retire and forget about working, so I went to the US again. But I got offers from other banks.”

“Ramon Sy was the chairman of CocoBank, and I was the president. Then, Ramon put up the International Exchange Bank. We were both on the Board. It was taken over by the Aboitiz group that put up Union Bank.”

Herbosa had another directorship offer from Asia Trust Bank until it was sold to Asia and United Bank.

When he returned from the US in 1959, Herbosa accepted a job at the first Philippine Bank of Commerce that was owned by the Cojuangcos (Danding and Ramon).

“The guys had a split from their uncle and later took over the bank from Jose Cojuangco. I left the bank, and we put up First United Bank, which was later acquired by Danding, who changed it to United Coconut Planters Bank during Martial Law.”

Herbosa left UCPB and retired from the corporate world.

“I was more sympathetic to the displaced Cojuangco family — Jose Cojuangco, Pete and Peping,” Herbosa granted. “So when Danding took over First United Bank and renamed it Cocobank, I left after a year.”

Herbosa was late recruited by SGV (Sycip, Gorres and Velayo) to become deputy manager of an offshore French bank, Banque de Indochine, which was later acquired by another bank and was later known as Banque Indosuez.

“That was my first taste of French banking,” Herbosa proudly said. “I was taking in customers for a deposit. Before, there were just head offices, so we started putting up branches in developed areas.”

In the 1980s, Herbosa had to study the growth rate of certain areas.

“At Philippine National Bank, we had 24 branches at the same time,” he said.

“As president of UCPB, our bank was sequestered by the PCGG (Presidential Commission on Good Government) at the time of President Corazon “Cory” Aquino.

“We had a problem because there was a bank run. Half of the deposits were gone, from P9 billion to just barely P4.5 billion. We were tagged as a “crony” bank and depositors pulled out. That was some hard work.

“We had to convince people to come back. Fortunately, we came up with a TV program, 'Mucho Dinero,' a weekly show every Sunday on ABS-CBN, hosted by Danny Javier, Jim Paredes and Buboy Garrovillo.

“Before that, we had some promotional activities to attract people to come back. We extended credit to businessmen. We came from a small bank concentrating on coconut, we were able to expand our portfolio, and we became one of the five biggest banks in the late 80s to the start of the 90s.”

When President Fidel V. Ramos (FVR) took over in 1992, Herbosa was happy to turn over UCPB to a new administration.

“So I retired,” he shared. “I guess I was conscious about the saying, 'Quit while you're ahead,' so to speak.”

FVR was Herbosa's student at the University of the Philippines (UP) Manila in Masters in Industrial Management.

“I taught for ten years at UP Manila and taught an undergraduate course in commercial banking in UP Diliman,” Herbosa informed.

On the side, Herbosa has always been in the family business, a real estate company, Amalgamated Development Corp.

We put that as a business with family and friends,” he offered. “I still sign checks every week. I was president until last year. When I turned 88, I turned over the company to my eldest son, Tony.

“We put up our building in 1963. It was finished in 1965. It was one of the fresh buildings along Ayala Avenue then. Tony is now president. My daughter, Patricia, is president of the family business Encita (that combined his parents' names — Enrique and Pacita.

“I also have Bel-Air Star, and I'm chairman emeritus of ESL (Edilberto S. Lingad) Condominium Corp.”

Herbosa has three boys — Antonio, Enrique Jr., Edgardo and the only rose among the thorns, Patricia.

Herbosa, who is the younger of two children, earlier wanted to become a pilot. He had another brother and a sister who died in between.

“I was only 17 when I applied for military pilot training at the Philippine Air Force in Lipa, Batangas,” he recalled. “I took the test, but I failed to get my parents' approval. That was a requirement, parental consent.”

They are children from his father's second marriage. He has two half-sisters and two half-brothers from the first marriage of his dad. “My half-brother is the father of Elaine's first husband, Poch. She's the eldest nephew of my half-brother, and I'm the youngest uncle.”

Her present partner is Elaine Ongpin Herbosa, whom he reconnected with in 2019.

“We have known each other since Liberation in 1945,” Herbosa smiled. “I used to visit and get her ensaymada every Christmas. I also sent her a gift. I sent her a bottle of wine once, but I found out, she doesn't drink.”

Elaine became a widow in 2014, while Herbosa lost his wife in 2015.

“We sort of got together and started dating in January 2019,” Herbosa shared.

He used to stay in Bel-Air in Makati City, but later decided to move to Ayala Alabang to be closer to Elaine.

They went to Europe last April — Tuscany and Venice (Italy), Lucerne (Switzerland), Paris (France) — and traveled to New York in September. They were in Singapore during the Holy Week.

“I have more travel time to do now,” Herbosa said.

“On ordinary days, Elaine and I have dinner, watch Netflix together or play Scrabble. We do a lot of things together. We paint together.”

In Herbosa's younger years, the towering guy played a lot of sports — basketball, pelota and golf, his first love. Now, he spends time walking and hearing virtual Mass. He used to serve in their parish as a Eucharistic minister.

Quick questions

What is your biggest fear?

I used to fear tragic death, but I am not afraid of dying now. I welcome it.

What really makes you angry?

Hardly anything.

What motivates you to work hard?

Helping others, the lesser fortunate. I think that's my greatest worry. That I have not done enough.

What makes you laugh the most?

A good joke.

What would you do if you won the lotto?

I have not done much for others. I don't need anything for myself, so maybe, I can give the money away.

If you could share a meal with any individual living or dead, who would they be?

My mother, Fortunata. She died at the age of 79 after their Golden wedding in January 1977. She passed away in June of that year. She was born in 1898. My father was born in 1888. In a way, they were both my role models.

What was the last book you read?

Leo Tolstoy's “War and Peace.” I took a speed reading course (in Bel-Air, Makati) and it was called “Lazy Susan.” That was the book assigned to me. My retention was not bad.

What celebrity would you like to meet for a cup of coffee?

Clint Eastwood, my idol. I watched all his films, especially the Dirty Harry ones.

What is the most daring thing you have ever done?

I was into motorcycling before. We had a group called Midnight Riders.

What is the one thing you will never do again?

Going with thrill-seeking people. That did not make sense.