PHINMA Corp. has named a new chairman and president after its chairman, who held the post since 2003, stepped down early this year.
In a press release on Thursday, the company said Oscar J. Hilado, its former chairman, will stay as chairman emeritus. Ramon R. del Rosario, Jr., the company’s president and chief executive officer (CEO), was designated chairman and CEO.
Chito B. Salazar, the company’s chief operating officer and head of education, will concurrently serve as president.
Mr. Hilado said he has “full confidence in Ramon and Chito” that they will lead the company “towards the realization of our goal of making the essentials to a dignified life more accessible to more families.”
Along with the new leaders’ assignment, Phinma said that it is eyeing to expand its business units as part of its post-pandemic plans.
Mr. Salazar said the company “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.”
In its education business, the company disclosed that it will be expanding its school network through further acquisitions.
“This growth is envisioned to happen not only in the country but also by reaching Southeast Asian markets with similar demographics to the Philippines, such as Indonesia,” it said.
It said the construction materials group will continue to develop its growth markets while capitalizing on partnerships, operational efficiencies, and margin optimization initiatives.
Meanwhile, its property unit is looking to launch horizontal projects in emerging cities outside of central business districts.
The company said it affirmed its belief in its property business “by approving an investment of up to P420 million for the development of a township division.”
On the stock exchange on Thursday, shares in Phinma lost 30 centavos or 1.48% to P20 each. — Justine Irish D. Tabile
