A loving husband to Lydia, his wife of 66 years, father to four children – Stephanie, John, Alan and Arbel (deceased), a grandfather to 11 grandchildren, and even a great-grandfather to five grandkids, Edgardo Espiritu, or EBE, peacefully passed away last April 28 in Bradbury, California, just 40 days short of what would have been his 90th birthday on June 7.
EBE, as he was known by his co-workers and journalists who covered him in the banking sector – irst as president of the Ty family-owned Metropolitan Bank & Trust Co., then later on as president of the then government-owned Philippine National Bank, and subsequently Westmont Bank – was a well-respected and well-loved boss by those who worked under him.
Three of his most trusted co-workers and officials who worked with him in PNB and Westmont were Florido “Doy” Casuela, who just recently retired from the now Tan-owned PNB, former PNB chairman Federico “Ding” Pascual, and Fely del Rosario, who was the senior vice president for marketing and communications for PNB during the term of Espiritu.
According to Doy Casuela, “The late Edgardo B. Espiritu (EBE) was my direct boss in Metrobank, National Power Corp., PNB, Westmont Bank (now United Overseas Bank), and Land Bank of the Philippines. On a personal basis, he was my wedding ninong. He was my role model—very decisive in decision-making. He was approachable. He listened and provided advice. He led by example. He wanted fast solutions for problems at hand. He was very passionate and dedicated at work.”
According to Doy, “I will describe his leadership by quoting Simon Sinek, an author and motivational speaker: ‘Leadership is not about being in charge; it is about taking care of those in your charge. When we take care of our people, our people take care of our business.’”
For Ding Pascual, “We addressed him at PNB as EBE. When EBE took charge of PNB during the Cory administration, PNB, like the government, was technically bankrupt. PNB used to be the biggest universal bank in the country, holding one-third of the assets of the entire Philippine banking system.
“Because PNB was too big to fail, it had to be rehabilitated, but with new blood and new leadership. In came EBE, fresh from the presidency of Metrobank. He came with bold ideas on how to make PNB great again. One of his first moves was to meet senior executives every working day at 8 a.m. in the PNB war room to preside and discuss activities of the prior day as well as the current day’s expectations in loan releases, foreign exchange rates and remittance volume.
“With EBE at the helm, and with the full support of PHILNABANKERS, his relentless efforts to make PNB great again gained traction, and in just two years, PNB was resurrected and was once again top-ranked among the country’s universal banks.
When President Cory required additional funding to bolster the national treasury, EBE stepped forward and executed the successful partial privatization of PNB, generating billions of pesos to sustain government functions.
When the University of the Philippines required an auditorium for the events organized by the UP Alumni, EBE, who was the president at that time, once more diligently reached out to private-sector alumni from UP to support the creation of the Bahay ng Alumni.
EBE was a man of action, constantly driven and unwavering in chasing his objectives and concepts. For his friends and coworkers, he exemplifies ‘a man for others.’ His legacy will endure.
To Fely del Rosario, who worked with EBE first in PNB and later in Westmont Bank, EBE was her mentor, whom she describes as “firm and principled.” According to Fely, “I’ve been lucky throughout my professional life to have had good bosses and mentors, and Mr. Espiritu—or EBE, as we always referred to him—was one of them. From the moment we met him, he was gracious, always proper, and always considerate. He never micromanaged, but allowed his staff to complete the job the best way we knew how. And he always inspired us to do our best—to step up and work even harder to measure up to his standards.”
She remembers, “Even though he didn’t speak much, he always managed to make us feel valued and acknowledged. He was the sort of person who respected everybody regardless of their role at the bank. I can barely recall him getting angry; even when he did lose his cool, he kept his voice down. He embodied what a real leader should be—someone who inspires rather than instills fear.”
Fely also has fond memories of EBE and his beloved wife, Lydia. According to Fely, “He and Mrs. Espiritu were never demanding. Everyone who knew them well knew they kept a simple lifestyle, fending for themselves in their condo without household help. They ate meals with their driver and bodyguard and treated them as members of their family. They were so close that whenever they were together, they were always holding hands, even sitting very near each other in the backseat of their car. I remember one time riding with them in the backseat and noticing that where I sat, the cushion was noticeably plumper. That was because no one ever sat on that side of the car.”
She says, “Mr. Espiritu will forever be remembered for his generosity and for demonstrating a form of leadership that was straightforward yet resolute and ethical. His approach inspired everyone to strive for their personal best when tackling tasks he delegated. That’s probably why both my team and I feel that the time we spent under his guidance were among the most rewarding and enjoyable periods in our professional lives. We owe him gratitude for all the invaluable teachings and unforgettable moments.”
Outside of his work in banking, EBE had a short stint from 1998 to 1999 as the Finance Secretary for the administration of ousted ex-president Joseph Estrada.
In 2003, EBE was persuaded by ex-president Gloria Macapagal-Arroyo to return and represent the nation once more as the Filipino ambassador to the United Kingdom, a position he maintained up until 2009.