Though trained as a lawyer, it was in banking that Espiritu made his mark. In 1983, he was appointed president of Metropolitan Bank and Trust Co. (Metrobank). During his leadership at Metrobank, Espiritu was recognized for his analytical ability and creativity, qualities that played a crucial role in steering the bank toward growth and stability amid a period of economic and political uncertainty in the country.
Troubleshooting in turbulent times
Four years later, in January 1987, President Corazon Aquino named Espiritu president of Philippine National Bank, entrusting him with the formidable task of rehabilitating the institution, which was saddled with substantial delinquent loans inherited from the Marcos regime, along with other deep-seated financial challenges.
Under his stewardship, the bank rebounded. Countering naysayers, an ebullient Espiritu later told Asiaweek that “foundations for long-term viability and competitiveness laid earlier were speedily built to heights far beyond what was projected” and that “PNB has been completely rehabilitated.”
The Westmont chapter
Following a brief stint with First Philippine International Bank (formerly Producers Bank of the Philippines), Espiritu, in 1994, partnered with the Malaysian-led Westmont Holdings to acquire Filipino-Chinese businessman and banker Leonardo Ty’s troubled Associated Bank, which was saddled with ₱1.8 billion in bad debts.
Renamed Westmont Bank, with Espiritu serving as president and its main pitchman in advertisements, the bank would, ironically, encounter financial woes some six years later. Its investment banking arm, Westmont Investment Corp. (Wincorp), was accused of violating corporate laws, including engaging in illegal quasi-banking operations, affecting over 1000 investors with P7 billion worth of loans. United Overseas Bank of Singapore would briefly take over Westmont after Espiritu’s group relinquished control in the early 2000s.
Apart from banking, Espiritu and Westmost also held stakes in National Steel Corp. and Philippine Racing Club while in his personal capacity Espiritu had interests in mining through Palawan Consolidated Mining Co., real estate through Zipporah Realty Holdings Inc. and EBEDev Inc. — the latter being the developer of Westmont Village in Parañaque. He was also a minority shareholder of the Philippine Daily Inquirer.
Testimony and exile
With the election of Joseph Ejercito Estrada as President in 1998, Espiritu — who had been actively involved in the campaign — was appointed Secretary of Finance, a post he held until his resignation on Jan. 5, 2000. He would later testify during Estrada’s impeachment trial, claiming the President was co-owner of the controversial BW Resources Corp. alongside businessman Dante Tan.
Citing death threats as a result of his testimony, Espiritu left for the United States with his wife Lydia in 2001.
During the term of President Gloria Macapagal Arroyo, Espiritu — who was approached in 2002 to serve as treasurer of Arroyo’s political party Kabalikat ng Malayang Pilipino or KAMPI — would take on the role of diplomat serving as Ambassador Extraordinary and Plenipotentiary to the Court of St. James of the United Kingdom from 2003-2009.
UP and a lifelong bond
A proud alumnus of the University of the Philippines (LL.B. 1958), Espiritu, fondly known as EBE, was a member of the UP Board of Regents and served a lengthy tenure as president of the UP Alumni Association (UPAA) — holding office from 1985 to 1988 and again from 1990 to 2000. During his leadership, he spearheaded the construction of the four-story Ang Bahay ng Alumni, completed in 1992, which continues to serve as a convention center and events venue.
In 2019, Espiritu was honored with the Most Distinguished Alumnus Award by the UPAA. In 2020, the University of the Philippines conferred upon him the degree of Doctor of Laws, honoris causa, and in 2023 he received the UPAA Presidential Merit Award for Service. He was also a member of the Upsilon Sigma Phi fraternity.
In 2004, he vied for the presidency of the University of the Philippines but ultimately lost to UP Diliman Chancellor Emerlinda R. Roman after a deadlock in the voting process.
Said Espiritu of the ‘gift and privilege’ that is UP education: “The University gave us the skills, the knowledge, and wisdom that we needed to face the future, honed our talents towards achieving our dreams, and most importantly, provided us the values that we hold dear and that also formed our character: love of country, service to our countrymen, professionalism and the pursuit of excellence and integrity, and a sense of justice and fairness.”
Edgardo Bautista Espiritu was born on June 7, 1935, in the Philippines to Arsenio and Belen Espiritu, one of nine siblings. A distinguished lawyer, banker, diplomat, and former finance secretary, he passed away on April 28, 2025 at the age of 89. He is survived by his wife, Lydia, and their children—Stephanie, John, and Alan. Another son, Arbel, passed away before him.
Features Reporter
