UnionBank Corporate Communications | Jul 1, 2017
We all know that the backbone of any economy is (really) family businesses . . . the bulk of any economic development issues can be solved if family businesses can thrive and prosper from one generation to the next.
-Justo A. Ortiz, Chairman and CEO, UnionBank
Union Bank of the Philippines (UnionBank) recently partnered with the Ateneo de Manila University, through its Family Business Development Center (FBDC), to search for the best Filipino family business that has performed well in business by nurturing harmony in the family, using best practices in professionalizing their family businesses, and making significant contributions to the society.
Sealed by a Memorandum of Understanding, the two institutions aim to implement a program that recognizes and awards family businesses in the Philippines. The two parties will form a Criteria Committee that will provide the methodology for selecting the candidates, entry classification, winner selection, and other concerns related to the program.
UnionBank, through its Chairman and CEO Dr. Justo A. Ortiz, recognizes the significance of providing guidance to family businesses.
“While families are very adept at passing on wealth, they don’t seem to be as adept in passing on businesses to second, third, or fourth generations. We all know that the backbone of any economy is (really) family businesses. Some of them go on to become big businesses with institutional shareholders, but still, the bulk of any economic development issues can be solved if family businesses can thrive and prosper from one generation to the next,” Ortiz said in his speech.
The Bank’s strategic partnership with Switzerland’s 220-year-old bank, Lombard Odier, upholds this family advocacy as it provides holistic investment and wealth management solutions for family corporations. As a leading global wealth and asset manager, the Bank’s ultra-high net worth clients are assured of gaining access to a full suite of family services, including customized (or “bespoke”) succession and estate planning. These services further strengthen inter-generational transfer, not only of wealth, but more significantly, of core family values.
The Ateneo FBDC aims to be the premier learning resource for family businesses in the Association of Southeast Asian Nations (ASEAN) region. Since 2008, the center has been helping family businesses manage family dynamics while achieving long-term business goals. Clients range from small to very large family businesses in different industries, with various cultures and religions. Mostly run by the first generation and on the verge of succession, these family businesses are built by self-made entrepreneurs.