Remembering EBE

A loving husband to Lydia, his wife of 66 years, father to four children – Stephanie, John, Alan and Arbel (deceased), a grandfather to 11 grandchildren, and even a great-grandfather to five grandkids, Edgardo Espiritu, or EBE, peacefully passed away last April 28 in Bradbury, California, just 40 days short of what would have been his 90th birthday on June 7.

EBE, as he was known by his co-workers and journalists who covered him in the banking sector – irst as president of the Ty family-owned Metropolitan Bank & Trust Co., then later on as president of the then government-owned Philippine National Bank, and subsequently Westmont Bank – was a well-respected and well-loved boss by those who worked under him.

Three of his most trusted co-workers and officials who worked with him in PNB and Westmont were Florido “Doy” Casuela, who just recently retired from the now Tan-owned PNB, former PNB chairman Federico “Ding” Pascual, and Fely del Rosario, who was the senior vice president for marketing and communications for PNB during the term of Espiritu.

According to Doy Casuela, “The late Edgardo B. Espiritu (EBE) was my direct boss in Metrobank, National Power Corp., PNB, Westmont Bank (now United Overseas Bank), and Land Bank of the Philippines. On a personal basis, he was my wedding ninong. He was my role model—very decisive in decision-making. He was approachable. He listened and provided advice. He led by example. He wanted fast solutions for problems at hand. He was very passionate and dedicated at work.”

According to Doy, “I will describe his leadership by quoting Simon Sinek, an author and motivational speaker: ‘Leadership is not about being in charge; it is about taking care of those in your charge. When we take care of our people, our people take care of our business.’”

For Ding Pascual, “We addressed him at PNB as EBE. When EBE took charge of PNB during the Cory administration, PNB, like the government, was technically bankrupt. PNB used to be the biggest universal bank in the country, holding one-third of the assets of the entire Philippine banking system.

“Because PNB was too big to fail, it had to be rehabilitated, but with new blood and new leadership. In came EBE, fresh from the presidency of Metrobank. He came with bold ideas on how to make PNB great again. One of his first moves was to meet senior executives every working day at 8 a.m. in the PNB war room to preside and discuss activities of the prior day as well as the current day’s expectations in loan releases, foreign exchange rates and remittance volume.

“With EBE at the helm, and with the full support of PHILNABANKERS, his relentless efforts to make PNB great again gained traction, and in just two years, PNB was resurrected and was once again top-ranked among the country’s universal banks.

“When then president Cory was in need of funds to augment the government coffers, EBE volunteered and implemented the successful partial privatization of PNB, raising billions of pesos to support government operations.

“When the University of the Philippines was in need of an auditorium to house the activities of the UP Alumni, EBE, then president of the alumni association, again relentlessly pursued private-sector alumni of UP to contribute toward the birth of the Bahay ng Alumni.

“EBE was a man of action, tireless and relentless in the pursuit of his goals and ideas. To his friends and colleagues, he is a perfect example of ‘a man for others.’ His memory will last long.”

To Fely del Rosario, who worked with EBE first in PNB and later in Westmont Bank, EBE was her mentor, whom she describes as “firm and principled.” According to Fely, “I’ve been lucky throughout my professional life to have had good bosses and mentors, and Mr. Espiritu—or EBE, as we always referred to him—was one of them. From the moment we met him, he was gracious, always proper, and always considerate. He never micromanaged, but allowed his staff to complete the job the best way we knew how. And he always inspired us to do our best—to step up and work even harder to measure up to his standards.”

She recalls, “Although he was a man of few words, he always made us feel appreciated and affirmed. He was the kind of man who treated everyone with respect, whatever position they held at the bank. I hardly ever remember him losing his temper, and the few times he did, he never raised his voice. He was the epitome of a true leader—one who led with inspiration, never fear.”

Fely also has fond memories of EBE and his beloved wife, Lydia. According to Fely, “He and Mrs. Espiritu were never demanding. Everyone who knew them well knew they kept a simple lifestyle, fending for themselves in their condo without household help. They ate meals with their driver and bodyguard and treated them as members of their family. They were so close that whenever they were together, they were always holding hands, even sitting very near each other in the backseat of their car. I remember one time riding with them in the backseat and noticing that where I sat, the cushion was noticeably plumper. That was because no one ever sat on that side of the car.”

She adds, “I will always remember Mr. Espiritu for his kindness and for showing us a brand of leadership that was simple but firm and principled. He had a way of making someone want to do his or her best at whatever task he assigned to them. I think that’s why my staff and I felt that the years we spent with him were some of the most fulfilling and fun years of our careers. We thank him for the lessons learned and the experiences cherished.”

Beyond his banking career, EBE served the Philippine government for a brief two years—from 1998 to 1999—as Secretary of Finance under the term of deposed former president Joseph Estrada.

In 2003, EBE was convinced by former president Gloria Macapagal-Arroyo to serve the country again as the Philippine envoy to the United Kingdom, a post he held until 2009.