Biz Buzz: Meet the new SM economist

When you have a well-esteemed former central bank governor as chair of a leading conglomerate, you can bet that he’d want all bases covered. That includes building an internal think tank to guide decision-making, especially when it comes to treasury operations. Hiring a full-time economist can help analyze the macroeconomic backdrop, spot emerging trends and better prepare for black swan events that may affect the business.

Thus must be why SM Investments Corp. has enlisted a new economist to add to its talent pool. We’re talking about Robert Dan Roces, formerly chief economist of Security Bank, who has now joined the Sy family-led conglomerate.

Biz Buzz sources said that Roces will also help craft and deliver key macro insights from the SM group, which owns the largest banking, property development and retailing businesses in this part of the world.

Roces is also a data scientist who knows how to code and use machine learning for applied analytics, econometrics as well as policy and market research.

Our sources said that hiring a full-time economist is the brainchild of SMIC chair Amando “Say” Tetangco Jr., himself an economist and two-term Bangko Sentral ng Pilipinas Governor in his previous life. Roces directly reports to the chair.

It’s good to see more and more of corporate Philippines — not just the usual financial institutions like banks, investment houses, asset management, insurance and securities brokerage firms — putting a premium on economists.

Recall that Ayala Corp. has also hired Karl Kendrick Chua, ex-Secretary of the National Economic Development Authority and former senior country economist at World Bank Philippines. He’s now managing director for data science and artificial intelligence at the Zobel-led conglomerate.

Most of the global tech giants from Amazon to Google, Facebook and Microsoft have also been hiring more and more economists amid a world of VUCA (volatility, uncertainty, complexity and ambuigity).

Meanwhile, Angelo Taningco took over the responsibilities of Security Bank chief economist from Roces starting yesterday. He has more than 25 years of leadership and technical experience spanning not just banking but also academe (DLSU), consulting (Asian Development Bank) and government (formerly trade assistant secretary).