Isagani de Castro awarded by Actuarial Society of the Philippines

Press Release (ePRNews.com) - MAKATI CITY, Philippines - Jun 22, 2017 - Isagani de Castro was Past President of the Actuarial Society of the Philippines , Past President of Filipinas Life later named Ayala Life Assurance now BPI Philam Life Insurance Co. of Ayala Corporation , President , Chief Operations Officer and Board Member of Universal Life Reinsurance 1989, Secretary General of AIRDC (Association of Insurers and Reinsurers of Developing Countries) and Association of Insurance Supervisory of Developing Countries (AISADC), Founding Director of Ayala Life Mutual Fund, Past President of the ALFM PESO Fund, Board of Director of ALFM Dollar Bond Fund, Inc, Bank of the Philippines Islands, ALFM Euro Bond Fund, Inc. and Philippine Stock Index Fund Corp, and a director of the Fund. Member of the International Actuarial Association (IAA) Chairman and President of Present Value Managers, Inc., Board of Directors of., John Hancock Philippines, Chairman of Taters Enterprises Inc., Chairman of Bona Land Inc.

The family of Mr. de Castro recieved the award in good faith: children Elena S. de Castro, director of Taters Enterprises Inc and Annie de Castro Tanchanco, President and CEO of Taters Enterprises Inc. , grandchild John Paul C. Tanchanco, Applied Economist of T1W.

ASP President Roy Racel read a key note speech written by Dolly Gicaro about Isagani de Castro Sr. : “Gani graduated from the Mapua Institute of Technology in 1953 with a Bachelor of Science in Engineering degree.  At that time, Mapua was THE engineering school to go to if you wanted to be a successful engineer.  He placed 3rd   in the 1954 Civil Engineering Board examinations.

He worked with National Power Corporation and later joined GSIS as Associate Actuary from 1959 to 1966.  It was at this time when he was sent as Pensionado to the Universidad Central de Madrid where in 1961 he completed his Diplomate in Actuarial Science. He also earned a Certificate in Social Security at the same time from Organizacion Ibero-Americana de Seguridad Social in the same country.  He worked with GSIS up to 1966 when he joined Filipinas Life (later named Ayala Life, now BPI-PhilAm Life Insurance Co.)  He was VP and Actuary of Filipinas Life up to 1972 and from 1972 to 1974, he was VP and Actuary of Insular Life. From 1974 to 1979, he was Managing Director for China Underwriters Life and General Insurance Company,  Hongkong.  He came back to the Philippines to become President, Chief Operating Officer and Board Member of Fiipinas Life.  It was at this time, in 1982,  that he completed the Advanced Management Program at Harvard University. In  1989, he became President and Chief Operating Officer and Board Member of Universal Life Reinsurance Corporation.

My early encounters with Gani, were at  meetings of the Actuarial Society which I joined in 1964, He was then already a Fellow of the Society. It was then that Fellows worked together through committees to  spell out qualification requirements to be Fellows of the Society. Thus began the qualifying examinations for Associateship and Fellowship. The Fellows then were the first examiners. Later Professor Belleza introduced courses in Actuarial Science at the University of the Philippines .. Gani was a very active contributor to everything that was later adopted by the Society.

It was when I joined the Insurance Commission in October 1973 when I got to know more about  Gani. We were then busy with the proposed Presidential Decree to update the Insurance Code. Each time I raised a question with Commissioner Arnaldo, she would tell me to call Gani and discuss it with him.  Gani was Mrs. Arnaldo’s most trusted actuary, after Mr. Exequiel Sevilla.  She told me Gani was very objective despite the fact that he belonged to the supervised. He balanced his interest between the ‘freedom’ of the insurance industry to do as it pleases and the need for its supervision by the Insurance Commission to protect both the companies and the policyholders…Gani was instrumental in the inclusion of the Actuarial Society of the Philippines in the Insurance Code.

I was at the Insurance Commission before I joined him in 1986, when  Gani expressed his concern about certain practices of some ASP members with respect to Ethics .  That concern resulted in the creation of the present day PSRC, and, in order to continue to improve, he recommended the creation of the Education and Examination Council, now the EEC.

The present day structure of ASP, therefore, are all through the initiative of Gani. It was also Gani’s idea that the Associateship and Fellowship Admission Sessions be made  qualifying requirements to consolidate knowledge of subject matter which was covered by the exams, and the ethical applications thereof. We initially used the Case Method and many of the cases used were developed by Gani.   There was  plenty of work to do in the beginning:  Gani and I were in the first PSRC..we had to  craft a lot of the Guidelines and Procedures which you find today.

Sometime in 2001, SEC hired a group of retired actuaries to review Financial Statements of Pre Need Companies. Gani and I, along with Mr. Totoy Mercado, former VP and Actuary of Insular Life, the late  former Insurance Commissioner Vangie Escobillo and Leo Tan were in that group. Gani headed the team.  Our task was to particularly look into the actuarial work submitted by actuaries and how this affected the Pre Need Companies’ solvency.  As a result of this, SEC started accrediting Pre Need Actuaries.

After his retirement from employment, he continued to practice the profession and founded the Present Value Managers, Inc.in 1994 when he also put up Taters Enterprises, Inc.

Gani’s .. exceptional talent and intelligence impacted each of the organizations that were fortunate enough to have him, our Society included. His wisdom continues to live in his works. Aspiring actuaries  are familiar with the Study Notes on Taxation. His legacy continues to live on. God speed, Gani.”
Visit http://www.actuary.org.ph

Source : de Castro Tanchanco Office
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CATEGORIES : Insurance

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