Just one day apart in early October, the Philippine business community lost two outstanding CEOs who spent their entire professional lives building strong institutions in the private sector. Today, more than ever, the private sector should take the lead in constructing a just and progressive society. While we should not give up hope on achieving the necessary governance reforms in the public sector, it is more probable that outstanding leaders in the private sector—business, academe, and civil society—will be at the forefront of achieving First World status for the Philippines in the next ten to fifteen years. After all, the Government accounts for only 10 percent of GDP; private consumption and investment account for the remaining 90 percent, with consumption alone accounting for 75 percent. We should not despair if it is taking us a long time to clean up our dysfunctional government.
I would like to describe the accomplishments of the two CEOs, Mr. Xavier Loinaz and Mr. Oscar Reyes, who passed away during the first week of October 2025.
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