Pardo resigns from board of San Miguel Pure Foods

ABS-CBN News

Posted at Jan 24 2011 05:55 PM | Updated as of Jan 25 2011 01:56 AM

MANILA, Philippines - Former finance and trade secretary Jose "Titoy" Pardo has left the board of the food unit one of the country's largest conglomerate, San Miguel Corporation.

In a disclosure to the stock exchange on Jan. 24, San Miguel Pure Foods said it received the resignation letter of Pardo on Jan. 24, 2011.

"Mr. Pardo resigned as Director of the Company effective January 20, 2011, to pursue other professional endeavors and interests," according to the disclosure.

Pardo has been a director of San Miguel Pure Foods since April 2002.

He served under the Estrada administration as Trade Secretary (1998 to 2000) and Finance Secretary (2000 to 2001).

Before his stint in government, he was president of Philippine Seven Corp (the Philippine franchisee of the 7-11 convenience stores), Wenphil Corp (franchisee of Wendy's burger chain), and various companies controlled by businessman Tonyboy Cojuangco Jr., including ABC Corporation (Channel 5) and ABC Marketing Corp, and Philippine Multi media Systems Inc. (Dream Satellite TV).

Aside from San Miguel, he was an independent director of a handful of large local corporations.

He is active in business groups and poverty alleviation social efforts.

San Miguel Pure Foods, the food unit of conglomerate San Miguel Corp., is planning to raise P15 billion from the listing of the preferred shares.

The funds are expected to help finance Pure Foods' foray into non-food related businesses, mirroring the strategy of its parent firm.