AEV remains dynamic

My early coverage of the Aboitiz Group was in the early 1980s as a trade/energy reporter.

- MARIANNE GO

At that time, the Aboitiz family's core business was in shipping through the Aboitiz Shipping Co. and power in the Visayas region through the Visayan Electric Company (VECO) and in Mindanao through the Davao Light and Power Co. I, thus, had the opportunity to visit Cebu and Davao to see the group's various power projects at that time.

The Aboitiz Group was still based in Cebu, and in the Philippine business sector, was considered to be the provincial counterpart of the powerful Manila-based Ayala Group, the Sorianos who then owned San Miguel Corp. and the Cojuangco family who then controlled the PLDT monopoly.

When I was subsequently assigned to the banking beat, the Aboitiz Group had started to venture into financial services and was a member of the consortium that included the government's Social Security System (SSS) and Insular Life, which took over Union Bank Savings Bank. UnionBank eventually got its license to operate as a commercial bank in 1982, and became a universal bank by 1992.

My next coverage of the Aboitiz Group was when I was moved to the agriculture and environment beat and I again had the opportunity to visit and observe the flour operations of Pilmico Foods Corp., which is now part of Aboitiz Foods. Pilmico has since expanded into animal nutrition and has ventured into Vietnam and eyes a possible expansion to Malaysia.

Jon Ramon Aboitiz was then the president and CEO of Aboitiz & Co. from 1991 to 2008 and concurrent president of Aboitiz Equity Ventures from 1994 to 2008, which is now the holding company of the family's core business that includes power, food, financial services real estate and infrastructure.