A Farewell to Two Titans: Loinaz and Reyes Leave Enduring Legacies

The Philippine business community is mourning the loss of two industry giants whose careers shaped banking and energy at pivotal moments in the nation’s history.

Xavier P. Loinaz (1943–2025), former BPI President & CEO, pioneered ATMs, internet banking, and bancassurance in the Philippines. Oscar S. Reyes (1946–2025), former Meralco CEO and Shell Philippines Chairman, modernized operations and championed customer-first energy leadership. Both, their passing marks a generational shift in the country’s banking and energy leadership. (Illustrator: ASK)

Xavier P. Loinaz, the former president and CEO of the Bank of the Philippine Islands, and Oscar S. Reyes, former chief executive of Meralco, passed away this October within a day of each other.

Their departures mark the close of an era and underscore a changing of the guards in some of the country’s most vital sectors.

Mr. Loinaz led BPI for over two decades, guiding the bank through the debt crisis of the 1980s and the Asian Financial Crisis of the 1990s. His leadership was defined by foresight and discipline.

He introduced the first automated teller machines in the Philippines, championed internet banking in 1999, and steered acquisitions that expanded BPI’s reach, from Citytrust to Far East Bank.

More than a banker, he was a mentor whose emphasis on integrity and innovation left a generation of executives better prepared for the future.

Mr. Reyes, meanwhile, was a steady hand in power and energy. As Meralco’s CEO from 2012 to 2019, he modernized operations, strengthened customer service, and ensured stability in a highly regulated sector.

Earlier, as Country Chairman of Shell Philippines, he played a critical role in developing the energy landscape. His philosophy of maximizing assets reflected a pragmatic, customer-first approach.

He served on the boards of major corporations but was remembered most for his humility and dedication to governance.

Together, their lives tell the story of Filipino leadership at its finest: resilient, innovative, and grounded in service.

As new leaders rise in banking, energy, and beyond, the legacies of Loinaz and Reyes will endure as touchstones for navigating the challenges of a rapidly evolving economy. #GSU