Vincent S. Perez
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Vicente "Vincent" Sanchez Pérez Jr. (born May 26, 1958) is a Filipino banker, environment advocate, and renewable energy investor who has served as the Philippines'
secretary of energy The United States secretary of energy is the head of the United States Department of Energy, a member of the Cabinet of the United States and fifteenth in the presidential line of succession. The position was created on October 1, 1977, when P ...
from 2001 to 2005 under the
Arroyo administration Gloria Macapagal Arroyo served two consecutive terms as 14th President of the Philippines: 2001-2004 and 2004-2010. Her first term started on January 20, 2001, following the Second EDSA Revolution which took place while she was the Vice Presid ...
.


Early life and education

Pérez is the eldest of five children of Vicente Abad Pérez Sr., a former naval officer and assistant secretary for foreign affairs, and Lucila Siongco Santiago, a dietician and nutritionist by training. His sister Sheila became a missionary, a brother Benedict is a leading Asian equity sales banker in New York, another brother Raoul is an aviation expert, while a third brother Miguel is a fintech entrepreneur. He and his brothers were educated by the Jesuits at
Xavier School Xavier School ( zh, s=光啓学校, t=光啓學校, p=Guāngqǐ Xúexìao, poj=Kong-khé Ha̍k-hāu; also referred to by its acronym XS) is a private, Catholic, college preparatory school run by the Catholic Order of the Society of Jesus. It ...
. Pérez entered the
University of the Philippines The University of the Philippines (UP; ) is a Higher education in the Philippines#State universities and colleges, state university system in the Philippines. It is the country's national university, as mandated by List of Philippine laws, Re ...
and was active in extra-curricular activities, becoming national president of
AIESEC AIESEC ( ) is an international "youth-run" and led, non-governmental and not-for-profit organization that provides young people with business development internships. The organization focuses on empowering young people to make a progressive soc ...
Philippines, the national chapter of the international association of business and economics students. He graduated with a degree in Business Economics in 1980."UP School of Economics pays tribute to Perez", Manila Bulletin, June 8, 2005. After his college graduation, he took an AIESEC internship with the international department of New Jersey National Bank in
Trenton, New Jersey Trenton is the List of capitals in the United States, capital city of the U.S. state of New Jersey and the county seat of Mercer County, New Jersey, Mercer County. It was the federal capital, capital of the United States from November 1 until D ...
. In 1983, Pérez earned his
MBA A Master of Business Administration (MBA) is a professional degree focused on business administration. The core courses in an MBA program cover various areas of business administration; elective courses may allow further study in a particular a ...
at the
Wharton School of Business The Wharton School ( ) is the business school of the University of Pennsylvania, a private Ivy League research university in Philadelphia. Established in 1881 through a donation from Joseph Wharton, a co-founder of Bethlehem Steel, the Wharton ...
of the
University of Pennsylvania The University of Pennsylvania (Penn or UPenn) is a Private university, private Ivy League research university in Philadelphia, Pennsylvania, United States. One of nine colonial colleges, it was chartered in 1755 through the efforts of f ...
majoring in international finance."Penn's National Administrators: Men and Women Who Have Served in Notable Positions in Foreign Governments", University Archives and Record Center, University of Pennsylvania, August 2002.


Career


Financial career

Upon graduation from Wharton, he joined
Mellon Bank Mellon Financial Corporation was an American investment firm which was once one of the world's largest money management firms. Based in Pittsburgh, Pennsylvania, it was in the business of institutional and high-net-worth individual asset manage ...
's International Banking Department in
Pittsburgh Pittsburgh ( ) is a city in Allegheny County, Pennsylvania, United States, and its county seat. It is the List of municipalities in Pennsylvania#Municipalities, second-most populous city in Pennsylvania (after Philadelphia) and the List of Un ...
and completed their international credit training program. Pérez was assigned as a Latin American credit analyst and later as Mexico and Central America desk officer. In 1985, he joined Mellon's debt trading team, and was one of the early pioneers in emerging markets debt trading, focusing on Latin American and Philippine debt. In 1986, Pérez then joined Lazard Brothers & Co in London as part of its debt trading team. The following year he moved to Lazard Frères & Co. in New York as a debt trader and investment banker. In 1994, he became a general partner of Lazard Frères as co-head with Edgar Legaspi of its Emerging Markets Group, becoming one of the highest-ranking Asian bankers on
Wall Street Wall Street is a street in the Financial District, Manhattan, Financial District of Lower Manhattan in New York City. It runs eight city blocks between Broadway (Manhattan), Broadway in the west and South Street (Manhattan), South Str ...
, and was named one of the 100 Emerging Markets Superstars by Global Finance. In 1994, Pérez relocated to
Singapore Singapore, officially the Republic of Singapore, is an island country and city-state in Southeast Asia. The country's territory comprises one main island, 63 satellite islands and islets, and one outlying islet. It is about one degree ...
as one of the founding managing directors of Lazard Asia. In 1997, Pérez left Lazard to set up Next Century Partners, a private equity firm based in Singapore, teaming up with Patrick Go, Dennis Mendiola, John Wallace, and Eduardo Martinez-Miranda. They invested in companies such as
Smart Communications Smart Communications Inc., commonly referred to as Smart, is a wholly owned wireless communications and digital services subsidiary of PLDT Inc., a telecommunications and digital services provider based in the Philippines. As of November ...
, Del Monte Pacific, and those involved in semiconductor assembly. Among the co-investors of Next Century Partners were
Soros Fund Soros Fund Management is a privately held American investment management firm. It is currently structured as a family office, but formerly was a hedge fund. The firm was founded in 1970 by George Soros and, in 2010, was reported to be one of the ...
,
Mitsui is a Japanese corporate group and '' keiretsu'' that traces its roots to the ''zaibatsu'' groups that were dissolved after World War II. Unlike the ''zaibatsu'' of the pre-war period, there is no controlling company with regulatory power. Ins ...
, and one of the Bass brothers of
Fort Worth, Texas Fort Worth is a city in the U.S. state of Texas and the county seat of Tarrant County, Texas, Tarrant County, covering nearly into Denton County, Texas, Denton, Johnson County, Texas, Johnson, Parker County, Texas, Parker, and Wise County, Te ...
.


Government

In early 2001, Pérez was recruited by his former academic adviser and then-newly sworn Philippine president
Gloria Macapagal Arroyo Maria Gloria Macaraeg Macapagal-Arroyo (; born April 5, 1947), often referred to as PGMA or GMA, is a Filipino academic and politician who served as the 14th president of the Philippines from Presidency of Gloria Macapagal-Arroyo, 2001 to 2010 ...
to join her administration. He served briefly as undersecretary for industry at the
Department of Trade and Industry Department of Trade and Industry may refer to: Current * Department of Trade and Industry (Isle of Man) * Department of Trade and Industry (Philippines) * Department of Trade, Industry and Competition (South Africa) Former * Department of Trade ...
and as managing head of the Board of Investments. He then served from 2001 to 2005 in the
Cabinet Cabinet or The Cabinet may refer to: Furniture * Cabinetry, a box-shaped piece of furniture with doors and/or drawers * Display cabinet, a piece of furniture with one or more transparent glass sheets or transparent polycarbonate sheets * Filin ...
of
Gloria Macapagal Arroyo Maria Gloria Macaraeg Macapagal-Arroyo (; born April 5, 1947), often referred to as PGMA or GMA, is a Filipino academic and politician who served as the 14th president of the Philippines from Presidency of Gloria Macapagal-Arroyo, 2001 to 2010 ...
as Energy Secretary. As such, Pérez boosted energy self-sufficiency, promoted clean indigenous energy, and crafted an ambitious renewable policy framework. He dealt with solving the frequent grid-wide power black-outs that were hampering the economy then, and had to secure the oil supply of the country in the wake of the 2003 Iraq War by pursuing
energy diplomacy Energy diplomacy is a form of diplomacy, and a subfield of international relations. It is closely related to its principal, foreign policy, and to overall national security, specifically energy security. Energy diplomacy began in the first half of t ...
in Asia and the Middle East. As chair of an
ASEAN The Association of Southeast Asian Nations, commonly abbreviated as ASEAN, is a regional grouping of 10 states in Southeast Asia "that aims to promote economic and security cooperation among its ten members." Together, its member states r ...
Energy Ministers meeting, Pérez led the ASEAN Plan of Action for Energy Cooperation for 2004–2009, setting for the first time a regional commitment to attain a minimum 10% of power mix in renewable energy. He hosted the first ministerial meeting of ASEAN Plus 3 (China, Japan and Korea) energy ministers in June 2004. After overseeing a major restructuring of the Philippine power sector and having initiated the privatization of generation assets of the state-owned
National Power Corporation The National Power Corporation (, also known as NAPOCOR, NPC or National Power) is a Philippine government-owned and controlled corporation that is mandated to provide electricity to all rural areas of the Philippines by 2025 (known as "mission ...
(Napocor), he resigned in March 2005. With four years of government service, Pérez was one of the longest-serving members of Arroyo's economic team and was cited as the last of her "''touted trio of Wall Street-bred economic managers''". In announcing his resignation,
Malacañang Palace Malacañang Palace (, ), officially known as Malacañán Palace, is the official residence and principal workplace of the president of the Philippines. It is located in the Manila district of San Miguel, Manila, San Miguel, along Jose Laurel S ...
issued a statement from Arroyo citing Pérez's "''crucial role in implementing difficult power sector reforms, reorganizing the public energy sector, jump-starting the much-awaited privatization of Napocor, and ensuring no more Luzon-wide blackouts since May 2002''". The President underscored the "''valuable contributions made by Secretary Pérez in the country’s quest for energy independence through greater reliance on clean, indigenous and sustainable energy sources''", noting that since 2001, the country has increased its use of indigenous natural gas and geothermal power.


Return to private sector

Since his return to the private sector in 2005, Pérez has been active in renewable power, energy advisory, and conservation issues. He was a 2005 World Fellow at
Yale University Yale University is a Private university, private Ivy League research university in New Haven, Connecticut, United States. Founded in 1701, Yale is the List of Colonial Colleges, third-oldest institution of higher education in the United Stat ...
, where he lectured an MBA class on renewable power in emerging countries. Upon his return in 2006, Pérez and former energy officials Jocot de Dios and Lea Ricolcol, founded Merritt Partners, an energy advisory firm. That same year, he was invited by the owners of NorthWind, the first wind farm in Southeast Asia, to replace a minority shareholder, and that led him to a decade-long career investing in renewable energy. In 2008, Pérez and his partners founded Alternergy, a renewable power company focused on wind and run-of-the-river hydro, and built the
Pililla Wind Farm The "Pililla, Rizal" Wind Energy Service Contract granted to Alternergy Philippine Holdings Corporation (APHC) covers an area of 4,515 hectares under Department of Energy WESC NO. 2009-09-018. This Wind Energy Service Contract (WESC) has two pha ...
in partnership with Equis Funds. Subsequently, in 2013, he co-founded Solar Pacific, a
solar PV Solar power, also known as solar electricity, is the conversion of energy from sunlight into electricity, either directly using photovoltaics (PV) or indirectly using concentrated solar power. Solar panels use the photovoltaic effect to conve ...
developer, with Michael Lichtenfeld and the Sant Foundation. As a private citizen, he was dispatched as Special Presidential Envoy by President Arroyo on economic diplomacy overseas. In 2009, Pérez was appointed as vice chairman of the National Renewable Energy Board. On March 19, 2024, the
Department of Energy A ministry of energy or department of energy is a government department in some countries that typically oversees the production of fuel and electricity; in the United States, however, it manages nuclear weapons development and conducts energy-rela ...
awarded Perez’s Alternergy Holding Corp. a “Certificate of Confirmation of Commerciality” which essentially is a green light for its Alabat and Tanay wind projects. Earlier, on December 20, 2023, it received P1.45 billion from
Government Service Insurance System The Government Service Insurance System (GSIS; ) is a government-owned and controlled corporation (GOCC) in the Philippines that serves ''de jure'' government employees. Established by Commonwealth Act No. 186 and Republic Act No. 8291 (the G ...
for its clean energy projects, effectively bringing its
equity capital In finance, equity is an ownership interest in property that may be subject to debts or other liabilities. Equity is measured for accounting purposes by subtracting liabilities from the value of the assets owned. For example, if someone owns a ...
to P3 billion. GSIS subscribed to 100 million of Alternergy’s
preferred stock Preferred stock (also called preferred shares, preference shares, or simply preferreds) is a component of share capital that may have any combination of features not possessed by common stock, including properties of both an equity and a debt ins ...
at P14.50 per share under a
private placement Private placement (or non-public offering) is a funding round of securities which are sold not through a public offering, but rather through a private offering, mostly to a small number of chosen investors. Generally, these investors include frien ...
. Alternergy also raised P1.62 billion from its
initial public offering An initial public offering (IPO) or stock launch is a public offering in which shares of a company are sold to institutional investors and usually also to retail (individual) investors. An IPO is typically underwritten by one or more investm ...
in March, 2023.


Independent business activities

Pérez has been an independent director of regional companies in Australia, the Philippines, and Singapore. He is an independent director of
ST Telemedia ST Telemedia (STT) is a Singapore-headquartered strategic investor specialising in Communications and Media, Data Centres and Infrastructure Technology businesses globally. It is represented in 15 countries, three continents across Asia Pacific ...
and
Banco de Oro BDO Unibank, Inc., commonly known as Banco de Oro (BDO), is a Philippine banking company based in Mandaluyong, the Philippines. BDO Unibank is a member of the SM Group and so can be found at SM Malls throughout the country. BDO is the larges ...
. He is a member of the advisory boards of Bhutan Foundation,
New Zealand Trade and Enterprise New Zealand Trade and Enterprise (; abbreviated NZTE) is New Zealand's international business development agency that focuses on helping New Zealand businesses improve their international engagement. It is considered a Crown agent under the Cr ...
, Geneva-based Pictet Clean Energy Fund, and the Yale Center for Business and the Environment. Pérez and his family have had a long affinity with the island of
Palawan Palawan (, ), officially the Province of Palawan (; ), is an archipelagic province of the Philippines that is located in the region of Mimaropa. It is the largest province in the country in terms of total area of . The capital and largest c ...
. He and his brother Miguel set up Stellar Sea Farms to raise red tilapia in sea cages in
Culion Culion, officially the Municipality of Culion (), is a municipality in the province of Palawan, Philippines. According to the 2020 census, it has a population of 23,213 people. Culion consists primarily of Culion Island as well as 41 minor sur ...
. They once owned Puerco Island in Green Island Bay and currently own Dilumacad or Helicopter Island in
El Nido El Nido, officially the Municipality of El Nido (, ), is a municipality in the province of Palawan, Philippines. According to the 2020 census, it has a population of 50,494 people. A managed resource protected area,venture philanthropy Venture philanthropy is a type of impact investment that takes concepts and techniques from venture capital finance and business management and applies them to achieving philanthropic goals. The term was first used in 1969 by John D. Rockefeller ...
with like-minded conservationists, and together they acquired El Nido Resorts. With a management team from Next Century Partners, they transformed it into an award-winning eco-tourism destination in Palawan and then sold it to
Ayala Land Ayala Land, Inc. (ALI) is a full line real estate firm based in the Philippines. It is a subsidiary of Ayala Corporation. It began as a division of Ayala Corporation until it was spun off and incorporated in 1988. It became publicly listed in ...
in 2013.


Philanthropy

His philanthropy is dedicated to the environment and conservation. Pérez has long been involved with
World Wide Fund for Nature The World Wide Fund for Nature (WWF) is a Swiss-based international non-governmental organization founded in 1961 that works in the field of wilderness preservation and the reduction of human impact on the environment. It was formerly named th ...
(WWF) starting with arranging debt-for-nature swaps. He was a founding trustee of WWF-Philippines in 1996 and is a member of its national advisory council. Pérez was elected to the International Board of WWF, the governing body of the global WWF network, and a member of the boards of WWF-China and WWF-US. He was active with Malampaya Foundation, Sikat Solar Car Challenge Foundation, Stiftung Solarenergie Foundation, and in marine conservation through Asian Conservation Foundation.


Writings

Pérez has written a few publications: “''Chasing Moonlight''” narrated a sailing voyage during his 50th year; “''Chasing Sunsets''”, a compilation of 58 haiku poetry of his travels; and “''Chasing Cherry Blossoms''”, a hiking travelogue with his three brothers in Japan. He co-published “''Voices from the Islands''” featuring how El Nido Resorts became a showcase of
sustainable tourism Sustainable tourism is a concept that covers the complete tourism experience, including concern for Impacts of tourism, economic, social, and environmental issues as well as attention to improving tourists' experiences and addressing the needs o ...
. He was also a contributor to a marine biological publication on scallops in Palawan waters.


Personal life

Pérez and his wife, Maria Adora, reside in Manila and Melbourne, and they have three sons and one daughter. Pérez is fond of the sea and used to do salt-water fishing and sailing. Together with his sailing buddy Judes Echauz, they won the Rolex China Sea Race on their yacht Subic Centennial, first in 1998 and again in 2008."Hi-Fi and Subic Centennial winners at Rolex China Sea Race", World Sailing, March 25, 2008.


References

{{DEFAULTSORT:Perez, Vincent S. 1958 births Living people Filipino bankers 21st-century Filipino businesspeople University of the Philippines alumni Wharton School alumni Secretaries of energy of the Philippines Arroyo administration cabinet members