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Manila Bulletin devider Business devider PHINMA names Del Rosario as new chair

PHINMA names Del Rosario as new chair

Published Oct 27, 2022 03:30 pm

PHINMA Corporation announced leadership changes in the company with Oscar J. Hilado stepping down as Chairman of the Board with Ramon R. del Rosario Jr. taking over the helm.

In a disclosure to the Philippine Stock Exchange, PHINMA said Hilado, who has led the company as chairman since 2003, will stay as the company’s chairman emeritus.

PHINMA Chairman Emeritus Oscar Hilado

Del Rosario, previously the company’s President and Chief Executive Officer, is now the Chairman and CEO of PHINMA Corp. Replacing del Rosario as president is Dr. Chito B. Salazar, who will concurrently serve as chief operating officer and head of education.

“I have full confidence in Ramon and Chito that they will lead PHINMA towards the realization of our goal of making the essentials to a dignified life more accessible to more families,” said Hilado.

He noted that, “PHINMA has weathered many crises in its 66 years of existence, and it has always come out stronger and wiser. I am sure this time will be no different.”

PHINMA Chairman Ramon R. del Rosario Jr.

“PHINMA has always aimed to find the gaps in our society–here in the Philippines and elsewhere–where we can help,” del Rosario said.

He added that, “The current landscape has given us the opportunity to spot these gaps more quickly and has obliged us to respond more quickly as well. We pursue our mission of ‘making lives better’ with ever-growing fervor.”

PHINMA President Chito B. Salazar

“PHINMA banks on its 66 years of mission-driven businesses in treading new terrain and facing new challenges. We draw from experience as we answer the call to make business a force for doing good,” said Salazar.

In 2021, PHINMA boasted a 259-percent year-on-year increase in income, having attained P16.04 billion in consolidated revenues and P1.8 billion in consolidated net income.

PHINMA Education earned consolidated revenues of P3.69 billion, a 76 percent increase year-on-year driven by a 33-percent increase in enrollment to 95,503 students for school year 2021-2022.

PHINMA’s Construction Materials Group (CMG), consisting of Union Galvasteel Corporation (UGC), Philcement Corporation, and PHINMA Solar Energy Corporation, closed 2021 with P12.14 billion in consolidated revenue, representing a 20-percent increase year-on-year.

PHINMA Properties reported a 26-percent year-on-year growth in consolidated revenue to P2.4 billion as well.

PHINMA continued its strong top line growth in the first half of 2022 with a 10-percent increase over the same period in 2021.

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