Jose Arnulfo A. Veloso, Chairman
Director and Chairman of the Board of Nat Re since July 2022. Mr. Veloso is the current President and General Manager of the Government Service Insurance System (GSIS).
Prior to GSIS, Mr. Veloso served as President and Chief Executive Officer (CEO) of the Philippine National Bank (PNB) and President of the Bankers Association of the Philippines. Under his leadership, PNB received various awards in banking and finance. He also served as Director of Philippine Dealing System Holdings Corp., Philippine Dealing and Exchange Corp., Philippine Securities Settlement Corp., BancNet, Inc., Allianz PNB Life Insurance, Inc., Philippine Payments Management, Inc., and ASEAN Bankers Association; Chairman of the Rafael B. Buenaventura Foundation; and a Member of the CIBI Foundation, Inc. and Management Association of the Philippines.
Mr. Veloso began his career as a Management Trainee and Supervisor at Urban Bank (1986-1988), after which he served in various positions at AsiaTrust, CitiBank, and PCI Bank. He served the longest at HSBC-Hong Kong and the Philippines, serving in various roles between 1994 and 2018 and culminating in the position of HSBC Philippines President and CEO (2012-2018). In 2018, HSBC Philippines was named by The Asset as 2018’s Best Global Bank in the country.
Mr. Veloso earned a Bachelor of Science in Management, De La Salle University (1982-1986).
Yvonne S. Yuchengco, Vice Chairman
Vice Chairperson since June 2019, Director of the Corporation since June 2006. Ms. Yuchengco is the Vice Chairperson of Malayan Insurance Company, Inc. She is also the President of MICO Equities, Inc., as well as the President of Alto Pacific Corporation. She is likewise the Chairperson and President of the Philippine Integrated Advertising Agency, Inc. She is currently the Chairperson of the RCBC Capital Corporation; Chairperson and President of Yuchengco Tower Office Condominium Corporation, Y Tower II Office Condominium Owners Asso. Inc.; Chairperson of XYZ Assets Corporation; Advisory Board Member of Rizal Commercial Banking Corporation; Director, Vice President and Treasurer of Pan Managers, Inc.; Treasurer and Director of Pan Malayan Management & Investment Corporation, Honda Cars Kalookan, Inc, Mona Lisa Development Corp., Malayan High School of Science, Inc. and Petroenergy Resources Corporation; Director of Pan Malayan Realty Corporation, Malayan International Insurance Corporation, Manila Memorial Park, Inc., La Funeraria Paz Sucat Inc., iPeople Inc., Seafront Resources Corporation, House of Investments, Inc., HYDee Management and Resource Corporation, Malayan Colleges, Inc. (operating under the name Mapua Institute of Technology, Luisita Industrial Park Corporation, Asia-Pac Reinsurance Co., Ltd., AY Holdings, Inc., Pan Malayan Express, Inc., Pan Pacific Computer, Inc., Shayamala Corporation, and YGC Corporate Services, Inc.; Trustee of AY Foundation, and Philippine Asia Assistance Foundation, Inc.; Trustee and Chairperson of the Malayan Plaza Condominium Owners Asso., Inc.; Trustee and Chairperson of Yuchengco Museum, Inc.; and Assistant Treasurer of Enrique T. Yuchengco Inc. She was also formerly President of the PIA/Phil-Asia Assistance Foundation, Inc. She graduated with a Bachelor of Arts degree from Ateneo de Manila University in 1977 and took up further studies in UAP under SBEP program.
Allan R. Santos, Director, President, and Chief Executive Officer
Mr. Allan R. Santos, President and Chief Executive Officer, has 30+ years of experience in local and international insurance/reinsurance markets in the US, Asia, and Europe. He has held various leadership positions in several other companies including Chief Operating Officer for the Affiliate Companies of AIA Philippines (formerly Philam Life), Regional Chief Financial Officer for Europe at Cigna, Global Head of Product Development at Cigna, and Chief Actuary for Asia at Allied World Assurance Company.
He is a Board Member and Vice President of the Actuarial Society of the Philippines (ASP) and a Board Trustee of the Insurance Institute for Asia and the Pacific. He previously served as President of the East Asian Insurance Congress (2021-2022), Chairman of the Philippine Insurers and Reinsurers Association (2019-2021), and Chairman of the ASEAN Insurance Council’s Reinsurance Committee (2018-2020).
Mr. Santos holds a Master’s Degree in Applied Mathematics and Bachelor of Science in Mathematics both from the University of the Philippines Diliman. He is a Fellow of both the ASP and the Society of Actuaries (US).
Joli Co Wu, Director/Treasurer
Director of the Corporation from 2013-2014 and since July 2015. Ms. Joli Co Wu is currently the Chief Underwriting Officer of Paramount Life & General Insurance Corporation. Prior to this, she was the President and CEO of QBE Seaboard Insurance Philippines, Inc. until the acquisition of QSIP by Paramount. She started her insurance career with Seaboard Eastern Insurance and eventually lead the company as its President/CEO until March 2014. She has extensive experience in various Insurance lines as an underwriter as well as in Insurance Operations.
Throughout her career, she has attended various management, insurance and reinsurance courses, both local and international. She is currently a Trustee of the Philippine Insurance and Reinsurance Association as well as the Insurance Institute for Asia and the Pacific. Ms. Wu attended the Immaculate Concepcion Academy for her primary and secondary education and graduated with a degree in Bachelor of Arts, Major in Financial Management from the Catholic University of America, Washington DC.
Maria Consuelo A. Lukban, Director
Director of the Corporation since October 2018. Ms. Lukban is the Head of the Strategic and Corporate Planning Department of Bank of the Philippine Islands (BPI). She is primarily responsible for financial planning and capital management, investor relations and enterprise development projects. She has over 30 years of banking experience, taking on various senior roles within BPI in its asset management and trust business, insurance business, corporate banking marketing and deposit product management. Ms. Lukban completed her MBA at the University of Chicago in 1992 and BS Management Engineering in 1986 at the Ateneo de Manila University.
Reginaldo Anthony B. Cariaso, Director
Director of the Corporation since June 2019. Mr. Cariaso joined BPI in 2013 and is currently the Head of Strategy, Products and Support of the Corporate Banking unit of BPI. He oversees the Corporate Bank’s Transaction Banking Services, Remittance and Fund Transfer, Strategic Marketing and Special Accounts Management Division. Prior to this, he was President of BPI Capital, the investment banking arm of BPI. He serves on the boards of several corporations.
Before joining BPI, Mr. Cariaso worked in investment banking of JP Morgan and Nomura International based in Hong Kong covering Asia ex-Japan.
He has extensive experience (over 20 years) originating and executing corporate advisory and capital markets transactions, in variety of industries, including financial institutions and real estate, across Asia and the Philippines. Since joining BPI Capital, the firm has executed a number of landmark transactions in the Philippines including some of the largest debt markets deals, innovative project and structured financing, complex advisory assignments, and brought some of the most familiar names to the public equity markets.
Mr. Cariaso was a Lieutenant in the United States Navy and received a B.A. degree from the University of Pennsylvania.
Antonio M. Rubin, Director
Director of the Corporation since January 2018. Prior to his retirement, Mr. Rubin was the Executive Vice President of Malayan Insurance Company, Chairman of the Board of Directors of Bankers Assurance Corporation (BAC), and President of the First Nationwide Assurance Corporation (FNAC). Mr. Rubin is a seasoned underwriter in the insurance industry, having been in the practice of insurance for more than twenty-five years. Mr. Rubin headed various divisions in Malayan Insurance, namely: the Risk Analysis Department, the Fire and Motor Car Underwriting Divisions, the Sales Division, and finally, the entire Underwriting Division. He was also the Chairman of the Board of Directors of the Philippine Insurance Rating Association (PIRA) and Philippine Machinery Management Services Corporation (MacPool), and Head of Risk Management Group of the National Steel Corporation.
His expertise in the industry was further solidified and reinforced by the various specialized seminars, conventions and trainings he attended locally and abroad. Mr. Rubin went to Mindanao State University in 1974 for his degree in Bachelor of Science in Mechanical Engineering and Ateneo De Manila University for his MBA.
Jocelyn DG Cabreza, Director
Director of the Corporation since December 2016. Ms. Cabreza is a member of the Board of Trustees of the Government Service Insurance System (GSIS) and chairs its Audit Committee. She is also a member of GSIS Board’s Risk Oversight Committee, Corporate Governance Committee, Legal Oversight Committee and GSIS Provident Fund Committee of Trustees. She is also a director of Omnipay, Inc. starting April 2019. Ms. Cabreza was a former Executive Vice President of Land Bank of the Philippines, Director of Land Bank Resources Development Corp and Land Bank Countryside Development Foundation. She is a certified public accountant, a master’s degree holder and a seasoned banker with 37 years of extensive experience in different areas of banking and finance, internal audit and operations and strategic policy formulation and implementation.
Alan R. Luga, Director
Director of the Corporation from December 2016 to January 2019 and since February 2023. Alan R. Luga (Retired AFP Lieutenant General) was appointed in 2016 by former President Rodrigo Roa Duterte as a Trustee of GSIS, and was reappointed in 2023 by President Ferdinand Romualdez Marcos, Jr. He was the Chairman of the GSIS Provident Fund from 2016 to 2022, and is a current member of the Board of the Philippine National Construction Corporation (PNCC) since 2017.
Mr. Luga has also held various military and corporate positions. Prior to his appointment in GSIS in 2016, he was the President and Chief Executive Officer of AFP General Insurance Corporation from 2014-2018, He was the Chairman of the Board of the Camp Aguinaldo Golf and Country Club from 2013 to 2014, and of the AFP Housing Board on the same years. He was also a member of the Board of Directors of the Riviera Sports & Country Club, Inc. from 2014 to 2016, served as a member of the AFP Board of Generals from 2013 to 2014, and is the current class president of the PMA Dimalupig Class of 1981.
Mr. Luga obtained his Bachelor of Science Degree from the Philippine Military Academy in 1981. In 1994, he acquired his Masters of Business Administration (MBA) units from the Ateneo De Manila University Graduate School of Business. He completed a Master’s Degree in Military Arts and Science at the United States Army Command and General Staff College at Fort Leavenworth, Kansas in 2002.
Rafael G. Ayuste, Jr., Director
Director of the Corporation since June 2012. Mr. Rafael G. Ayuste, Jr. is the Chairman of the Investment Committee of the company since July 2015. He is also a Senior Vice President and Group Head of the Trust and Investments Group of BDO Unibank, Inc. Prior to this, he was Senior Vice President of Wealth Advisory and Trust Group of BDO Private Bank, Inc. and First Senior Vice President and Head of the Trust Banking Group of Philippine National Bank from 2009-2013; Vice President and Head of Retail Branch Business, Citibank Savings, Citibank N.A. Philippines from 2008 to 2009; Senior Vice President/Deputy Group Head of Trust banking of the Metropolitan Bank and Trust Company through merger with Global Business Bank from 2000 to 2008; Vice President/Head of Securities Distribution of the Banco Santander Philippines, Inc. from 1999 to 2000; Vice President/Head of Trust Division, Security Bank Corporation from 1996 to 1999; Assistant Vice President and Head of Peso and Dollar Trading Desks of Citibank, N.A., Citibank Global Asset Management (CGAM) from 1989 to 1996. He is a four term President and a multi-term Director of the Trust Officers Association of the Philippines (TOAP). He has attended various seminars such as Enterprise Risk Management, Financial Risk Management, and Corporate Governance. He obtained his Bachelor of Science degree major in Business Administration from the University of Sto. Tomas in 1986.
Medel T. Nera, Lead Independent Director
Independent Director since July 2011. Mr. Medel T. Nera is a Director of House of Investments, Inc., iPeople Inc., EEI Corp., Seafront Resources Corp, the Generika Group, Ionics, Inc. and Holcim Philippines, Inc. Mr. Nera is currently Chairman of Namit Kag Sulit Inc. His past experiences include: President & CEO of House of Investments, Inc.; President of Honda Cars Kalookan, Inc., Director and President of RCBC Realty Corp.; Director and Chairman of the Risk Oversight Committee and Member of the Audit Committee of the Rizal Commercial Banking Corp; Director and Treasurer of CRIBS Foundation, Inc., and Senior Partner at Sycip Gorres Velayo & Co where he served as Financial Services Practice Head. Educational Background: Master of Business Administration from the Stern School of Business, New York University, USA and Bachelor of Science in Commerce from the Far Eastern University, Philippines, International Management Program from the Manchester Business School, UK, Pacific Rim Bankers Program from the University of Washington, USA. Mr. Nera is a Certified Public Accountant.
Roberto G. Manabat, Independent Director
Mr. Manabat has more than 40 years of track record in the field of accountancy and has been an adviser to a number of corporations on financial reporting and good corporate governance. He is a resource person on matters pertaining to Corporate Governance, Internal Audit, Financial Reporting, risk management and the financial services industry.
Currently, Mr. Manabat is an Independent Director of Union Bank of the Philippines and City Savings Bank. He also sits as an Adviser to the Board of Directors on Audits and Corporate Governance of SM Investments Corporation (SMIC). He is the Chairman of the KPMG R.G. Manabat Foundation. He is a Member of the Board of Trustees of the Asian Institute of Management (AIM) and the Chairman of the AIM Alumni Association. He is a member of the Board of Trustees of the Shareholders’ Association of the Philippines. He is the Vice Chairman of Enactus Philippines, a Director of Goldilocks Bakeshop, Inc., Titanium Corporation, and PA Alvarez Properties and Development Corporation. He is also a fellow of the Institute of Corporate Directors.
Mr. Manabat was previously the Chairman and Chief Executive of KPMG R.G. Manabat & Co., until December 31, 2017. He has not been a part of KPMG R.G. Manabat & Co. since January 1, 2018. He was the previous Chairman of the Auditing & Assurance Standards Council and a Member of the Financial Reporting Standards Council. He was a General Accountant of the Securities and Exchange Commission and a previous partner of SGV & Co.
In 2018, he received The Outstanding Professional Award in the Field of Accountancy given by the Professional Regulation Commission. In 2019, he was honored by The Federation of Asian Institute of Management Alumni Associations, Inc. (FAIM) with an Alumni Achievement (Triple A) Award, the most prestigious recognition given to AIM graduates.
Mr. Manabat is a Certified Public Accountant. He graduated with Magna Cum Laude honors from the University of the East with a Bachelor’s degree in Business Administration. He placed 6th in the CPA examinations in November 1968. He obtained his Master’s degree in Business Management from the Asian Institute of Management.
Rex Maria. A. Mendoza, Independent Director
Independent Director since June 2019. Mr. Rex Mendoza is the President & CEO of Rampver Financials, a dynamic player in financial services specializing in investments, and one of the biggest distributors of mutual funds in the Philippines. He sits as Lead Independent Director of Globe Telecom and Ayala Land Logistics Holdings Corp., and Independent Director of Ayala Land Inc., all listed companies in the Philippine Stock Exchange. He is also the Chairman of Singapore Life Philippines and The Soldivo Funds, and Director of Esquire Financing, Seedbox Technologies, The Blue Leaf, The Cullinan Group, and Mobile Group, Inc. to name a few. Rex is also a member of Bro. Bo Sanchez’ Mastermind Group, and is cited by many as one of the best leadership and business speakers in the country. He is the author of the books, Trailblazing Success and Firing on all Cylinders, a certified national bestseller. Rex served as the President & CEO of Philam Life, one of the country’s most trusted financial services conglomerates and was Chairman of its affiliates and subsidiaries. He was also Senior Adviser to the Chief Executive Officer of the AIA Group and Chairman of Ayala Land International Sales, Inc., President of Ayala Land Sales, Inc., and Avida Sales Corporation.
He has a Master’s Degree in Business Management with distinction from the Asian Institute of Management. He was one of the 10 Outstanding Graduates of his batch at the University of the Philippines where he obtained a BSBA degree with a double major in marketing and finance. Rex was awarded Most Distinguished Alumnus of the UP Cesar Virata School of Business. He is also a Fellow with Distinction at the Life Management Institute of Atlanta, Georgia, USA, a Registered Financial Planner (RFP) and a four-time member of the Million Dollar Round Table (MDRT). Rex was a professor of Marketing and Computational Finance at the De La Salle University Graduate School of Business. He taught strategic marketing, services marketing and services strategy. He has served as Chairman of the Marketing Department and was awarded as one of the University’s most outstanding professors.
SENIOR MANAGEMENT
Jaime Jose M. Javier, Head of Life Reinsurance
Mr. Jaime Jose “Jimmy” M. Javier is Nat Re Senior Vice President and Head of Life Reinsurance.
Mr. Javier has over 25 years of experience in the insurance and financial service industry; handling management positions in sales, marketing, operations of life and health insurance companies, health maintenance organizations, and bancassurance organizations. He also has technical knowledge and competency in actuarial, information technology, and investments.
Mr. Javier was formerly CEO of Boltech Device Protection Philippines (2017-2021) and Head of Marketing of Philam Life and General Insurance (AIA Philippines) (2014-2015), and Sales and Marketing Director, Alternate Distribution, PT Asuransi Jiwa Sinarmas MSIG, Indonesia (2005-2014).
Mr. Javier earned a Bachelor of Science in Mathematics and a Master of Science in Applied Mathematics (Actuarial Science) from the University of the Philippines Diliman. He is an Associate of the Actuarial Society of the Philippines, a Chartered Life Underwriter, and a Chartered Financial Consultant.
David Motley, Head of Non-Life Foreign Underwriting & Acting Head of Non-Life Reinsurance
Mr. David Motley, Head of Non-Life Foreign Underwriting and acting Head of Non-Life Reinsurance, was previously a property treaty underwriter at Aspen Re, the reinsurance arm of Bermuda-based Aspen Insurance Holdings, Ltd. He was responsible for growing Aspen Re’s London portfolio, writing a broad range of proportional and excess-of-loss business. Mr. Motley is Associateship of the Chartered Insurance Institute-accredited. He earned a Bachelor of Science in Financial Economics and Mandarin at the London Metropolitan University.
Daisy C. Salonga, Head of Investments
Ms. Daisy Salonga, Vice President and Head of Investments, held various executive positions in treasury covering foreign exchange, fixed income, sales and market studies in leading financial institutions like Citibank N.A. Manila, Credit Agricole Indosuez Offshore Bank Manila, China Banking Corporation, and Greenwich Associates. She was nominated as one of the Most Astute Investors in the Philippine Peso Bonds by The Asset Benchmark Research in 2012, 2013, and 2014. She earned her degree in Bachelor of Science in Commerce, major in Business Management from De La Salle University.
Santino U. Sontillano, Head of Finance
Mr. Santino Sontillano is a Certified Public Accountant. Prior to joining Nat Re in January 2016 as Head of Internal Audit, Mr. Sontillano worked with various big four (4) auditing firms in the Philippines, Singapore and Bermuda. He obtained his degree in Bachelor of Science in Accountancy from Ateneo de Zamboanga.
Cinderella M. Gernan, Head of Data Administration and Technology
Cinderella “Cindy” M. Gernan, Vice President and Head of Data Administration and Technology. Prior to joining Nat Re, Cindy held key positions at International Administrators Limited, ROHQ (Pacific Cross Group of Companies) as the Vice President-Chief Claims Officer (2021 to 2022) and Head of Business Solutions and Process Re-engineering (2019 to 2021) where she was responsible for the overall strategic, direction, leadership, and management of Pacific Cross Philippines’ claims operations, business solutions, and administration. She previously worked in various roles at AIG including Regional role as Head of Business Engagement driving Contact Center Technology and initiatives such as Contact Center as a Service and First Contact Resolution.
Cindy has 20+ years of experience in the insurance industry with multiple special focuses on business and operational excellence, process re-engineering, customer service, project management, and change management.
Cindy earned a Bachelor of Science in Accountancy from the St. Paul College of Manila and has earned units for her Master’s Degree in Business Administration (Regis Program) at the Ateneo Graduate School of Business.
Jacqueline C. Dy, Head of Risk and Compliance
Ms. Jacqueline Dy, Vice President and Head of Risk and Compliance, is a Certified Public Accountant, an Associate in Risk Management – ERM, and an Associate, Life Management Institute. Other past experience: Head of Internal Controls of AXA PH; Senior Manager of PwC UK (More London office, Regulatory Consulting, and Assurance); and various roles with PwC Bermuda. Ms. Dy has obtained her Bachelor of Science in Accounting from De La Salle University, Manila.
Regina Lourdes D. Papa, Head of Human Resources and Office Services
Ms. Regina Lourdes D. Papa joined the Company in February 2011 as Head of Human Resources and assumed additional function as Office Services Head in 2018. She has over twenty-five years of experience in Human Resources Talent Acquisition, Learning and Development, Compensation Planning and Administration, Performance Management and Employee Relations. Prior to her current role in Nat Re, she served as Treasurer and Managing Director of Integral Consultants, Inc., spearheading business planning and overseeing the company’s career management group operations. She also designed and conducted Management and soft skills training programs as a Human Resources Management Consultant. As an Assistant Vice President at Mapfre Asian Insurance Corporation, she was responsible for formally setting up the company’s Human Resources Management Department as well as providing strategic advice on organization development initiatives.
Lille G. Redor, Head of Life Analytics
Ms. Lille Redor, Assistant Vice President and Head of Life Analytics, has 15+ years of experience in a variety of Actuarial roles working in local and multinational companies, and a proficient Prophet and AXIS modeller. Prior to her current role, she was a Consultant for Actuaries OnTap, taking on several reporting and modelling projects that further utilized her experience in model risk management, IFRS17 and valuation, and exposed her to (re)insurance pricing work.
Ms. Redor held leadership positions as Senior Manager for Valuation in AXA PH (2018-2019) where she formalized and implemented the Local Model Governance Policy, and as Actuarial Manager for Manulife Financial (2012-2018) where she initiated and helped establish the Actuarial Development Program.
Ms. Redor was previously an Actuarial Analyst at Manulife Financial under Regional Actuarial Services (HK Model Risk), a Portfolio Modeling Analyst at Manulife Financial under Investments Controllers Department (North America), a Senior Actuarial Analyst at Pru Life UK, an Actuarial Analyst at Philam Equitable Life Assurance Company, Inc., and an Actuarial Analyst I at Philippine Health Insurance Corporation.
Ms. Redor has obtained her Bachelor of Science in Mathematics from the University of the Philippines Diliman.
Atty. Noel A. Laman, Corporate Secretary
Atty. Noel A. Laman is a founder and a Senior Partner of Castillo Laman Tan Pantaleon & San Jose Law Offices. He serves as Corporate Secretary of Boehringer Ingelheim (Phils.), Inc., Merck Inc. and Eli Lilly (Phils.), Inc. He also serves as Corporate Secretary of DMCI Holdings, Inc. and its various subsidiaries. He obtained his Bachelor of Jurisprudence and Bachelor of Laws degrees from the University of the Philippines College of Law. He obtained a Master of Laws degree in 1963 from the University of Michigan Law School as a De Witt scholar. His law practice concentrates on corporation and general business law, foreign investments, mergers and acquisitions and intellectual property law. He is an active member of the Intellectual Property Association of the Philippines, the Intellectual Property Foundation, and the Philippine Bar Association. Atty. Laman is the recipient of a number of awards, plaques, citations, and certificates of appreciation as invited speaker, resource person and conference chairman of various law and business symposia. He is the firm representative to the SGC Legal, an international association of law firms and to the German Philippines Chamber of Commerce (Makati City).
Atty. Ma. Pilar M. Pilares-Gutierrez, Assistant Corporate Secretary
She is presently a Senior Partner at Castillo Laman Tan Pantaleon & San Jose Law Offices. She obtained her Bachelor of Science degree major in Legal Management from the Ateneo de Manila University in 1997 and her Bachelor of Laws Degree from the University of the Philippines, College of Law in 2001. She is the Assistant Corporate Secretary of DMCI Holdings, Inc. and its various subsidiaries. She holds the position of Corporate Secretary/Assistant Corporate Secretary in several other Philippine corporations. She is currently an Instructor at the University of the Philippines, College of Law.