The year was 1969, and Mr. R.M. Henry, vice-president of FNCB, had named the recipients of recognition from the bank’s New York head office. Among the four Filipino awardees were Rafael B. Buenaventura, future Central Bank Governor, and Xavier P. Loinaz, then 26 years old. Buenaventura received the International Foundation Travel Award, while Loinaz was honored with the Branch Training Award.
It was at Citibank where Loinaz — who passed away on Oct. 4, 2025, at the age of 82 — first learned the ropes of banking through the bank’s executive training program. It was also at Citi that XP, as he was called at work, took on a succession of key roles as he rose through the ranks: assistant manager in the commercial banking division, assistant cashier, resident vice- president, president and director of FNCB Finance Inc., and later president of Feati Bank and Trust Company, the forerunner of Citytrust Bank.
All these responsibilities amply prepared and equipped him for his longest—and most distinguished—banking tenure yet.
A prominent lineage
Xavier P. Loinaz was born on Oct. 12, 1943, to Dra. Mita Manzano Pardo de Tavera, a tuberculosis specialist who served as Secretary of Social Welfare during the administration of President Corazon C. Aquino, and later briefly as chair of the Philippine Charity Sweepstakes Office (PCSO) under President Fidel V. Ramos.
His father, Jose Loinaz, was said to be of Basque origin. He had a sister, art patron Josine, who predeceased him and was the first wife of radio magnate Fred J. Elizalde. Another sister, Mara, is a pioneer advocate for organic agriculture production.
Loinaz descended from a distinguished line of nationalists. His mother’s great-grandfather, Joaquín Pardo de Tavera, served as lawyer to Fathers Gómez, Burgos, and Zamora. Her grandfather, Trinidad Pardo de Tavera—a close friend and associate of José Rizal, and himself a physician—”made significant contributions to 19th- and early 20th-century intellectual scholarship”. He also served as Deputy Prime Minister under President Emilio Aguinaldo.
Ateneo to Wharton
Loinaz, an Atenean through and through who sang with the Ateneo Glee Club in high school, graduated with an A.B. Economics degree in 1963. In college, where he was known as “Spick,” he was active in the Ateneo Economic Society, served as circulation manager of The Guidon, participated in the Intramural Athletic Club, and played on the Varsity Football Team.
In 1965 he earned his MBA degree from The Wharton School of the University of Pennsylvania.
A tradition of leadership
It was at the Bank of the Philippine Islands (BPI) where Loinaz would spend the most enduring and impactful chapter of his banking career — an impressive run of more than two decades as president and chief executive officer
With Enrique Zobel’s election as chair and COO in March 1982, Loinaz would join BPI — which three months later would gain its unibanking license from the Monetary Board — as president.
“XPL, as he was fondly called, was a bright man of integrity, who walked the talk,” relayed a retired BPI executive who requested anonymity. “He was a straight shooter but for me he was pusong mamon. I recall when a government property was being offered to BPI he begged off as his mom was in government.”
Under his watch, marked by “steady and disciplined leadership,” Loinaz shepherded BPI through challenging times—from the debt crisis of the early 1980s to the Asian Financial Crisis of the late 1990s.
Said Loinaz in 2000 amidst rumors of a possible bank run among smaller banks: “There is tension, there is concern, but we’re closely working with the help of the (central bank).”
Loinaz’s presidency was also marked by strategic acquisitions and mergers, such as that of Family Bank from the Gotianun family, CityTrust Banking Corp. from the Madrigals and Philex Mining, and the purchase of DBS Bank Philippines by BPI Family Bank.
Yet, the biggest transaction under his watch was the purchase of Far East Bank and Trust Company (FEBTC) whereupon the Ayalas acquired JG Summit’s FEBTC stock for 82.50 pesos per share.
(When the matter of parking fees came up after the merger, Loinaz quipped, “Some folks will just have to fend for themselves.”)
The acquisition of life and property and casualty insurance companies by BPI also heralded the beginning of bancassurance in the Philippines, a pioneering move that integrated banking and insurance services for the benefit of consumers.
“Coming from another bank, his reputation preceded him,” the retired BPI executive further shared. “But as I got to know him and became more comfortable, I realized that, although misunderstood, here was someone I could look up to. He was fair, clearminded, and made sure there was parity between the original unibankers and the absorbed employees.”
PR Holdings
Representing the Ayala group in the consortium that acquired 67 percent of Philippine Airlines (PAL), Loinaz served as treasurer of PR Holdings, the corporate vehicle led by Antonio O. Cojuangco, who was chair and CEO.
As a PAL board member, he remained a staunch owners’ representative, especially amid the publicized dispute that followed Lucio Tan’s entry to the nation's flag carrier.
(When Tan announced plans to buy costly new planes, Loinaz did not mince words: “Why in heaven’s name did we have to wait so long and in the process lose about P2 billion over the past two years? Why do we now say that we need more capital and more equipment to get back where we started from?”)
BAP, PETA, and other organizations
Retaining a board seat in BPI and other Ayala companies until his passing, Loinaz also served as president of the Bankers Association of the Philippines from 1989 to 1991.
At the Philippine Educational Theater Association (PETA) where he was trustee from 2012 to 2015, the organization thanked Loinaz for his “wise financial advice which guided us through challenging times.”
He was also vice-chair of Alay Kapwa Kilusang Pangkalusugan, an organization of volunteer health workers founded by Dra. Mita.
“Thank you for giving me [a] shot, sir XP,” wrote Mike Villa-Real in a Facebook tribute.
”He was president when I started out at BPI. Our unit, corporate communications, directly reported to him. Years later, despite my being sickly, he approved my boss’ recommendation for me to take BPI’s officer training program. I remember his marginal note that said ‘Why not give him a shot?’”
“His business and banking leadership is legendary and with his passing, those who had the privilege of working with him will surely continue to honor that legacy. Farewell sir XP.”
Features Reporter
