Alfredo E.

Pascual
U.P. Degrees:
 Master of Business Administration (MBA), 1972
 BS in Chemistry (cum laude), 1969

U.P. Involvements at Present:

 Regent, University of the Philippines, 2009-2012
 President, U.P. Alumni Association, 2009-2012

A. PERSONAL DATA
Date of Birth : 7 July 1948
Place of Birth : Caloocan City, Metro Manila, Philippines
Home Address: 12 Penelope Lane, Acropolis, Quezon City 1110, Philippines
Civil Status : Married (with 3 children)
Spouse : Carmen Martinez Pascual (BFA, University of the Philippines, 1971)

B. PROFILE:
Alfredo E. Pascual is an accomplished finance professional who made significant contributions
to progress in the Asia-Pacific region as an international development banker and educator.
Working in the Asian Development Bank for 19 years until 2008, Mr. Pascual excelled as a
Filipino and U.P. alumnus, charting a successful career that brought him to senior positions in
this multicultural organization. Here he pursued pioneering projects and institution-building
initiatives that helped the bank respond to the emerging financing needs of the region and
catalyze investments in the region’s developing economies, particularly in the infrastructure and
financial sectors.

For instance, Mr. Pascual authored a strategy which for the first time provided a framework for
the bank’s efforts to promote the private sector as the engine of growth in support of its vision of
Asia and Pacific free of poverty. He also initiated the bank’s first loan denominated in local
currency to pioneer a new lending mode that can protect borrowers from foreign exchange risk
associated with foreign loans and the bank’s first investment that took exposure to the credit risk
of municipal governments which are assuming greater responsibilities for development in a
decentralized governance structure of its member countries. The bank has since embraced private
sector development, local currency lending, and sub-sovereign financing as major thrusts to the
benefit of stakeholders in emerging Asia. (see Section K for more details)
Alfredo E. Pascual 2

Prior to becoming an international development banker, Mr. Pascual was an academic and an
investment banker in the Philippines. He spent 9 years devoting himself to developing managers
for Asia as professor of finance at the Asian Institute of Management. At AIM, he innovated by
introducing new courses that better prepare students for careers in banking and finance. He also
nurtured the Institute’s advanced bank management program that attracted many bankers from
the region back to school for skills enhancement. Well liked for his ability to simplify concepts
and stimulate discussions, he regularly topped the faculty ratings by students for excellence in
teaching. Very early in his career, he contributed to education by serving as an instructor at the
U.P. Department of Chemistry for about a year. Right after his MBA, he served as a lecturer on a
part-time basis for 4 years at the Department of Management Engineering and Department of
Business in the Ateneo de Manila University.

For 8 years in the 1970s, he was among the pioneers of investment banking in the Philippines,
holding senior executive positions in Bancom Development Corporation, Philippine Pacific
Capital (now RCBC Capital), and First Metro Investment.

After retiring from ADB in late 2008, Mr. Pascual has continued to be productively engaged by
taking on international consulting and advisory assignments. In addition, he has devoted time to
voluntary public service. For example, in the run-up to the May 2010 automated polls, Mr.
Pascual served as lead convener of the Automated Election System (AES) Watch, an
independent, broad-based and multi-sector coalition that sought to monitor the preparation for
and conduct of the country’s first ever nationwide poll automation.

C. EDUCATIONAL BACKGROUND:
UNIVERSITY OF THE PHILIPPINES, DILIMAN
Master of Business Administration (MBA), 1972

UNIVERSITY OF THE PHILIPPINES, DILIMAN

BS in Chemistry (cum laude), 1969

INSEAD, FONTAINEBLEAU, FRANCE

EC-ASEAN Teacher Program on Management of Strategic and Organizational Change, 1988

D. PRESENT POSITIONS:
UNIVERSITY OF THE PHILIPPINES
Alumni Regent, Board of Regents, 2009-2012

U.P. ALUMNI ASSOCIATION

President, 2009-2012

TUSK ADVISORY PTE. (SINGAPORE)

Senior Advisor, 2008 to present
Alfredo E. Pascual 3

E. BANKING, FINANCE & MANAGEMENT EXPERIENCE (27 years):

ASIAN DEVELOPMENT BANK (1989-2008)
Advisor for Public-Private Partnership in Infrastructure
Director, Capital Markets & Financial Sectors Division
Director, Private Sector Infrastructure Finance Division
Head, Project Finance, Private Sector Group
Principal Investment Officer, Private Sector Group
Senior Investment Officer, Private Sector Group
Senior Investment Officer, India Resident Mission, New Delhi
Investment Officer, Private Sector Department

STATE INVESTMENT HOUSE, INC. (1978-1979)

Vice President for International Finance

FIRST METRO INVESTMENT CORPORATION (1976-1977)

Vice President for Investment Banking

PHILIPPINE PACIFIC CAPITAL CORPORATION (now RCBC Capital) (1974-1976)

Assistant Vice President for Corporate Finance

BANCOM DEVELOPMENT CORPORATION (1972-1974)

Assistant Treasurer
Project Manager

PROCTER & GAMBLE PMC (1970-1972)

Department Manager (Food Products Plant)
Industrial Engineer

F. ACADEMIC EXPERIENCE (14 years)

ASIAN INSTITUTE OF MANAGEMENT (1980-1989)
The American Express Foundation Professor of Financial Management
Faculty Chair, Master in Business Management I Program
Director, Advanced Bank Management Program
Partner, Asian Consulting and Training Group, Inc.

UNIVERSITY OF THE PHILIPPINES (1969-1970)

Instructor, Department of Chemistry

ATENEO DE MANILA UNIVERSITY (1973-1976; 1977-1978)

Part-time Lecturer, Department of Management Engineering
and Department of Business Management
Alfredo E. Pascual 4

G. PAST CORPORATE BOARD DIRECTORSHIPS:

China Everbright Bank of China
China Xiamen International Bank
Hong Kong China Assets (Holdings) Ltd
India AIG India Sectoral Fund
India Andhra Petrochemicals Ltd
India Creditcapital Venture Fund Ltd
India DCL Polyesters Ltd
India Global Trust Bank Ltd
India Indian Acrylics Ltd.
India Infrastructure Development Finance Company Ltd
India SARA Fund Trustee Company Ltd
India Twentieth Century Finance Corporation
Netherlands ShoreCap International Ltd
Philippines Mutual Fund Company of the Philippines

H. CURRENT PROFESSIONAL, CIVIC & OTHER ORGANIZATIONS:

Automated Election System (AES) Watch, Lead Convener
Financial Executives Institute of the Philippines (FINEX), Life Member
Management Association of the Philippines (MAP)
Rotary Club of Makati
U.P. Alumni Association, President
U.P. Alumni Cooperative, Honorary Chairman
UPAA Maria Makiling Foundation, Chairman
U.P. M.B.A. Society, Past President
U.P. Chemistry Alumni Foundation, Past Director

I. AWARDS & CITATIONS:

Distinguished Alumnus Award, U.P. College of Business Administration, 2009

Innovation Award for the SME Sector Development Program in Pakistan,

Asian Development Bank, 2003 (part of the Project Team as Director)

Project of the Year Award for North Luzon Expressway, Project Finance International, London,
2001 (part of the Project Team as Head of Project Finance, ADB)

Certificate of Recognition for Exemplary Performance, Asian Development Bank, 2000

Presidential Achievement Award, Financial Executives Institute of the Philippines, 1983

(leadership in review of proposed accounting standards)
Alfredo E. Pascual 5

Presidential Award, Financial Executives Institute of the Philippines, 1981

(nationwide educational campaign on credit and interest rates)

Rotary International Group Study Exchange Award, 1975

(New York, U.S.A. and Ontario, Canada)

J. PUBLICATIONS:
Public-Private Partnership in Infrastructure Development
Routes. No. 332. Paris: Mondiale de la Route, 2006. pp. 52-61.

Private Sector Participation in Infrastructure: Experience in Asia.

The Transnational Lawyer (Pacific McGeorge Global Business & Development Law Journal).
Vol. 18. Sacramento, California: Pacific McGeorge School of Law, 2004. pp. 107-115.

Risk and the Multinational Enterprise.

The Asian Manager. June 1988. Makati: Asian Institute of Management. pp. 4-11.

Financial Institutions and Markets in the Philippines.

A chapter in Financial Institutions and Markets in Southeast Asia,
edited by Michael T. Skully. London: Macmillan Press Ltd, 1984.

K. SOME KEY ACCOMPLISHMENTS AT ADB:

For 19 years (1989 to 2008), Mr. Pascual worked at ADB where he pursued pioneering projects
and initiatives. Some examples of these are described below.

 He was the main author of a private sector development strategy, which, for the first time in
1999, provided a framework for ADB’s effort to promote the private sector as the engine of
growth in Asia’s developing countries in support of its vision of Asia and Pacific free of
poverty. From a minor share a decade ago, support for private sector development is now
planned to be increased to 50% of ADB’s annual financing operations by 2020.

 He supervised the design and launching of the Trade Finance Facilitation Program (TFFP),
the first region-wide program undertaken by ADB aimed at helping banks in developing Asia
provide trade finance products to importers and exporters. The TFFP is helping Asian
countries maintain, re-establish, and enhance trade finance lines. The program has recently
been expanded in response to the global financial crisis of 2007-2009.

 He initiated ADB’s first loan denominated in local currency (a departure from the traditional
loan funding in US dollar or some other hard currency) to pioneer a new lending mode that
can protect borrowers from foreign exchange risk. The pioneering loan was made to an
infrastructure project (a private power transmission company in India). Following this, local
currency financing has become a regular offering of ADB.
Alfredo E. Pascual 6

 He played a lead role in establishing the Infrastructure Development Finance Company Ltd
(IDFC) in India. Capitalized at about $450 million, IDFC pioneered a joint venture between
private investors and the government for promoting the long-term debt market in the India
and enhancing resource mobilization for infrastructure development. IDFC has become a
successful catalyst of investments in infrastructure through public private partnerships.

 He led the processing of ADB’s first equity investment in a state-owned commercial bank
(the Everbright Bank) and in a Sino-foreign joint-venture bank (the Xiamen International
Bank) in China. These investments paved the way for the entry of other international
investors into China’s banking sector, thereby promoting greater efficiency through
competition and technology transfer.

 He led a team who designed and implemented a series of technical assistance projects for
promoting the development of China’s securities markets. The projects included drafting a
national securities law, developing a pioneering automated securities trading system,
strengthening the China Securities Regulatory Commission, and training market regulators
and practitioners. From these beginnings in the early 1990s, the securities markets in China
have grown exponentially.

 He initiated ADB’s first investment that took exposure to the credit risk of municipal
governments without recourse to the host national government. The investment was in the
Local Government Unit Guarantee Corporation (LGUGC) in the Philippines. LGUGC
guarantees bond issues and borrowing of cities and municipalities for financing infrastructure
investments. Now, sub-sovereign financing is a regular offering of ADB.

 He supervised ADB’s first financial assistance for a private toll road project. This was a loan
package for the North Luzon Expressway in the Philippines. The project was successfully
financed in the midst of difficulties brought about by the 1997 Asian financial crisis, was
completed ahead of schedule, and has since been operating profitably. The project was
declared Project of the Year 2001 by Project Finance International of London.

 He directed the structuring and financing of several other pioneering private sector projects,
including: the first private power projects in Vietnam, the first private hospital in Vietnam,
the first private global fund to invest in microfinance institutions, a guarantee facility for
sharing risk with banks in financing SMEs in Pakistan, a private credit guarantee company in
China, a private commercial bank in Afghanistan, a regional private equity fund for SMEs, a
regional energy efficiency fund, ADB’s first loan to a private housing finance company (in
India), and ADB’s first three investments in projects for resolution of non-performing assets
(in China and the Philippines).

 As a member representing ADB, he contributed to the work of the World Panel on Financing
Water Infrastructure chaired by Michel Camdessus (former IMF Managing Director). The
panel held consultations with investors, bankers, policy makers, academics, NGOs, and civil
society organizations in Manila, Washington D.C., The Hague, Johannesburg, Paris, and
London. Analyzing the constraints and recommending solutions to the financing of the water
sector globally, the panel’s final report was presented at the 3rd World Water Forum in
Kyoto in 2003.
Alfredo E. Pascual 7

 He represented ADB on the board of selected portfolio companies in China, Hong Kong,
India, Netherlands, and the Philippines, promoting good corporate governance. (see Section
F). In one company, for example, he took the lead in questioning irregular practices and
succeeded in achieving resolution that eventually led to a top-level management shake-up.

 He served as speaker and resource person in conferences and seminars in various parts of the
world, including Bangalore, Bali, Beijing, Brisbane, Calcutta, Cebu, Goa, Hanoi, Hong
Kong, Helsinki, Jakarta, Karachi, Kathmandu, Manila, New Delhi, New York, Paris,
Sacramento, San Francisco, Shanghai, Singapore, Stockholm, Tokyo, Washington D.C., etc.
(see Section L).

L. SOME RECENT SPEECHES & PRESENTATIONS:

Automated Election System: Issues and Risks.
People’s International Observers Mission Conference (Manila, May 2010)

Automated Election System (AES): Is it ready? Can it be trusted?

National Council of Churches in the Philippines Meeting (April 2010)

Assessing the Trustworthiness and Readiness of the Automated Election System (AES):
The STAR Card of AES Watch. Hearings of the Joint Congressional Oversight Committee
(JCOC) on the AES (Senate, Pasay City, January & February 2010)

Public-Private Partnership in Infrastructure: Models and Processes.

Management Development Program for Indian Officials, AIM (Makati, June 2009)

Risk Allocation and Mitigation in PPP Projects, and

Public-Private Partnership in Infrastructure Development: Case Studies.
Management Development Program for Indian Officials, AIM (Makati, April 2009)

The Case for Private Sector Participation in the Pacific Port Sector.
Strengthening PSP for Infrastructure in the Pacific Region, ADB Institute (Brisbane, Nov. 2008)

Nam Theun 2 Hydropower Project: a Case Study in the Mekong Region, and
North Luzon Expressway Project: a Case Study in the Philippines.
Strengthening PSP for Infrastructure Investment in Vietnam, ADB Institute (Hanoi, Nov. 2008)

Opportunities and Challenges in Indonesian Infrastructure Sector.

The Indonesia Investment Conference, Euromoney (Bali, May 2008)

Foreign Direct Investment and PPP: Experiences in Indonesia and Philippines.

Strengthening Private Sector Participation in Infrastructure Provision Asia,
ADB Institute (Tokyo, November 2007)

Private Investment in Infrastructure: Making PPP Work.

1st International Institute, Indonesian Regional Science Association (Bandung, November 2007)
Alfredo E. Pascual 8

Metro Manila Water Concessions: a Case Study.

EU-Indonesia Infrastructure Forum, EuroCham & Kadin (Jakarta, June 2007)

Investing in Energy Infrastructure.

India Energy & Infrastructure Finance & Investment, Terrapinn (New Delhi, February 2007)

Investing in Infrastructure to Sustain Growth.

ASEAN Business & Investment Summit (Cebu, December 2006)

Infrastructure Investment Needs: The Public-Private Partnership Solution.

Efficiency Enhancement of Vietnamese Economy (Ho Chi Minh City, December, 2006)

Asia’s Infrastructure Needs: the PPP Solution.

2nd Asian Infrastructure Congress, Terrapinn (Hong Kong, November 2006)

Public-Private Partnerships: Some lessons from experience.

India PPP Regional Workshops of Chief Secretaries (Goa & Kolkata, September 2006)

Facilitating PPP Transactions: Developing Country Perspective.

India PPP Regional Workshop of Chief Secretaries (Bangalore, June 2006)

Financing & Risk Mitigation Instruments of the Asian Development Bank.

Mekong Development Forums (Stockholm, April 2006; Singapore, March 2006; New Delhi,
November 2005; Tokyo, May 2005)

The Greater Mekong Subregion: Opportunities for Business.

UBIFRANCE Conference on Opportunities in the Mekong Region (Paris, March 2006)

Structuring and Financing Public-Private Partnerships.

South Asian Association For Regional Cooperation (SAARC)
Conference on Financing Mechanism for PPP (Kathmandu, February 2006)

Regional Cooperation: Building the Mekong Power Market.

Siemens Power VIP Conference Asia (Chiang Mai, November 2005)

The Investment Climate in the Philippines: Benchmarking the Country with its Neighbors.
Asia Society Workshop on Developing a Competitive Philippine Business Environment
(Manila, December 2004)

Promoting Private Finance for Local Government Infrastructure.

International Conference on Financing Municipalities & Sub-National Governments
(Washington, D.C., October 2004)

Private Sector Investments Operations of ADB.

ADB Business Opportunities Seminars (Stockholm & Helsinki, October 2004;
San Francisco & New York, April 2003)
Alfredo E. Pascual 9

The Role of Multilateral Banks in Financing Private Investments.

Pacific Basin Economic Council (PBEC) International General Meeting (Beijing, June 2004)

Creating an Enabling Environment for and Catalyzing Private Investment in Water Sector.
USAID Innovative Water and Wastewater Financing Workshop (Makati, March 2004)

Private Sector Participation in Infrastructure: Experiences in Asia.

McGeorge International Law Symposium on Project Finance (Sacramento, February 2004)

Structuring and Financing Regional Infrastructure Projects.

Conference on Sharing Expertise and Experience in Regional Cooperation (Tokyo, Dec. 2003)

Private Sector Investments and the Role of ADB.

Asia Independent Power Producers Forum (Bangkok, June 2003)

Private Sector Participation in Water Infrastructure

Asia Water Conference (Singapore, February 2003)

An Approach to Water Tariff Policy: Experiences in Asia.

World Panel on Water Infrastructure Financing Meeting (Paris, January 2003)

Improving Water Supply and Sanitation with Private Sector Participation.

ADB Water Week Panel Session (Manila, December 2002)

Meeting Asia’s Burgeoning Infrastructure Investment Needs.

Project Finance Asia Conference (Hong Kong, November 2002)

Partnership Program with ADB.

3rd Dutch Water Week: Financing Water Infrastructure (The Hague, October 2002)

Urban Infrastructure Financing.

Dexia & Vivendi Seminar on Financing Urban Development (Shanghai, May 2002)

Catalyzing Private Sector Investments in China’s Infrastructure.

US-China Infrastructure Development Meetings (Shanghai, May 2002)

Dispute Resolution in Private Power Projects.

Workshop on Financing Issues in the Development of a Regional Electricity Market
In the Greater Mekong Subregion (Hanoi, December 2001)

The Role of the Asian Development Bank in Financing Power Projects in Asia.
Launching of the International Project Finance Association in Asia (Singapore, November 2001)