Scaling Greater Heights with Toto Hilado
Serious, mysterious, and formal – that’s probably how most UnionBankers who haven’t worked closely with our Chief Finance Officer and Treasurer of the Bank, Mr. Toto Hilado, would perceive him. As one of the key decision makers of the bank, most especially when it comes to money matters, Sir Toto is expected to keep an eagle eye on the Bank’s financial resources and is responsible for its optimum deployment. We see his assertive side during meetings, but who is he outside the confines of the office?
PHENOM had a rare opportunity to get to know him better, his recipe for success, and the tools of the trade that every UnionBanker can take inspiration from to take their career and personal goals to greater heights.
Origins of a Banker
Please share with us your career journey.
I’ve been with UnionBank for about two years and four months. I joined in 2017. Before UnionBank, I was the COO of EastWest Bank, a stint that spanned about two and a half years. Before that, I worked with various other banks, namely RCBC, BDO, BDO Private Bank, Equitable PCI, Far East Bank … so this is my seventh bank and hopefully, my last stop.
I started my banking career in Far East Bank, right after graduating from the UP School of Economics. I had no idea that I would become a banker. Back then, the Philippines was just recovering from a debt crisis and so I accepted the first job offer that came along . I was just picking up my girlfriend (who became my wife) who was on a summer job in Far East Bank and I saw a long line of applicants and so I applied. I was the Staff Assistant of the SVP Head of the Operations Group. My role then was to make sure that all documents for the SVP’s signature were in order . After 6 months, I was re-assigned to the Purchasing Department supposedly on a temporary basis, just to help out in the Department’s re-organization and professionalization. Well, I eventually stayed for a few years until I was again transferred to the Human Resources Group, which was also undergoing some re-organization. Then one day, as I was on my way to the office of the Treasurer, I passed by the Bank’s dealing room, abuzz with frantic traders on their telephones, while glued to their computers monitors. That’s when I said to myself:
I was accepted by the Head of Treasury but my first job was not trading. Since the Head of Treasury was also concurrently the Head of International Banking, his deal with me was that I would become a Trader, but first he needed me to set up the remittance business of Far East Bank. That was an interesting part of my life because I was travelling all over the world in order to open and establish Far East Bank’s remittance subsidiaries. I opened remittance centers in Italy, with offices in Rome and Milan, as well as in the US with offices in San Francisco, L.A. Las Vegas and San Diego. In the course of my stint in International Banking, I also travelled to the Bahamas and Miami, doing market research and prospecting for business for Far East Bank. All in all, my stint in International Banking spanned a total of 6 years. But still getting into Treasury remained a dream.
After that my bosses at Far East Bank with whom I had gotten really close to, decided to leave Far East Bank and move to another bank. They asked me to join them by enticing me with a Treasury position – Head of FX Trading, without any prior exposure and experience in Treasury! Thus, started my crash course in Treasury, after waiting for 6 years, when I moved to Equitable Bank, and which eventually bought and merged with PCIBank. That was when my job became even bigger.
I say crash course in Treasury because as you know, Equitable PCIBank somehow got involved in the ERAP and EDSA 2 revolution and underwent a bank run for two months. After that, there was a change in management in Equitable PCIBank so I eventually left when I received an offer to join Banco de Oro as Head of Trading.
After a few years in BDO, I got a job offer to be a Treasurer which is like the end-objective of any Trader. And so, I was hired as Treasurer of RCBC in the midst of the 2008 global financial crisis. Then came East West Bank. When the time came for me to leave East West Bank, I was able to re-connect with ERB in one social event and we ended up having a smoke and a drink. (ERB by the way almost hired me back in 1997 for Citibank). When UBP’s CFO left I got a call from Edwin (ERB) and the rest is history.
The UnionBank Difference
You've been with the bank for two years now. How have you seen the organization change as we do the digital transformation?
I guess I came in at the time when it was in the early stages of our digital transformation strategy.
In a way, the concept of agility has become widely accepted which is why things get to move faster.. Even our Support Groups have adopted the “Agile” way of doing things. A good example is Audit which uses it in their regular audits.
I can also see the uniqueness in the way we launch new products & implement systems. The IT/digital support is very noticeable. In other banks, you would line up for your projects, compete with scarce resources, and justify its value. Here we identify our digital projects and immediately get the IT support needed. Our time to market is therefore faster.
How different is UnionBank from the others?
UnionBank employees are empowered, and therefore much more engaged. and so are the Board Directors. It’s the first time I’ve seen a Board that does a lot of work in various committees. It’s easier to get things moving because the employees are highly engaged. People are motivated to work here and seem to be enjoying it.
Main Money Man
What's the best and worst part of being a CFO?
Let’s start with the worst. The worst part is the annual budget process, it’s a tedious process. You want to start early, to complete the budget by December, but somehow, it’s always difficult to get everyone in the same room. There are so many things happening in the bank.
The best part of being a CFO is being involved in Corporate Strategy. You look at the bank from a wider perspective, how you can drive short-term results yet be consistent with the long-term objectives. And it’s interesting to understand all of these things and come up with a cohesive strategy. That’s the best part of being a CFO.
Reaching The Peak
Being a CFO, what are your future career goals?
A CFO is a good jump-off point for becoming CEO, but you know, if it happens, it happens. One of the things I’ve learned is that everything in life has a trade-off. You start a career, you want to be successful, you want to become President, but you realize that as you go higher, there are challenges. It’s not always easy and each higher position comes with more and more responsibilities. Sometimes we think that it’s nice to be a CFO or a CEO and it is everyone’s dream. But this comes with sacrifice and trade-offs especially on your time. So that is why I say if it happens, it happens. I am happy where I am.
How would you describe yourself as a leader?
I would like to think that I am a decisive person and a fair-minded individual. I would like to believe that these two things represent my kind of leadership.
Does retirement come to mind? What are your post-retirement plans?
I’m not really sure. But, if I look at what most people have been doing, they retire and then they get bored and then they go back to work. So, I don’t know. I have an idea of what I will do after I retire. But, definitely I know that I won’t set up a business. To prepare for retirement I took up my Executive MBA when I was in my late 40s.
I never had a chance to take up my MBA earlier because I was always busy and was getting promoted along the way. I took it up because I had to improve my credentials if I wanted to pursue directorships after retiring. I know I will never be a good businessman because I was never trained for that. So, I might as well get some directorships instead of running my own business.
View From The Summit
Describe yourself in three words.
Well, I’m fun-loving. I am hyper-active, bordering on the impatient. And I’m a foodie. Not an expert, gourmet or something like that. I like to eat and cook. I enjoy my food.
Oh, so what's your favorite food to eat and cook?
I have no favorites. It depends on the latest that I am experimenting with. Lately, I’ve been experimenting with Nikkei cuisine. It’s a combination of Peruvian and Japanese cooking. I have a book on this, and I try to do the various dishes. My wife also likes to cook, so on weekends we cook together while enjoying our wine. Since we have been doing this through the years, our two kids already expect that there will be a “special” for the weekend. So, we cook and drink wine for relaxation.
Tell us something about your family.
My son is 26 and my daughter is 25. My son is with another bank as an HR Officer and my daughter is an Architect. My wife, she’s always been in banking. She was on the investment banking side. Last year, she decided to stop working and pursue other things. She is currently an independent director of one of the publicly-listed companies.
What makes you happy?
Spending time with my family and friends. Having a drink and enjoying a good cigar. That’s how I got close to Edwin, you know? It’s a funny story because, I lost track of Edwin through the years and then we saw each other in Shangri-La one day. We realized that we haven’t had a cigar for some time and so we got together for a smoke… and the rest is history.
You're a very successful man, who do you look up to?
On the personal side, my dad. My dad is a very simple man, but he showed us what unconditional love is. To love someone without expecting anything in return.
On the professional side, I had a Boss before from Far East and he was our CEO in Equitable. For me he was my role model for a leader. Selfless and very humble. He was low key but when he spoke, there was substance.
What does a perfect vacation look like for you?
Perfect vacation is being in the outdoors. Communing with nature and still have good food and good drinks. Me and my wife, we go trekking, we hike. We do that also with our kids.
Money Matters
What do you splurge on the most?
Probably traveling. I always believe that, life is short. So, I don’t scrimp on travels. You have to enjoy life.
What's your most expensive purchase to date?
A house in Bacolod.
Do you consider that to be your retirement place?
Yes, most likely. Bacolod is still home for me.
You have 100 Million Pesos, where will you use it?
First, I will invest it. I will buy some stocks or bonds and trade it. Whatever I’ll gain is what I’ll spend.
Trade Secrets
What would be your advice to your fellow UnionBankers so they can fully own their career and their future?
It is important to set an objective for your career. But, it’s also important to realize that it may not be a straight line. There might be some detours along the way, so you have to be flexible. So long as you keep learning it is ok.
You can be ambitious, but you have to know that nothing in life comes easy. Success always comes with a price. It takes hard work and sacrifice. There are always trade-offs. When you’re starting in your career and you have a family, you have to strike a balance. For example, when you have to work overtime because of your career objective that is time away from your family. This is a trade-off. Along the way you will realize that there will be other trade-offs like a stress-filled life instead of a carefree one. You have to be always conscious of this so that you will find happiness in life.
Fast Talk with Toto Hilado
