“I was not keen on joining an MNC. I felt I wanted to join a Filipino organization,” said Reyes in a 2001 interview with the Inquirer:
Seeing that multinationals were “too big, had less job opportunities” which he attributed to the compartmentalized nature of their work settings, Reyes skipped the likes of Proctor and Gamble and Citibank, both of which offered higher pay. Instead, he chose the Private Development Corp. of the Philippines or PDCP, whose other famous product was Manuel B. Villar.
Economic research and project development
Working as economic research assistant, Reyes —who passed away on Oct. 3, 2025, at the age of 79 —was drawn to PDCP as it was then a conduit for multilateral loans from the International Finance Corp. and US Eximbank.
“I saw an opportunity to understand the business and the industry and to get involved in major development projects,” Reyes further said.
Joining a multinational company
And yet, after subsequent stints with other local companies such as Steel Casters of the Jacintos and Philippine Petroleum Lubes Refinery of the Lopezes, Reyes would, in 1985, find himself —oddly enough— under the employ of a large multinational: Pilipinas Shell, which he would go on to lead as president 14 years later, until 2001.
In the 1990s, the so-called “Big Three” oil companies—Shell, Caltex, and Petron—came under constant attack from militant groups accusing them of collusion and price-fixing, especially amid oil price hikes and deregulation The Shell House in Makati, the corporate headquarters of Pilipinas Shell, often became the target of unruly protests and spray-paint campaigns.
Still, despite these challenges, Reyes remained unperturbed — a steady, unflappable leader.
“It’s a deregulated industry,” said Reyes in 2000 following a meeting between petroleum industry officials and President Joseph Estrada along with Energy Secretary Mario Tiaoqui. “We are trying to move to a less politicized environment and or as an industry because that is the only environment where you can bring in more players.”
(It was around this time, too, that Shell posted a first-quarter loss of P268 million, with Reyes saying that a 75-centavo price increase was necessary to stem the tide)
Malampaya natural gas project
It was also during his watch that the groundbreaking Malampaya natural gas project came into being, thus making the Philippines a major gas producer
Recounting the birth pains in negotiating gas sales and purchase agreements for Malampaya, Reyes said in 2001:
“Discussions were tough, negotiations intense as we were breaking new ground with the first-ever long-term gas agreements in the country aimed at commercializing the rich Malampaya gas reserves.”
Coming full circle
Reyes’s extensive corporate career would come full circle—that is, his return to a Filipino
firm—when he was appointed, effective July 1, 2010, as senior executive vice-president and COO of Meralco, incidentally one of the clients of PDCP during his time there. He replaced Jose “Ping” de Jesus who resigned to join the Aquino administration
“An integral part of our overall initiative is to identify, develop and secure stable sources of reliable and cost-competitive power, with the end in mind of benefitting our customers while enhancing value to our shareholders,” said Reyes following his appointment.
Two years later, Reyes became Meralco’s president and CEO. In 2019, the year of his retirement from the company, the power distributor reported total revenues of P318.3 billion, total energy sales of 46,871 GWh, had 6.9 M customer accounts and a core net income of P23.8 billion.
“Oscar will be remembered for championing customer service, spreading the light to communities even beyond our franchise area,” wrote Meralco in a Facebook tribute. “With strategic foresight and prudence, he guided Meralco, laid the groundwork for modernization while ensuring regulatory compliance.”
“Above all, he exemplified steadfast and humble leadership — leaving an enduring mark on Meralco, the energy sector, and the countless lives he touched.”
Beyond the boardroom
At the time of his passing, Reyes was chair of the El Nido Foundation Inc. He also served as director of the Pioneer Group of Companies and D.M. Wenceslao. In the past he had likewise held directorships in several major corporations, including PLDT, Bank of the Philippine Islands, Manila Water Co., Smart Communications Inc., Pepsi Cola Products Philippines, Basic Energy Corp., Sun Life Financial Plans and First Philippine Electric Corp.
Moreover, Reyes had been the United Nations National Ambassador for HIV-AIDS and a member of the Makati Business Club, Management Association of the Philippines, Financial Executives Institute of the Philippines, and the Philippine-British Business Council,
Features Reporter
