Manuel V. Pangilinan-led PLDT Inc., Ramon S. Ang-led Petron, and Lucio Co’s Puregold Price Club have started replacing long-serving directors in their upcoming board lineups as the SEC, under chair Francis Ed. Lim, strictly enforces the nine-year limit.
GMA pushes back, court denies TRO
The move stands in contrast to Felipe Gozon-chaired GMA Network, which is seeking to block the implementation of the cap that would force out former chief justice Artemio Panganiban and former central bank governor Jaime Laya, both of whom have served on the board for 18 years.
GMA has filed a petition against the rule, but a Makati court denied its request for a temporary restraining order due to lack of urgency, leaving the policy in place.
PLDT, Petron, Puregold among those who comply
Other large corporations are moving to comply in their 2026 board nominations.
Panganiban, a PLDT independent director for 13 years, and Penshoppe founder Bernie H. Liu, an independent director for 11 years, will be replaced by AI expert Dr. Erika Legara, a former independent director at Rizal Commercial Banking Corp., and Benedicto Sison, former country head and CEO of Sun Life Philippines.
Petron’s leadership nominated former Supreme Court associate justice Consuelo M. Ynares-Santiago and former chief justice Teresita J. Leonardo-de Castro as independent directors in its 2026 board.
They replaced Panganiban, an independent director for 16 years, and former Finance Secretary Margarito B. Teves, a board director for 12 years.
Puregold said in a stock exchange filing on Wednesday that Gilda E. Pico was nominated as an independent director for its 2026 slate. She replaces Jaime Dela Rosa, who completed his 9-year term.
Miguel R. Camus has been a reporter covering various domestic business topics since 2009.
